Fixed deposits are very popular in Malaysia and there is fierce competition among banks to sell you their fixed deposit offerings. Hi Keong, Bank FD interest is non-taxable for non-resident/foreigners as well. 2) No we are not (although if you signup through us we do get a small referral incentive). I want to ask about this point: Pls advice the best fd rates for 5 yrs with amt 10 millions. It is 4.2% for 12 months, monthly interest for senior citizen. unit trust, securities trading account). A Fixed Deposit or commonly known as FD in Malaysia is a financial tool from banks where you deposit money for a fixed time. Possible to let me know today ? Most welcome ;) Find out more here! Suggested for eFD for increased flexibility and time savings versus over the counter. With so many ways to save, you’ll discover the many ways your money can grow with Hong Leong Bank Malaysia. A note though that it is technically an investment thus non-guaranteed returns, capital and no PIDM protection. You can check the following link on HLB for more info. What is the maximum amount for fixed deposit? For higher amounts, do check with the financial institution which may offer better rates. If you can deposit for 6 months or longer, can consider MBSB 49’ners. Your Am bank FD rate is incorrect. 2. Affin Bank: 4.15% (>12 months). If I would to stick to the same Maybank; 1. We update usually once to twice a month. Can you advise which banks allow fixed deposit for foreigners ? Early withdrawal penalties still apply. However, do take note that Bank Rakyat’s FD products are not protected by PIDM. 2) CIMB unfixed deposit without any promotions is at 3.10% for 12mths. On 21 February 2018, Sun Biz did provide the full list of latest FD rates. Are you interested in the latest Fixed Deposit Promos in Malaysia? Generally there are no distinct benefits for opting for Islamic or conventional FD. For wholesale returns, Islamic FD must be for a Shariah compliant business. Want to get the most out of your hard-earned money? UOB Fixed Deposit account allows you to save your money and grow your savings by earning attractive FD interest rates with minimal risks. 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. “What’s the best fixed deposit in Malaysia?” It’s one of the most common questions we hear from Malaysians who want a stable and secure form of savings. Hi Tony Ng, most if not all banks will allow for fixed deposits for foreigners. 1 month tenure – minimum deposit placement of RM5,000; 2 months tenure and above – minimum deposit placement of RM500 . Hi Nithiyananthan, promotional 3 month tenures available only for preferred/priority banking. Sort By. I think their rates is pretty convincing too. Happy new year Cwhook. Hi Wmws, with a large amount you will want to contact banks/financial institutions directly to ask on specific arrangements. Thanks Sai for catching the typo. Only from 1 – 7 December 2017. 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? Added! Last year’s promo rates were as high as 4.10%. Can check AmBank Am 50 Plus for seniors. Hi Keong, thanks for the suggestion. Here's the list of the most recent Fixed Deposit promotions. 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 … How Do You Register a Business in Malaysia? Others which are similar would be Maybank’s M2U savers/i or CIMB’s unfixed deposit. This … All Tenures 12 Months 12 to 18 Months >19 Months. You can choose anything from a one month term to a five-year term and earn interest on your investment. Is there any difference if I am a Maybank Aspire member? RHB Fixed Deposit Interest Rate. You can get approximately 0.05% – 0.5% higher. PIDM protected. Let's Talk. Across the Asian region some countries call similar bank issued products time deposits (China) or fixed deposits (India). 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). Is it true for all banks or certain banks only? Rates for Maybank Fixed Deposit Account. If you have large sums (typically 100k and above), you can negotiate with your banker for better rates. A notice in writing with the intention to premature … 3 Is the rates negotiable if I invest a lot? that would be expiring this 12th of January and 16th of February next month in Maybank. The rate indicated is based on the 'Unfixed Deposit' product' and is for a 60 month tenure for Tier 1. Hi, ... Letter of Employment or Student Permit/Pass for foreigners who are working or studying in Malaysia; For 1-month tenure, minimum initial deposit is RM5,000; For 2-month or longer tenure, minimum initial deposit is RM500 ; Apply Now. 1) Why this OCBC FD among all the banks FDs? Hopefully, it will help your website. UOB is also offering 4.2% for 12 months. 2) What’s the FD rates for CIMB Unfixed Deposit for 12 months? We have heard reports that for some of the FD promos the branch needs to have both Affin Bank and Affin Islamic Bank. Else it can be calculated using a financial calculator or excel. Below, we will share with you types of fixed deposit accounts for each bank, the minimum deposit required, the interest rate and investment returns. eFixed Deposit Promotion on CIMB Clicks Web/Desktop only, How to Avoid That Awkward Moment When Your Card Gets Declined. I have a request, could you include the online FD for banks in Malaysia? :). with min. Fixed deposit are a safe investment option that guarantees consistent interest rates, special interest rates for senior citizens, various interest payment options, and no market-related risks, with income tax deductions. Hi Jane, glad you like MyPF. Can a person deposit hundreds of millions as fixed deposit? Best to contact the bank to confirm if can be done online or needs to be over the counter. Check out the latest promotional rates freshly updated (to the best of our knowledge). Sometimes there are better rates/promos for preferred/priority banking customers. Conventional rates are guaranteed. Malaysia Fixed Deposit Rates 2020. Can I ask you whether interest from bank fixed deposit taxable for non-resident/ foreigner? Inform me the best All FD offer by banks This account allows withdrawals in multiples of RM1,000. 1) Maybank GIA is pretty decent especially with the current promotional rates. Am I accorded special rates if I have 10 million ringgit placed in fixed deposit. You can check the prevailing FD rates and if a larger sum you may be able to negotiate the rates slightly. Fixed Deposit Promotion Malaysia - Best Coupon Codes. By the way, your link for ‘CIMB Unfixed deposit’ above doesn’t seems to work –>. All the best in getting a great FD rate at a bank you trust. 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 –> Updated! Hi GSC, Thanks for sharing with us. FYI, Current UOB FD Rate 4.08% for 12 months, 3.95% for 7 months and 3.7% for 4 months until end January. Can you please include MBSB as well? Updated! My plan was for 5 years and it offered the interest rate of 7.9% p.a. 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. And what does private means? Updated. Suggest check above listing for 3 months available FD promotions and contact the bank to confirm availability. Included MBSB in the latest update with an effective rate of 4.25%. Islamic: following Shariah principles whereby there is no interest but based on profit sharing between buyer and seller. (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. 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). Would you mind to include Bank Islam in there ? Hi, Hi Cath, eFD may be challenging to negotiate. (more info). 1 month tenure – minimum deposit placement of RM5,000; 2 months tenure and above – minimum deposit placement of RM1000 16 people like this RHB Term Deposit with 6 to 12 months tenure. 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. Unfortunately Maybank is yet to announce any new promos after the last one ended on Jan 7. 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. Protected by PIDM up to RM250,000 for each depositor. It's really easy to get started, with a minimum deposit of just RM500. Here’s a roundup of this month’s updates to the best fixed deposit accounts in Malaysia. Hi Keong, Bank Rakyat’s FD rates are pretty good although below the other promotional rates if comparing 12 months. UOB 4 months 3.70% 6 month 4.00% 12 months 4.20% till 31 January. Any new FD that has been newly launched recently that offers promotional rates or more attractive rates? Fixed Deposit Rate Malaysia. 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. Hi Ming, It’s very much dependent on the bank. Standard Chartered Bank has begun teasing the upcoming launch of a new credit card for the Malaysian market.…. They have other promo with shorter periods. The fineprint will state whether Malaysian and non-Malaysian Residents qualify as “Eligible Customer(s)”. In the event that your bank fails, PIDM protects you against the loss of your deposits, but only for up to RM250,000 per depositor per bank. So how.much I can get.On monthly? Earn higher returns with our Fixed Deposit account. Many of the FD promotions are applicable for eFD too. (*Profit sharing for Islamic FD). Hi moon, 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. Best Fixed Deposit Accounts In Malaysia - RinggitPlus (1 months ago) 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. Q: Can non-Muslims use Islamic FDs?A: Yes, no restrictions. You can contact a branch to negotiate rates directly. Maybe you can include Hong Leong Bank FD: 4.30% 12 months | 4.10% 6 months (until Feb 28, 2018). But would it is 8/1/18 now and would appreciate if you could update the latest FD rate as per today. Effective from 9 July 2020. 1. Thanks in advance. 2. CODES (2 days ago) Promo: eFixed Deposit-i Interest Rate: Up to 2.35% p.a. Placement tenure from 1 month to 60 months ; Minimum Placement Amount: - 1 month tenure - minimum deposit placement of RM5,000; 2 months tenure and above – minimum deposit placement of RM500; Benefits. Many promos highlighted already expired. 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. Overall, Islamic FD products continue to offer higher interest rates compared to conventional FD products. I am a senior citizen. There are also alternatives such as money market funds. Hi, I like your website,even the useful suggestions. Hi Mike, you can negotiate with the financial institution for better rates. Can be FD or private/preferred banking. Ready to apply? How Do You Choose the Right Loan for Your Small Business? If you may need your funds urgently, you may consider a shorter term duration (i.e. If so how much? Returns are fixed and agreed upfront for both conventional and Islamic FD. Hi, Pls recommend best rate Islamic FD for 3month, amount rm20k.. Hi Q, most of the FDs are available for conventional and Islamic FD. Hi Rashid, most promotional FDs will have a maximum limit (typically 500k or a few million depending on individual/company). FYI, the Hong Leong and RHB FD promotions are no longer available. Consider putting your funds in a short-term fixed deposit. All Accounts Fixed Deposits Current & Savings Deposit Promotions. The withdrawal amount shall be in multiples of Ringgit Malaysia One Thousand (RM1,000). MBSB: 2.45% 15 months / 2.4% 6 months (until Jan 19, 2021), Bank Rakyat: 2.40% 12 months / 2.30% 9 months / 2.20% 6 months, Public Bank eFD with funds FPX transfer in: 2.30% 3 months / 2.10% 2 months / 2.00% 1 month (min 5k; until Apr 30, 2021), Public Bank: 2.28% 8 months / 2.08% 3 months (min 10k; until Mar 31, 2021), CIMB: 2.25% 12 months / 2.20% 6 months / 2.10% 3 months (min 5k; until Jan 20, 2021), OCBC: 1.85% 12 months / 1.90% 6 months (min 10k / 1k), BSN Senior Citizen: 2.15% >12 months | 2.20% 12 months (min 50k) | 2.10% >12 months | 2.15% 12 months (min 5k), CIMB Golden Time 2 (Big Plus for 50 Plus): 2.10% 60 months | 2.00% 48 months | 1.90% 36 months | 1.85% 15-24 months (min 1k), Public Bank PB Golden 50 PLUS: 2.05% 9 months | 1.95% 6 months | 1.85% 3 months (min 30k), Am50Plus: 1.75% 48 months | 1.70% 36 months | 1.65% 12 months | 1.80% 6 months (min 5k), Hong Leong Senior: 1.75% 12 months (min 10k), SCB: 4.00% 2 months (min 100k; new clients only; until Dec 31, 2020), OCBC: 2.90% 3 months (min 10k; until Dec 31, 2020), CIMB Preferred: 2.30% 12 months | 2.25% 6 months (min 10k), UOB Privilege: 2.00% (min +100k top up requirement; min 250k), Hong Leong Priority Banking: 1.75% 12 months | 1.70% 6 months (min 50k), Public Bank Premier ACE Account: 1.51% (min 1m), RHB Future Saver: 1.65% (above 100k) 0.35% (100k below), AmBank AmGenius: 1.95% (up to 100k) | 0.25% (above 100k), Affin Online: 1.85% (up to 50k) | 1.75% (50k – below 100k), Public Bank WISE Savings Account: 1.70% (up to 50k) | 0.35% (above 50k), BSN Smart Junior: 1.70% (above 25k) | 1.20%, Maybank Yippie: 1.50% (up to 50k) | 0.20% (above 50k), SCB Young Savers Account: 1.45% (up to 50k) | 0.25% (above 50k), Affin Esavers-i: 1.25% (50k above) | 0.75% (below 50k), Maybank M2U Savers/i: 0.75% (50k above) | 0.60% (below 50k) (. Good suggestion and we have added info on early withdrawal penalty. Hi Dr Mo, glad you find interesting. Hi, Thank you for the very useful tips and tricks. When your business is in need of a financial boost, don’t just take the first loan offer that comes knocking just because you need a lifeline. Would love your thoughts, please comment. How do you list it? 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. It’s capped at 100k though. Conventional: a predetermined interest rate given between depositor and bank. 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? Great article. Please do share with us if you have any other information & we can update. Check out the RinggitPlus Fixed Deposits page, where you’ll find useful information for fixed deposit promotions available in Malaysia, as well as a useful fixed deposit calculator! 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. Q: Can Muslims use conventional FDs?A: For Muslims, on e an Islamic alternative is available, it is recommended to do so. Effective Interest Rates. Which FD can offer the best rates preferably for 12 months duration (but not fixed)? Check what FD gives you the best rate for your duration. Personal Income Tax e-Filing for First Timers in Malaysia, 7 Key Mindsets to Transition from Employee to Entrepreneur, 5 Tips for Funding Your Postgraduate Studies. For longer term FD (above 3 months), you will lose ~50% of FD interest for early uplifting. Tenure(Months) BOARD RATES % (p.a.) CIMB unfixed deposit allows partial withdrawals in multiples of 1,000 prior to FD maturity date. No PIDM protection. You can put in & take out funds from a savings account at anytime with no penalties or affecting your returns %. 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. Hi! New Fixed Deposits/Fixed Deposits rolled over from 5 March 2018 onwards. In Malaysia, all deposits made at a member bank are automatically protected by Perbadanan Insurans Deposit Malaysia (PIDM). Why do not you include the fixed deposit rate of bank rakyat? For step-ups, we list the effective rate for a fairer comparison. FD interest can be deposited into another account (i.e. Finally found what I was looking for ! Hi Jack, Glad you found MyPF & that it’s helpful! You can negotiate if you are placing 50 or 100k above. Hi Jamie! FD can be placed on auto-renewal (see FAQ below). Fixed Deposit. 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, For peace of mind, look for the PIDM sign that indicates your bank is a member bank. We have updated AmBank rate (the official rates published on AmBank site appear to have not been updated since 2016). Tenure Length. If you’ve ever been stuck trying to make a payment with your credit or debit card – this is what you should do the next time it happens. Here are the highest interest fixed deposit accounts in Malaysia, arranged by duration. Other products offer are also welcome. Any other banks’ FD are offered at a higher rates? And also is there a penalty usually for early withdrawal of funds? Petrol Price Malaysia Live Updates (RON95, RON97 & Diesel), Standard Chartered Offers Year-Long Grab Deals For Selected Credit Cardholders, Affin Bank Launches Affin Invikta, A Premier Banking Service With A Visa Infinite Credit Card, #SaveMoneyWithHann: A Personal Finance Q&A, #SaveMoneyWithHann: Saving Smart While Interest Rates (and OPR) Are Low, #SaveMoneyWithHann: Surviving Covid-19 & MCOs For SMEs, – RM10,000 (RM9,000 in FD and RM1,000 in current or savings account), – RM1 million (RM900,000 in FD and RM100,000 in current or savings account), Subject to online banking withdrawal limit by customer’s bank, Agrobank Fixed Return Investment Account-i, Agrobank Fixed Return Investment Account-i 45 Plus, RHB Islamic Commodity Murabahah Deposit-i, KFH International Commodity Murabahah Deposit-i, KFH Junior International Commodity Murabahah Deposit-i. If I would to have 2 Fixed Deposits Since the interest rate is the defining factor in choosing which fixed deposit you want to go with, we have done a comparison of fixed deposit accounts in Malaysia. The latest rates we know of are as above. +Follow. 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. Can u shared more the differences in Islamic FD versus conventional FD. However occasionally they may also be called time deposit accounts as well depending on the bank. RM10,000 deposit . Hello Claudia! Fixed Deposit, otherwise known as term deposit and time deposit, is popular among first-time investors. No doubt, our parents are one of those hard core fans of it. eFD: most banks now allow you to place/uplift FD online via internet banking. All interest / dividend rates quoted may change without prior notice. The 8.88% rate will be given for the FD portion. (More info), 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. FD rates in Malaysia are around 2-3% (affected by FD promotions) and determined by the individual bank. Hi Andrew, eFD rates will be similar to FD rates. Prefer to have interest pay out in monthly basis. 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. We will add in Bank Islam to the list on good rates! RHB has added a nice touch to this FD - you can use your deposit as collateral against an overdraft facility. Now I have a question ,as a association,do you have any good suggestion for the FD(bank,interest rate ..) with min 100 k? The bank marketing is quite impressive but I am unsure whether it is benefiting us. 3.80% 5 year: Apply Mar 2018: CIMB Bank Fixed Deposit. 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. A term deposit account which offers you up to 60 months tenure with predetermined fixed profit rate based on the Shariah concept of Tawarruq. Can plse update FD rates, esp for new funds. Please let me know your answer within these few days ya. Maybe you can include Hong Leong Bank 13 months online fixed deposit/-i at 4.20% p.a. I chose the option of monthly payment of interest and now the interest is credited to my account every month like a pension plan. RHB Bank Fixed Deposit Malaysia . What Factors Influence Our Rising Cost of Living? Bank Rakyat offers the best rate for most FD products this month (3, 6 and 9-month tenure). Here are a few types of fixed deposits you’ll find in Malaysia: Short-term fixed deposits. Got extra funds to put aside, but need them again in a month or two? Are you sure Citi bank still offers 4.88% for 3 months? 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. I opened a fixed deposit in Bank of Baroda for senior citizens. savings account) OR included into the FD for renewal. Do check with the bank branches. 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. The longer the duration, the better the rates typically. Bank Muamalat Malaysia 5 Year Fixed Term Deposit. CODES (1 months ago) Here are the Best Fixed Deposit Promos in Malaysia 2020. A very detail Info Compilation done by our sales agent to save your reading time on LaundryBar Investment Scheme and Interest Scheme Act. 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. PIDM insures eligible deposits for up to RM250,000 per depositor per bank. However, similar fixed deposit promotion available every early month after that. Maybank’s GIA-i is an investment account which gives your profit sharing returns at approximately FD rates. How can we apply and reach the 8.88%? Copyright © 2021 MyPF Services PLT | All Rights Reserved | Financial planning/advisory provided by Wealth Vantage Advisory Sdn Bhd,, PERMAI Assistance Packages Announced for MCO 2.0, 21 Financial Influencers Share Financial Wellness Tips for 2021, 6 Sebab Mengapa 2021 Adalah Tahun Terbaik Untuk Tambah Kemahiran Anda. Very interesting website, thanks. From 2.35% to 2.45% p.a. 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. Hi, just found out about this website, and boy it’s helpful! For complete information, kindly visit the CIMB website today. The tables below will be updated every month. The interest you’ll get won’t be earth-shattering, but it’s better than nothing. “Private/Preferred Banking, Hong Leong: 5.92% effective rate 2 months (min 100k FD + 50k UT PowerLink 8.88%)” GIA no longer offers no penalty withdrawals (wef Aug 1, 2017). Interest Rate Popularity. The effective returns will then be based on both the fixed deposit portion and CASA portion.