Last update: 1 October 2020
Best Fixed Deposit Promos – October 2020
| Bank | Effective Rate (% p.a.) | Minimum Deposit | Maximum Deposit | Tenure | Promotion Period |
| Affin Bank (eFixed Deposit Campaign) |
– 2.35 (5 months)
– 2.38 (9 months) – 2.45 (12 months) |
RM10,000 | RM200,000 | – 5 months
– 9 months – 12 months |
1 Oct to 15 Oct 2020 |
| Hong Leong Bank (eFixed Deposit/eFixed Deposit-i) |
2.30 | RM5,000 | RM2 million | 3 months | 1 Sept to 31 Oct 2020 |
| OCBC Bank (Premier Deal) |
2.90 | RM10,000 | RM3 million | 3 months | 1 Apr to 31 Dec 2020 |
| OCBC Bank (Online FD Promo) |
1.95 | RM1,000 | Subject to online banking withdrawal limit by customer’s bank | 10 months | 15 Sept to 3 Nov 2020 |
| Public Bank (Fixed Deposit/Term Deposit-i) |
– 2.08 (3 months)
– 2.28 (8 months) |
RM10,000 | RM10 million | – 3 months
– 8 months |
12 Aug to 31 Oct 2020 |
| Public Bank (eFD via FPX Campaign) |
– 2.00 (1 month)
– 2.10 (2 months) – 2.20 (3 months) |
RM5,000 | RM2 million | – 1 month
– 2 months – 3 months |
20 July to 31 Dec 2020 |
| RHB Bank (Term Deposit via Over-The-Counter/eTerm Deposit via FPX) |
– 2.35 (6 months)
– 2.45 (12 months) |
RM10,000 | – Maximum amount for FPX transfers
– Maximum amount of transfer allowed by customer’s bank |
– 6 months
– 12 months |
22 Sept to 31 Oct 2020 |
Monthly Update
Here’s a roundup of this month’s updates to the best fixed deposit accounts in Malaysia.
- Overall, Islamic FD products continue to offer higher interest rates compared to conventional FD products across the board.
- Bank Rakyat offers the best rate for most FD products this month (I, 3, 6, and 9-month tenure). However, do take note that Bank Rakyat’s FD products are not protected by PIDM.
- The lowest interest rate recorded in this month’s round-up is 1.65% (RHB Bank; 1-month FD).
Original article follows below.
“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. 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.
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. 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.
Here are the highest interest fixed deposit accounts in Malaysia, arranged by duration. The tables below will be updated every month.
Top 1-month FD rates in Malaysia
| Bank Name | Product Name | Minimum Deposit | Interest/Profit Rate | Profit on RM10,000 | Depositor’s Insurance |
| Bank Rakyat | Bank Rakyat Term Deposit Account-i | RM500 | 1.85% | RM15.42 | – |
| India International Bank | India International Bank Fixed Deposit | RM1,000 | 1.80% | RM15.00 | PIDM |
| Bank Simpanan Nasional | BSN Term Deposit | RM500 | 1.75% | RM14.58 | PIDM |
| Alliance Bank | Alliance Bank Fixed Deposit | RM500 | 1.70% | RM14.17 | PIDM |
| RHB Bank | RHB Ordinary Fixed Deposit | RM500 | 1.65% | RM13.75 | PIDM |
Top 3-month FD rates in Malaysia
| Bank Name | Product Name | Minimum Deposit | Interest/Profit Rate | Profit on RM10,000 | Depositor’s Insurance |
| Bank Rakyat | Bank Rakyat Term Deposit Account-i | RM500 | 2.00% | RM50.00 | – |
| MBSB Bank | MBSB Junior Term Deposit-i | RM500 | 1.90% | RM47.50 | PIDM |
| Bank Muamalat | Bank Muamalat Fixed Term Account-i | RM1,000 | 1.85% | RM46.25 | PIDM |
| Affin Islamic Bank | Affin Islamic Term Deposit-i | RM500 | 1.80% | RM45.00 | PIDM |
| Public Bank | Public Bank PLUS Fixed Deposit Account | RM1,000 | 1.75% | RM43.75 | PIDM |
Top 6-month FD rates in Malaysia
| Bank Name | Product Name | Minimum Deposit | Interest/Profit Rate | Profit on RM10,000 | Depositor’s Insurance |
| Bank Rakyat | Bank Rakyat Term Deposit Account-i | RM500 | 2.15% | RM107.50 | – |
| Agrobank | Agrobank Fixed Return Investment Account-i | RM1,000 | 2.05% | RM102.50 | – |
| MBSB Bank | MBSB Term Deposit-i | RM500 | 1.95% | RM97.50 | PIDM |
| India International Bank | India International Bank Fixed Deposit | RM1,000 | 1.90% | RM95.00 | PIDM |
| Bank Simpanan Nasional | BSN Term Deposit-i | RM500 | 1.85% | RM92.50 | PIDM |
Top 9-month FD rates in Malaysia
| Bank Name | Product Name | Minimum Deposit | Interest/Profit Rate | Profit on RM10,000 | Depositor’s Insurance |
| Bank Rakyat | Bank Rakyat Term Deposit Account-i | RM500 | 2.20% | RM165.00 | – |
| Agrobank | Agrobank Fixed Return Investment Account-i | RM1,000 | 2.10% | RM157.50 | – |
| MBSB Bank | MBSB Junior Term Deposit-i | RM500 | 2.05% | RM153.75 | PIDM |
| Bank Muamalat | Bank Muamalat Fixed Term Account-i | RM1,000 | 1.95% | RM146.25 | PIDM |
| Al-Rajhi Bank | Al-Rajhi Term Deposit-i | RM500 | 1.90% | RM142.50 | PIDM |
Top 12-month FD rates in Malaysia
| Bank Name | Product Name | Minimum Deposit | Interest/Profit Rate | Profit on RM10,000 | Depositor’s Insurance |
| Kuwait Finance House | KFH Junior International Commodity Murabahah Deposit-i | RM1,000 | 2.40% | RM240.00 | PIDM |
| Agrobank | Agrobank Fixed Return Investment Account-i 45 Plus | RM1,000 | 2.35% | RM235.00 | – |
| Bank Simpanan Nasional | BSN Term Deposit-i | RM500 | 2.20% | RM220.00 | PIDM |
| MBSB Bank | MBSB Term Deposit-i | RM500 | 2.15% | RM215.00 | PIDM |
| Bank Muamalat | Bank Muamalat Fixed Term Account-i | RM1,000 | 2.05% | RM205.00 | PIDM |
Ready to apply? 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!
Source: ringgitplus.com