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.
- Typically, 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 into 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 not be able to withdraw the money without incurring a penalty.
- Minimum deposit requirements: Some FDs have high minimum deposit requirements which could require you to come up with higher amounts of cash to invest in.
- 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: Over-the-counter transactions normally require you to be there in person to invest or withdraw. eFD gives you the flexibility and time-savings to do it online.
- 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 Islam: 5.9% 12 months (min 10k; until Dec 31, 2023)
- Alliance Bank: 4.20% 6 months (min 1k; until Sep 30, 2023)
- Bank Simpanan Nasional: 5.88% (min 10k; until Dec 31, 2023)
- Public Bank: 4.05% 12 months (min 5k; until Sep 30, 2023)
- Hong Leong Bank: 3.95% 12 months (min 1k; until Aug 31, 2023)
- CIMB: 3.80% 12 months (min 1k; until Sep 13, 2023)
Private/Preferred Banking FD/Savings Accounts Rates
- Public Bank Red Carpet: 4.1% 12 months (min 300k; until Sep 30, 2023)
Senior Citizens FD Rate
- CIMB Golden Time 2 (Big Plus for 50 Plus): 2.90% 36-60 months | 2.85% 15-24 months | Minimum Deposit of RM30k
- Public Bank PB Golden 50 PLUS: 2.80% 6-60 months | 2.75% 3-5 months | 2.65% 2 months | 2.60% 1 month | RM10k – RM30k minimum deposit according to the tenure of fixed deposit
- RHB Senior Fixed Deposit: 3.05% 12 months
Junior Saving Accounts
- AmBank Savers G.A.N.G: 1.90% (up to 100k) | 0.50% (above 100k)
- Affin Junior Saver/School Adoption: 2.55% (up to 250k) | 0.90% (above 250k)
- BSN Smart Junior: 2.75% (up to 50k) | 0.25% (above 50k)
- RHB Junior Saver: 2.65% (up to 50k) | 0.55% (above 50k)
- Public Bank WISE Savings Account: 2.50% (up to 50k) | 0.35% (above 50k)
- Maybank imteen/Yippie: 2.70% (up to 50k) | 0.50% (above 50k)
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)
- UOB Stash: up to 2.38% effective rate (200k deposit)
- Hong Leong Bank Pay & Save: up to 3.05% (2.05% min 2k monthly savings + pay 0.50% + spend 0.50%)
- OCBC 360: up to 3.10% (0.10% base + 1.00% deposit + 1.00% pay + 1.00% spend; More info)
- OCBC Frank: up to 1.80%
- M2U Savers/i: 0.15% (below 2k) + 0.70% (2k – 50k) / 1.00% (balance above 50k)
Maybank Fixed Deposits Rates
Maybank (non-promotional) fixed deposit rates by comparison (updated July, 2023)
- 1 month: 2.60%
- 2 months: 2.65%
- 3 – 5 months: 2.75%
- 6 – 11 months: 2.80%
- 12 – 35 months: 2.85%
- 36 – 47 months: 2.90%
- 48 – 59 months: 2.90%
- 60 months: 2.90%
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)
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
Fixed Deposits
- FD rates in Malaysia are around 3% (affected by FD promotions) and determined by the individual bank.
- FD rates are affected by BNM base rate which is different depending on the bank and Overnight Policy Rate changes by BNM Monetary Policy Committee.
- FD can be placed on auto-renewal (see FAQ below).
- FD interest can be deposited into another account (i.e. savings account) OR included into 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: a predetermined interest rate given between depositor and bank.
- Islamic: following Shariah principles whereby there is no interest but based on profit sharing between buyer and seller.
- For wholesale returns, Islamic FD must be for a Shariah compliant business.
- Early withdrawal is allowed with rebate for Islamic FD and allowed with penalty for conventional FD.
- Returns are fixed and agreed upfront for both conventional and Islamic FD.
- Non-Muslims can use Islamic FD products.
- Generally there are no distinct benefits for opting for Islamic or conventional FD.
Which Fixed Deposit to choose?
- Check what FD gives you the best rate for your duration. The longer the duration, the better the rates typically.
- Typically 12 months is a good duration and most promotional rates are for 12 months as well.
- If you may need your funds urgently, you may consider a shorter term duration (i.e. 1, 3 or 6 months).
Note: shorter duration may have higher minimum FD deposit requirements and lower returns - Suggested for eFD for increased flexibility and time savings versus over the counter.
- Conventional rates are guaranteed. Islamic rates are non-guaranteed but will you will not be penalized for early uplifting.
- If you have large sums (typically 100k and above), you can negotiate with your banker for better rates.
- If you are opening a joint account with your spouse, child or parent, check with your bank to make sure there is a survivorship clause which enables you to lay claim on a jointly owned asset.
- 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
- Public Islamic Bank: 4.50% 18 months | 4.30% 12 months (min 5k; until Dec 31, 2022)
- AmBank: 4.50% 18 months | 3.85% 4 months | 3.75% 3 months | 3.50% 2 months | 3.38% 1 month (min 10k; until Dec 31, 2022)
- MBSB: 4.30% 18 months | 4.25% 15 months | 4.20% 12 months | 4.10% 9 months | 4.00% 6 months (min 5k; until Dec 31, 2022)
- Agro Bank: 4.25% 18 months | 4.10% 6 months (min 5k; until Feb 24, 2023)
- Hong Leong Bank: 4.05% 18 months | 4.05% 12 months | 3.85% 6 months | 3.65% 3 months (min 5k; until Jan 4, 2023)
Private/Preferred Banking FD/Savings Accounts Rates
- HSBC Premier: 4.38% 6 months (min 1m) | 4.28% 6 months (min 500k) | 4.18% 6 months (min 200k)
- SCB Priority: 4.88% 3 months (200k) + 3.5% 3 months (50k) = 4.40% effective rate
Senior Citizens FD Rate
- BSN Senior Citizen: 3.25% (12 months) /3.20% 15+ months
- CIMB Golden Time 2 (Big Plus for 50 Plus): 3.10% 60 months | 3.00% 48 months | 2.90% 36 months |2.85% 6-35 months (min 1k)
- Public Bank PB Golden 50 PLUS: 2.90% 12 months | 2.85% 6 months | 2.75% 3 months (min 30k for 12 months )
Junior Saving Accounts
- AmBank AmGenius: 2.20% (up to 100k) | 0.50% (above 100k)
- Affin Junior Online: 2.30% (up to 250k) | 0.80% (above 250k)
- BSN Smart Junior: 2.50% (up to 50k) | 0.25% (above 50k)
- RHB Junior Saver: 2.40% (requires parent privilege account)
- Public Bank WISE Savings Account: 2.40% (up to 50k) | 0.35% (above 50k)
- Maybank Yippie: 2.45% (up to 50k) | 0.45% (above 50k)
- SCB Young Savers Account: 2.40% (up to 50k) | 0.25% (above 50k)
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)
- UOB Stash: up to 2.38% effective rate (200k deposit)
- Hong Leong Bank Pay & Save: up to 3.05% (2.05% min 2k monthly savings + pay 0.50% + spend 0.50%)
- OCBC 360: up to 3.10% (0.10% base + 1.00% deposit + 1.00% pay + 1.00% spend; More info)
- OCBC Frank: up to 1.80%
- M2U Savers/i: 0.15% (below 2k) + 0.70% (2k – 50k) / 1.00% (balance above 50k)
Maybank Fixed Deposits Rates
Maybank (non-promotional) fixed deposit rates by comparison (updated April, 2022)
- 1 month: 1.75%
- 2 months: 1.90%
- 3 – 5 months: 1.95
- 6 – 11 months: 2.05%
- 12 – 35 months: 2.10%
- 36 – 47 months: 2.15%
- 48 – 59 months: 2.25%
- 60 months: 2.35%
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)
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)
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.
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, 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 :)
Please let me know the best FD rates for tenure 3 months. I am a senior citizen
Why do not you include the fixed deposit rate of bank rakyat? I think Bank rakyat has the best rate in town.
Noted.
Go and nego with BR
Normally how far can we negotiate with the bank for a better fd rate if we have a significant fund > 100k?
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.
Can plse update FD rates, esp for new funds. Many promos highlighted already expired.
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.
Am I accorded special rates if I have 10 million ringgit placed in fixed deposit
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 there, very useful article indeed. Would you mind to include Bank Islam in there ? I think their rates is pretty convincing too.
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?
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,
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
hlb.com.my
FYI, Current UOB FD Rate 4.08% for 12 months, 3.95% for 7 months and 3.7% for 4 months until end January.
Hi,
Can I ask you whether interest from bank fixed deposit taxable for non-resident/ foreigner?
Thanks.
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
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
Link: OCBC 360
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 :)
Link: CIMB unfixed deposit
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?
By the way, your link for ‘CIMB Unfixed deposit’ above doesn’t seems to work –>
It said “Oops, the page can’t be found’
Maybe you can include Hong Leong Bank FD: 4.30% 12 months | 4.10% 6 months (until Feb 28, 2018).
UOB 4 months 3.70% 6 month 4.00% 12 months 4.20% till 31 January.
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.
On 21 February 2018, Sun Biz did provide the full list of latest FD rates. Hopefully, it will help your website.
May I know which bank now offer the best eFD rate?
Can u shared more the differences in Islamic FD versus conventional FD.
Hi, Pls recommend best rate Islamic FD for 3month, amount rm20k..
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?
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)
Hello!
FYI, the Hong Leong and RHB FD promotions are no longer available.
Hi, with latest article about BNM revise BR, FD rates again after 2nd OPR cut in 2020.Any advice?Thank you
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
Any idea if we can negotiate higher rates for eFD in MBB if amount placed is substantial
What is the maximum amount for fixed deposit? Can a person deposit hundreds of millions as fixed deposit?
Can you advise which banks allow fixed deposit for foreigners ?
I Like to put FD Rm500.000 as up to 10 years. So how.much I can get.On monthly?
BR is no longer competitive anymore