2. A term deposit account which offers you up to 60 months tenure with predetermined fixed profit rate based on the Shariah concept of Tawarruq. Tenure Length. Effective Interest Rates. We will try to indicate online FD/eFD availability. I think Bank rakyat has the best rate in town. For longer term FD (above 3 months), you will lose ~50% of FD interest for early uplifting. with min. Thanks Sai for catching the typo. In Malaysia, all deposits made at a member bank are automatically protected by Perbadanan Insurans Deposit Malaysia (PIDM). Any new FD that has been newly launched recently that offers promotional rates or more attractive rates? Hi Keong, thanks for the suggestion. So when identifying which fixed deposit account to put your money in, the main points of consideration should be interest rates, minimum deposit amount, and if they are insured by PIDM. (a) deposit account payable outside Malaysia; (b) deposit account held by a financial institution conducting Labuan banking business or Labuan Islamic banking business; (c) deposit account held by a non-deposit taking member; or (d) non-deposit account (e.g. (more info). Hi, 1 month tenure – minimum deposit placement of RM5,000; 2 months tenure and above – minimum deposit placement of RM1000 My plan was for 5 years and it offered the interest rate of 7.9% p.a. Well, that should cover a good amount of base for knowledge and information on fixed deposit accounts! Here are the highest interest fixed deposit accounts in Malaysia, arranged by duration. The effective returns will then be based on both the fixed deposit portion and CASA portion. The interest rates of Fixed Deposit accounts in Malaysia are usually higher than that of conventional savings accounts. Hi YS, it depends on the bank promotional FD’s terms & conditions. Here's the list of the most recent Fixed Deposit promotions. Check what FD gives you the best rate for your duration. Find out more here! For higher amounts, do check with the financial institution which may offer better rates. Please do share with us if you have any other information & we can update. Most fixed deposit accounts in Malaysia are also regulated by Perbadanan Insurans Deposit Malaysia (PIDM) that gives protection for your investment in the unlikely event of member bank failure. We just like and use OCBC 360 ourselves :), 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. 1 month tenure – minimum deposit placement of RM5,000; 2 months tenure and above – minimum deposit placement of RM500 . From 2.35% to 2.45% p.a. Prefer to have interest pay out in monthly basis. 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. Can you advise which banks allow fixed deposit for foreigners ? Included MBSB in the latest update with an effective rate of 4.25%. Fixed deposit is a type of account that lets you take out your money after a fixed period of time and generally gives higher yields than an ordinary savings account. Affin Bank has rolled out a new mobile app for its customers, so that they no longer need to carry cash or even cards wherever they go. Normally how far can we negotiate with the bank for a better fd rate if we have a significant fund > 100k? Can you share the highest interest rate for 12mths to 36mths pls ? We provide monthly updates on the best fixed deposit rates in Malaysia with tables showing the top 5 rates for the duration of 1, 3, 6, 9, and 12 months. Now I have a question ,as a association,do you have any good suggestion for the FD(bank,interest rate ..) with min 100 k? 16 people like this RHB Term Deposit with 6 to 12 months tenure. Conventional: a predetermined interest rate given between depositor and bank. You can put in & take out funds from a savings account at anytime with no penalties or affecting your returns %. Bank Fixed Deposit Rates (FD rates) is quite important to some of the investors. In Malaysia fixed interest savings products issued by most banks are most commonly called fixed deposit accounts. You can get approximately 0.05% – 0.5% higher. Also added a brief description of FD + CASA requirements. Hi Lim, many promotions were until mid-October only. You can negotiate if you are placing 50 or 100k above. However occasionally they may also be called time deposit accounts as well depending on the bank. We have updated AmBank rate (the official rates published on AmBank site appear to have not been updated since 2016). For complete information, kindly visit the CIMB website today. Thanks for the suggestion. 2) What’s the FD rates for CIMB Unfixed Deposit for 12 months? Islamic and conventional deposits are eligible for a separate coverage limit of RM250,000 each. I want to ask about this point: If you can deposit for 6 months or longer, can consider MBSB 49’ners. “Private/Preferred Banking, Hong Leong: 5.92% effective rate 2 months (min 100k FD + 50k UT PowerLink 8.88%)” It’s capped at 100k though. FD interest can be deposited into another account (i.e. Returns are fixed and agreed upfront for both conventional and Islamic FD. Good suggestion and we have added info on early withdrawal penalty. Other products offer are also welcome. We will add in Bank Islam to the list on good rates! 2) CIMB unfixed deposit without any promotions is at 3.10% for 12mths. Fixed Deposit Rate Malaysia. It is 4.2% for 12 months, monthly interest for senior citizen. Some banks do list the effective rate. If so how much? Standard Chartered Bank has begun teasing the upcoming launch of a new credit card for the Malaysian market.…. The longer the duration, the better the rates typically. You can check out Alliance bank FD which is offering up to 4.20% for min 100k. CIMB Bank 5 Year Fixed Deposit . 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. Most fixed deposit accounts in Malaysia are also regulated by Perbadanan Insurans Deposit Malaysia (PIDM) that gives protection for your investment in the unlikely event of the member bank failure. 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. We update usually once to twice a month. Check out the latest promotional rates freshly updated (to the best of our knowledge). Am I accorded special rates if I have 10 million ringgit placed in fixed deposit. All Accounts Fixed Deposits Current & Savings Deposit Promotions. Else it can be calculated using a financial calculator or excel. Hi Jane, glad you like MyPF. Q: Can Muslims use conventional FDs?A: For Muslims, on e an Islamic alternative is available, it is recommended to do so. Best to contact the bank to confirm if can be done online or needs to be over the counter. Updated! … Hi Sunny, Thanks & glad you found what you were looking for! Private/Preferred Banking FD/Savings Accounts Rates. A note though that it is technically an investment thus non-guaranteed returns, capital and no PIDM protection. Fixed Deposit Premature Withdrawal (With 31days’ Notice Period) 50% of the contracted interest rate is payable when a ‘Notice Period’ of 31 days (inclusive of the day of notice) is given by the customer at the branch. Thanks Lim, will check it out. A notice in writing with the intention to premature … Read through the Tier 1 and Tier 2 details of the Fixed Deposit offer of CIMB. Suggested for eFD for increased flexibility and time savings versus over the counter. Hi Tony Ng, most if not all banks will allow for fixed deposits for foreigners. Want to get the most out of your hard-earned money? Fixed Deposits (FD) are a financial instrument from banks providing FD holders with higher returns than a normal savings/checking account.Updated: Jan 7, 2021 Subscribe on YouTube Fixed DepositsFD rates in Malaysia are around 2-3% (affected by FD promotions) and determined by … 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 Effective from 9 July 2020. 1, 3 or 6 months). Did you know that having a business without a valid Business Registration Certificate from the SSM can land you a fine of up to RM50,000 fine or 2 years jail time? Hi Andrew, eFD rates will be similar to FD rates. Rates for Maybank Fixed Deposit Account. 3 Is the rates negotiable if I invest a lot? RHB Bank Fixed Deposit Malaysia . Rate indicated is the profit rate based on the FIxed Term Account-i (retail) product. Islamic: following Shariah principles whereby there is no interest but based on profit sharing between buyer and seller. 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). Most welcome ;) Hi Jamie! eFixed Deposit Promotion on CIMB Clicks Web/Desktop only, How to Avoid That Awkward Moment When Your Card Gets Declined. Protected by PIDM up to RM250,000 for each depositor According to the Citibank site, the Citigold 4.88% is still being offered until Dec 31, 2017. With its combination of zero risks, guaranteed returns, and the flexibility of choosing the duration of the deposit, many turn to fixed deposits as a reliable form of short to medium-term savings. I think their rates is pretty convincing too. FYI, the Hong Leong and RHB FD promotions are no longer available. It is important to compare the latest fixed deposit rates among leading banks in the country before opening a new fixed deposit or renewing an existing one. RHB Fixed Deposit Interest Rate. Most fixed deposit accounts in Malaysia are also regulated by Perbadanan Insurans Deposit Malaysia (PIDM) that gives protection for your investment in the unlikely event of the member bank failure. I am a senior citizen. And what does private means? Thanks for the report. The 8.88% rate will be given for the FD portion. The latest rates we know of are as above. Thanks. It's really easy to get started, with a minimum deposit of just RM500. Maybe you can include Hong Leong Bank 13 months online fixed deposit/-i at 4.20% p.a. Monthly interest. GIA no longer offers no penalty withdrawals (wef Aug 1, 2017). Long-term fixed deposits. Fixed deposit accounts are a low-risk form of investment that allow consumers to earn interest on funds placed with the bank for a predetermined–or fixed–amount of time. You can check the prevailing FD rates and if a larger sum you may be able to negotiate the rates slightly. Bank Muamalat Malaysia 5 Year Fixed Term Deposit. Fixed deposits are very popular in Malaysia and there is fierce competition among banks to sell you their fixed deposit offerings. Hi Ch Siah, thanks for the suggestion. Below, we will share with you types of fixed deposit accounts for each bank, the minimum deposit required, the interest rate and investment returns. CODES (1 months ago) Here are the Best Fixed Deposit Promos in Malaysia 2020. The withdrawal amount shall be in multiples of Ringgit Malaysia One Thousand (RM1,000). 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. Early withdrawal is allowed with rebate for Islamic FD and allowed with penalty for conventional FD. Many promos highlighted already expired. Inform me the best All FD offer by banks Very interesting website, thanks. Hi Wmws, with a large amount you will want to contact banks/financial institutions directly to ask on specific arrangements. New Fixed Deposits/Fixed Deposits rolled over from 5 March 2018 onwards. 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. HSBC Malaysia Fixed Deposit Updated Oct 2020. 2. Overall, Islamic FD products continue to offer higher interest rates compared to conventional FD products. There's more than just monetary benefits when you apply for a small business loan. Pls advice the best fd rates for 5 yrs with amt 10 millions. Hi there, very useful article indeed. 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. With so many ways to save, you’ll discover the many ways your money can grow with Hong Leong Bank Malaysia. I opened a fixed deposit in Bank of Baroda for senior citizens. All interest / dividend rates quoted may change without prior notice. 3. Good question. Thanks. So when identifying which fixed deposit account to put your money in, the main points of consideration should be interest rates, minimum deposit amount, and if they are insured by PIDM. Hopefully, it will help your website. Happy new year Cwhook. Do check with the bank branches. Fixed Deposit Promotion Malaysia - Best Coupon Codes. You can try checking out a high yield savings account which is unfixed like OCBC 360 at 4.1% Hi, Pls recommend best rate Islamic FD for 3month, amount rm20k.. Hi Q, most of the FDs are available for conventional and Islamic FD. How Do You Register a Business in Malaysia? UOB Golden Savers has been revised (down) to prevailing FD rates effective May 1, 2017. A Fixed Deposit account enables you to keep your money for a fixed period of time and generate interests. Can u shared more the differences in Islamic FD versus conventional FD. Unfortunately Maybank is yet to announce any new promos after the last one ended on Jan 7. Generally there are no distinct benefits for opting for Islamic or conventional FD. Many of the FD promotions are applicable for eFD too. Public Bank Fixed Deposit Malaysia Board Rate. Sometimes there are better rates/promos for preferred/priority banking customers. This promo rate as quoted above was denied by the bank when approached on 27/8/19. Is it true for all banks or certain banks only? Possible to let me know today ? No PIDM protection. Hi LC Tan, Glad you like the MyPF site! Standard Chartered Teaser Website Further Hints At The Launch Of New SC Smart Credit Card, Pay With Your Phone Using Affin Bank’s New Mobile App AffinPay, Small Business Loan – Spearhead Your Business Ventures Further. You can contact a branch to negotiate rates directly. The highest interest rate recorded in this month’s round-up is 2.40% (KFH Malaysia; 12-month FD), whereas the lowest stood at 1.50% (Maybank; 1-month FD). Ready to apply? A minimum of Ringgit Malaysia One Thousand (RM1,000) per receipt must be maintained till maturity date; otherwise it will be treated as a full withdrawal of the Fixed Deposit(s). Protected by PIDM up to RM250,000 for each depositor. Your Am bank FD rate is incorrect. Please let me know the best FD rates for tenure 3 months. Updated. Well then, this article is for you. For step-ups, we list the effective rate for a fairer comparison. This account allows withdrawals in multiples of RM1,000. Hi Ming, It’s very much dependent on the bank. Can check AmBank Am 50 Plus for seniors. FD rates in Malaysia are around 2-3% (affected by FD promotions) and determined by the individual bank. Bank Islam has cycled in & out of the list depending on the rates offered. 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