Fixed Deposits

Fixed Deposits (FD) are a financial instrument from banks providing FD holders with higher returns than a normal savings/checking account.

Updated: Jun 5, 2024

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Fixed Deposits

According to data from the World Bank, individual banks in Malaysia typically offer Fixed Deposit (FD) rates at 3%, but this could be higher depending on promotions.
FD rates increase or decrease depending on the base rate, which is determined by the Overnight Policy Rate (OPR) set by Bank Negara Malaysia.
FD can be placed on auto-renewal (see FAQ below).
FD interest can be deposited into another account (i.e. savings account) OR included in the FD for renewal.

Types of Fixed Deposits

FD vs eFD

FD: over the counter transactions
eFD: most banks now allow you to place/uplift FD online via internet banking

Conventional vs Islamic FD

	Conventional	Islam
Interest Rate	Predetermined between the depositor and the bank	No interest rate, but profit-sharing between buyer and seller
Early Withdrawal Clause	Allowed with penalty	Allowed with rebate
Who Can Invest	All but not Muslim-friendly as it violates the principles of riba.	All and is Muslim-friendly.

Which Fixed Deposit to choose?

There are a couple of factors that you will need to consider:
- Duration: Longer-duration FDs give you higher rates typically.
- Total funds: If you have more funds, the banker will normally give you a better rate.
- Urgency: Depends on when you need cash. If you commit to a long-term FD (more than 12 months), you will incur a penalty if you withdraw the money before that.
- Minimum deposit requirements: Some FDs have high minimum deposit requirements. You might need to come up with more cash to invest.
- Survivorship clause: Touch wood, if the holder of the account passes away with joint ownership with one of the family members, there needs to be a clause that allows them to claim it.
- Ease of administration: For over-the-counter transactions, you need to be there in person to invest or withdraw. eFD enables you to do it online so you can save time.
Some fixed deposit promotions require placement into 2 separate accounts: part into a fixed deposit account, and part into a current or savings accounts (CASA). The effective returns will then be based on both the fixed deposit portion and CASA portion.
E.g. 75% x 5.50% = 4.125% + 25% x 0.50% = 0.125% = Effective rate 4.25%

Best FD Rates

FD Promotions

Bank Simpanan Nasional: 5.50% per annum for 6 months (min 5k; until 30 June, 2023) (More Info)
Public Bank: 3.60% 12 months (min 5k; until June 30, 2024) (More Info)
Hong Leong Bank: 3.60% 12 months (min 1k; until June 30, 2024) (More Info)
CIMB: 3.70% 7 months (min 1k; until June 18, 2024) (More Info)
Maybank: 3.70% 9 months (min 1k; until June 21, 2024) (More Info)
MBSB: 4.00% 12 months (min 10k; until July 31, 2024) (More Info)
OCBC: 3.90% 4 months (min 1k; until August 31, 2024) (More Info)

Private/Preferred Banking FD/Savings Accounts Rates

Public Bank Red Carpet Premier High Yield Fixed Deposit: 4.55% 8 months (min 50k; until June 30, 2024) (More Info)
Alliance Bank: 7.50% – 8.50% 3 months (min 1k; requires investments into Unit Trust, Retail Securities/Sukuk, or Structured Investment to quality; until September 30, 2024) (More Info)

Senior Citizens FD Rate

CIMB Golden Time 2 (Big Plus for 50 Plus): 2.70% 36-60 months | Minimum Deposit of RM30k (More Info)
Public Bank PB Golden 50 PLUS: 2.60% 6-60 months | 2.55% 3-5 months | 2.45% 2 months | 2.40% 1 month | RM10k – RM30k minimum deposit according to the tenure of fixed deposit (More Info)
RHB Senior Fixed Deposit: 2.60% 12 months (More Info)

Junior Saving Accounts

AmBank Savers G.A.N.G: 2.05% (up to 100k) | 0.50% (above 100k) (More Info)
Affin Junior Saver/School Adoption: 2.00% (up to 250k) | 0.50% (above 250k) (More Info)
BSN Smart Junior: 2.65% (up to 50k) | 0.25% (above 50k) (More Info)
RHB Junior Saver: 2.40% (up to 50k) | 0.55% (above 50k) (More Info)
Public Bank WISE Savings Account: 2.30% (up to 50k) | 0.35% (above 50k) (More Info)
Maybank imteen/Yippie: 2.40% (up to 50k) | 0.40% (above 50k) (More Info)

High Yield Savings Accounts

SCB Privilege$aver: up to 4.15% (0.05% base + 0.70% bonus deposit + 0.70% credit card + 0.70% debit card + 2.00% insurance/takaful) (More Info)
UOB Stash: up to 2.22% effective rate (200k deposit) (More Info)
Hong Leong Bank Pay & Save: up to 4.15% (2.25% min 2k monthly savings + pay 0.50% + spend 0.50% + invest 0.90%) (More Info)
OCBC 360: up to 5.00% (0.10% base + 2.80% deposit + 1.05% pay + 1.05% spend) (More info)
OCBC Frank: up to 1.80%
M2U Savers/i: 0.20% (below 2k) + 0.70% (2k – 50k) / 1.00% (balance above 50k) (More Info)

Maybank Fixed Deposits Rates

Maybank (non-promotional) fixed deposit rates by comparison (updated June 2024)

1 month: 2.40%
2 months: 2.45%
3 – 5 months: 2.55%
6 – 12 months: 2.60%
13 – 35 months: 2.65%
36 – 47 months: 2.70%
48 – 59 months: 2.70%
60 months: 2.70%

Maybank General Investment Account (GIA)

Maybank’s GIA-i is an investment account which gives your profit sharing returns at approximately FD rates. No PIDM protection. GIA no longer offers no penalty withdrawals (wef Aug 1, 2017).

CIMB Unfixed Deposit

CIMB unfixed deposit allows partial withdrawals in multiples of 1,000 prior to FD maturity date. PIDM protected. Early withdrawal penalties still apply. (More info)

E&OE. Please contact bank to confirm rates and other details.

FAQ

Q: Are there any concerns on FDs?
A: If your FD is on auto-renewal, it is considered as untouched money if passes 7 years and can be forfeited. (more info).
Furthermore, non-Islamic fixed deposits normally incur penalties if you withdraw them early.

Q: What is the difference between a high yield savings account vs FD?
You can put in & take out funds from a savings account at anytime with no penalties or affecting your returns %. The monthly interest will be based on your average account balance. Some “unfixed” FDs work in a similar way (but do check the T&C).

Q: What happens if I uplift (end) my FD early?
For a short-term FD (3 months or less), you will lose all FD interest* for early uplifting. For longer term FD (above 3 months), you will lose ~50% of FD interest for early uplifting. (*Profit sharing for Islamic FD)

Q: Can non-Muslims use Islamic FDs?
A: Yes, no restrictions.

Q: Can Muslims use conventional FDs?
A: For Muslims, on e an Islamic alternative is available, it is recommended to do so.

More Info

Share and discuss on Fixed Deposits

40 Comments

Jamie Chan July 17, 2017 at 2:23 pm - Reply
Hi!
Can you share the highest interest rate for 12mths to 36mths pls ? Can be FD or private/preferred banking.
I can qualify for min amt and senior citizen and would like to make decision by today, latest tomorrow before noon on which bank to choose.
Possible to let me know today ?
TQ
Hi Jamie! Check out the latest promotional rates freshly updated (to the best of our knowledge). All the best in getting a great FD rate at a bank you trust.
- Jack November 7, 2019 at 7:37 am - Reply
  Hi, just found out about this website, and boy it’s helpful! :)
  Can you please include MBSB as well? They’re currently offering 5.5%, but at two different accounts, effective rate at 4.25% etc etc, honestly I’m a bit confused, could use some help here haha.
  Thanks, and keep up the good work :)
  Hi Jack, Glad you found MyPF & that it’s helpful! Included MBSB in the latest update with an effective rate of 4.25%. Also added a brief description of FD + CASA requirements.
Nithiyananthan Narayanasamy July 22, 2017 at 5:09 pm - Reply
Please let me know the best FD rates for tenure 3 months. I am a senior citizen
Hi Nithiyananthan, promotional 3 month tenures available only for preferred/priority banking. Can check AmBank Am 50 Plus for seniors. If you can deposit for 6 months or longer, can consider MBSB 49’ners.
Keong July 24, 2017 at 12:54 pm - Reply
Why do not you include the fixed deposit rate of bank rakyat? I think Bank rakyat has the best rate in town.
Hi Keong, Bank Rakyat’s FD rates are pretty good although below the other promotional rates if comparing 12 months. With that said, we have added Bank Rakyat to the list :)
- Keong July 26, 2017 at 10:32 pm - Reply
  Noted.
  :)
- Ming August 7, 2017 at 9:39 pm - Reply
  Go and nego with BR
  Good suggestion Ming, You can always negotiate especially if you have a significant sum
  - Anne August 29, 2017 at 1:46 pm
    Normally how far can we negotiate with the bank for a better fd rate if we have a significant fund > 100k?
    Hi Ming, It’s very much dependent on the bank. You can get approximately 0.05% – 0.5% higher
LC Tan October 5, 2017 at 1:17 pm - Reply
Hi, I like your website,even the useful suggestions.
Now I have a question ,as a association,do you have any good suggestion for the FD(bank,interest rate ..) with min 100 k?
Thanks.
Hi LC Tan, Glad you like the MyPF site! You can check out Alliance bank FD which is offering up to 4.20% for min 100k.
Lim October 26, 2017 at 2:28 pm - Reply
Can plse update FD rates, esp for new funds. Many promos highlighted already expired.
Hi Lim, many promotions were until mid-October only. Updated!
Jane October 27, 2017 at 6:22 am - Reply
Hi, Thank you for the very useful tips and tricks. I like your website a lot. I have a request, could you include the online FD for banks in Malaysia? This is because a lot of time we do not have luxury time to go to the bank to queue up for hours to open the FD account over the counter, and some need CASA account etc. I had bad experiences where some banks told me they don’t have the kind of promotion as advertised on the internet after hours of waiting. Thank you and have a nice weekend.
Hi Jane, glad you like MyPF. Thanks for the suggestion. We will try to indicate online FD/eFD availability. It’s always good to call up the bank branch to confirm the FD promotional rates are available to avoid disappointment.
- Mike June 5, 2020 at 11:50 pm - Reply
  Am I accorded special rates if I have 10 million ringgit placed in fixed deposit
  Hi Mike, you can negotiate with the financial institution for better rates.
Wmws October 31, 2017 at 2:42 pm - Reply
Pls advice the best fd rates for 5 yrs with amt 10 millions. Prefer to have interest pay out in monthly basis. Thanks in advance
Hi Wmws, with a large amount you will want to contact banks/financial institutions directly to ask on specific arrangements.
- moon November 6, 2019 at 10:34 am - Reply
  Hi there, very useful article indeed. Would you mind to include Bank Islam in there ? I think their rates is pretty convincing too.
  Hi moon, thanks. Bank Islam has cycled in & out of the list depending on the rates offered. We will add in Bank Islam to the list on good rates!
GSC November 3, 2017 at 12:10 am - Reply
Your Am bank FD rate is incorrect. It is 4.2% for 12 months, monthly interest for senior citizen. They have other promo with shorter periods.
UOB is also offering 4.2% for 12 months. Monthly interest.
Are you sure Citi bank still offers 4.88% for 3 months?
Hi GSC, Thanks for sharing with us. We have updated AmBank rate (the official rates published on AmBank site appear to have not been updated since 2016).
UOB Golden Savers has been revised (down) to prevailing FD rates effective May 1, 2017. Please do share with us if you have any other information & we can update.
According to the Citibank site, the Citigold 4.88% is still being offered until Dec 31, 2017.
Keong December 1, 2017 at 4:11 pm - Reply
Maybe you can include Hong Leong Bank 13 months online fixed deposit/-i at 4.20% p.a. Only from 1 – 7 December 2017. However, similar fixed deposit promotion available every early month after that.
Hi Keong, thanks for the suggestion. Added!
Dr. Mo December 14, 2017 at 6:16 pm - Reply
Hi,
Very interesting website, thanks.
I want to ask about this point:
“Private/Preferred Banking
Hong Leong: 5.92% effective rate 2 months (min 100k FD + 50k UT PowerLink 8.88%)”
How can we apply and reach the 8.88%?
And what does private means?
Thanks
Hi Dr Mo, glad you find mypf.my interesting. The 8.88% rate will be given for the FD portion. You can check the following link on HLB for more info.
hlb.com.my
lucan yip January 2, 2018 at 12:44 pm - Reply
FYI, Current UOB FD Rate 4.08% for 12 months, 3.95% for 7 months and 3.7% for 4 months until end January.
Thanks for sharing Lucan!
Keong January 2, 2018 at 9:09 pm - Reply
Hi,
Can I ask you whether interest from bank fixed deposit taxable for non-resident/ foreigner?
Thanks.
Hi Keong, Bank FD interest is non-taxable for non-resident/foreigners as well.
Sunny Singh January 8, 2018 at 1:49 am - Reply
Finally found what I was looking for ! Great article. Well done.
But would it is 8/1/18 now and would appreciate if you could update the latest FD rate as per today.
And also is there a penalty usually for early withdrawal of funds? If so how much?
Thank you!
Hi Sunny, Thanks & glad you found what you were looking for! We update usually once to twice a month. Good suggestion and we have added info on early withdrawal penalty.
Cwhook Chee January 9, 2018 at 8:26 am - Reply
Hi
If I would to have 2 Fixed Deposits
that would be expiring this 12th of January and 16th of February next month in Maybank. If I would to stick to the same Maybank;
1. Which FD can offer the best rates preferably for 12 months duration (but not fixed)?
2. Any new FD that has been newly launched recently that offers promotional rates or more attractive rates?
3 Is the rates negotiable if I invest a lot? Is there any difference if I am a Maybank Aspire member?
Please let me know your answer within these few days ya.
Happy New Year. Thanks
Happy new year Cwhook.
1. You can try checking out a high yield savings account which is unfixed like OCBC 360 at 4.1%
2. The latest rates we know of are as above. Unfortunately Maybank is yet to announce any new promos after the last one ended on Jan 7.
3. You can negotiate if you are placing 50 or 100k above. Sometimes there are better rates/promos for preferred/priority banking customers.
Link: OCBC 360
- Cwhook Chee January 9, 2018 at 10:28 am - Reply
  Thanks for your lightning fast reply.
  1) Why this OCBC FD among all the banks FDs? Any other banks’ FD are offered at a higher rates?
  2) Are you working in OCBC…haha?
  Thanks and cheers :)
  Most welcome ;)
  1) OCBC 360 high yield savings account offers the highest rates that we know of comparable to most FD promotions without the worry of hunting for promos/rates. It’s capped at 100k though. Others which are similar would be Maybank’s M2U savers/i or CIMB’s unfixed deposit.
  2) No we are not (although if you signup through us we do get a small referral incentive). We just like and use OCBC 360 ourselves :)
  Link: CIMB unfixed deposit
Cwhook Chee January 9, 2018 at 1:05 pm - Reply
1) I intend to invest more than RM 100K, so OCBC is out then :( I am afraid (unless you say otherwise) I emailed Maybank customer service and they do have a FD rates that almost the same and shorter period which is GIA-i as shown here –> http://www.maybank2u.com.my/mbb_info/m2u/public/promoDetail.do?channelId=PRO-Promotions&cntTypeId=1&cntKey=PRO01.18&programId=PRO01-Accounts&chCatId=/mbb/Personal/PRO-Promotions
2) What’s the FD rates for CIMB Unfixed Deposit for 12 months?
1) Maybank GIA is pretty decent especially with the current promotional rates. A note though that it is technically an investment thus non-guaranteed returns, capital and no PIDM protection.
2) CIMB unfixed deposit without any promotions is at 3.10% for 12mths. Last year’s promo rates were as high as 4.10%.
Cwhook Chee January 9, 2018 at 1:16 pm - Reply
By the way, your link for ‘CIMB Unfixed deposit’ above doesn’t seems to work –>
It said “Oops, the page can’t be found’
Links fixed. Thanks.
Keong January 19, 2018 at 2:44 pm - Reply
Maybe you can include Hong Leong Bank FD: 4.30% 12 months | 4.10% 6 months (until Feb 28, 2018).
Updated. Thanks Keong!
lucan yip January 23, 2018 at 9:01 am - Reply
UOB 4 months 3.70% 6 month 4.00% 12 months 4.20% till 31 January.
Updated! Thanks Lucan.
Lim February 2, 2018 at 9:44 am - Reply
Can I know how mypf do the calculation in the event that the bank having step up rate say 3.2% for 1-3 months, 3.8% for 4-6 months and others? How do you list it? The bank marketing is quite impressive but I am unsure whether it is benefiting us.
Please comment.
Good question. Some banks do list the effective rate. Else it can be calculated using a financial calculator or excel. For step-ups, we list the effective rate for a fairer comparison.
Lim February 22, 2018 at 4:31 pm - Reply
On 21 February 2018, Sun Biz did provide the full list of latest FD rates. Hopefully, it will help your website.
Thanks Lim, will check it out. We try to compile promotional FD rates though that may be helpful for folks looking to get better FD returns.
Andrew Ng April 5, 2018 at 11:28 am - Reply
May I know which bank now offer the best eFD rate?
Hi Andrew, eFD rates will be similar to FD rates. Many of the FD promotions are applicable for eFD too. Best to contact the bank to confirm if can be done online or needs to be over the counter.
Ch Siah April 5, 2018 at 2:35 pm - Reply
Can u shared more the differences in Islamic FD versus conventional FD.
Hi Ch Siah, thanks for the suggestion. We have updated the article with expanded info on Islamic vs conventional FD.
Q May 26, 2018 at 5:50 pm - Reply
Hi, Pls recommend best rate Islamic FD for 3month, amount rm20k..
Hi Q, most of the FDs are available for conventional and Islamic FD. Suggest check above listing for 3 months available FD promotions and contact the bank to confirm availability.
YS June 12, 2018 at 3:35 pm - Reply
Recently some people say that non-residence Malaysians (Malaysians staying in other countries as permanent residence, for example Singapore Permanent Residence) are not entitled to promotional FD rate.
Is it true for all banks or certain banks only?
Hi YS, it depends on the bank promotional FD’s terms & conditions. The fineprint will state whether Malaysian and non-Malaysian Residents qualify as “Eligible Customer(s)”.
Andrew October 4, 2019 at 3:29 pm - Reply
This promo rate as quoted above was denied by the bank when approached on 27/8/19.
“Affin Islamic: 4.23% 15 months | 4.05% 12 months | 3.60% 6 months (min 10k; MUST open CASA account min 1k which is withdrawable; until Dec 31, 2019)
Affin Bank: 4.15% (>12 months)
Do check with the bank branches. We have heard reports that for some of the FD promos the branch needs to have both Affin Bank and Affin Islamic Bank.
Claudia Anthony February 1, 2020 at 5:28 am - Reply
Hello!
FYI, the Hong Leong and RHB FD promotions are no longer available.
Hello Claudia! Thanks for the report. Updated.
krisdin March 11, 2020 at 3:38 pm - Reply
Hi, with latest article about BNM revise BR, FD rates again after 2nd OPR cut in 2020.Any advice?Thank you
Sai April 20, 2020 at 9:16 am - Reply
Might need to amend the OCBC FD since it’s 3.25% and not 3.50% for 10months
https://www.ocbc.com.my/personal-banking/accounts/fixed-deposit.html
Thanks Sai for catching the typo. Updated!
Cath May 2, 2020 at 8:30 am - Reply
Any idea if we can negotiate higher rates for eFD in MBB if amount placed is substantial
Hi Cath, eFD may be challenging to negotiate. You can contact a branch to negotiate rates directly.
Rashid May 3, 2020 at 1:52 pm - Reply
What is the maximum amount for fixed deposit? Can a person deposit hundreds of millions as fixed deposit?
Hi Rashid, most promotional FDs will have a maximum limit (typically 500k or a few million depending on individual/company). For higher amounts, do check with the financial institution which may offer better rates. There are also alternatives such as money market funds.
Tony Ng June 25, 2020 at 4:43 pm - Reply
Can you advise which banks allow fixed deposit for foreigners ?
Hi Tony Ng, most if not all banks will allow for fixed deposits for foreigners.
Nesh September 30, 2020 at 4:24 pm - Reply
I Like to put FD Rm500.000 as up to 10 years. So how.much I can get.On monthly?
You can check the prevailing FD rates and if a larger sum you may be able to negotiate the rates slightly.
Herbert Low May 6, 2021 at 8:43 pm - Reply
BR is no longer competitive anymore
Hi Herbert, thanks for your opinion. Would agree that FD rates are currently low.