*Updated on 4 November 2022
If you are looking for a safe investment with relatively high returns, a fixed deposit might be just the thing for you. Fixed Deposits are a form of investment that is very similar to a savings account, with some slight differences. If you agree to a fixed deposit, you are not allowed to take out your money until the term of the deposit is over. Because the investment term and the interest rate are fixed, you can very easily calculate the returns you will receive on your deposit. Fixed deposits are very popular in Malaysia and there is fierce competition among banks to sell you their fixed deposit offerings.
Check out the Best Fixed Deposit in Malaysia for November 2022.
|
Bank |
Product |
Interest Rate (% p.a.) |
Tenure |
Promotion Period |
|
Affin Bank |
Required to purchase Bancasurrance Premium or BancaTakaful products. |
9.88 or 19.88% 5.88 or 11.88% |
1 month 3 months |
7 Sept – 31 Dec 2022 |
|
Alliance Bank |
Investment & FD Bundle Campaign Required to invest in selected Conventional Unit Trust products. |
7% |
3 months | 1 Oct 2022 – 31 Mar 2023 |
|
Alliance Bank |
Bancassurance & FD Bundle Campaign Required to purchase selected bancassurance products) |
8% (products with minimum annualized premium of RM50,000) 6% (products with minimum annualized premium of RM10,000) |
6 months | 1 Oct 2022 – 31 Mar 2023 |
|
Alliance Bank |
For new investment customers on selected Conventional Unit Trust Products. |
9% |
3 months | 1 Oct 2022 – 31 Mar 2023 |
|
Alliance Bank |
Required to set up mobile banking. |
3.40% |
12 months | 1 Oct – 30 Nov 2022 |
| AmBank |
Combine Fixed Deposit/Term Deposit-i (FD/TD-i) with Current or Savings Account/Current or Savings Account-i (CASA/CASA-i). |
4.60% (Individual customers & AmBank SIGNATURE Priority Banking customers (AmStar Current Account/-i) 4.65% (AmWafeeq Savings Account-i accountholders) 4.75% (AmBank SIGNATURE Priority Banking customers (AmStar Current Account/-i) |
6 months | 18 July – 5 Nov 2022 |
| Bank Islam |
Must also deposit into Al-Awfar account.
|
4 % 4.20% 4.40% |
6 months 12 months 18 months |
20 Oct – 31 Dec 2022 |
| Bank Islam |
Must also deposit into Al-Awfar account. |
4.35% 5.7% |
3 months 6 months |
20 Oct – 31 Dec 2022 |
| Bank Muamalat |
FTA-i (FD-i) Fleksi Mega Campaign Required to deposit RM5,000 only. |
4% | 3 months | 1 Nov 2022 – 31 Jan 2023 |
| CIMB Bank |
Bundle your Fixed Return Income Account-i (FRIA-i) with your new or existing Current/Savings Account-i (CASA-i) savings. |
4.08% | 6 months | 20 Sept – 31 Dec 2022 |
| CIMB Bank | Islamic Term Investment Account -i | 2.85% 3.40% 3.70% |
3 months 6 months 12 months |
19 Oct – 8 Nov 2022 |
| Hong Leong Bank |
Must deposit via HLB Connect. |
3.00% 3.30% 3.50% 3.60% |
3 months 6 months 12 months 18 or 24 months |
29 Oct 2022 – 4 Jan 2023 |
| HSBC Bank |
Exclusive for New HSBC Premier Everyday Global Account customers. |
2.95% (deposit (RM200,000) (deposit RM500,000) (deposit RM1 million) |
6 months | 19 Sept – 11 Nov 2022 |
| MBSB Bank |
MBSB Term Deposit-i Booster Campaign Choose to bundle with current/savings account, or not. |
Bundle A 4.83% (6 months)
Bundle B 5.20% (6 months) 5.43% (9 months) 5.90% (12 months)
No Bundle 3.30% (6 months) |
6 months 9 months 12 months 15 months 18 months |
1 Sept – 31 Dec 2022 |
| Public Bank |
PB RCB Special FD/TD-i Campaign
|
RCB Elite 2.80% (3 months) 3.10% (6 months) 3.20% (9 months) 3.30% (12 months) RCB Gold 2.75% (3 months) 3.05% (6 months) 3.15% (9 months) 3.25% (12 months) |
3 months 6 months 9 months 12 months |
1 Sept – 31 Dec 2022 |
| Public Bank | PB eFD via FPX Campaign | 2.75% 3.05% 3.15% 3.25% |
3 months 6 months 9 months 12 months |
1 Sept – 31 Dec 2022 |
| Public Bank | PB Special Fixed Deposit Campaign |
PB Golden 50 PLUS Fixed Deposit Account 2.75% (3 months) 2.70% (3 months) |
3 months 6 months 9 months 12 months |
1 Sept – 31 Dec 2022 |
| Public Bank | RCB Birthday Monthly Privileges Campaign | RCB Gold 2.80% (3 months) 3.10% (6 months) 3.20% (9 months) 3.30% (12 months) RCB Elite 2.85% (3 months) 3.15% (6 months) 3.25% (9 months) 3.35% (12 months) |
3 months 6 months 9 months 12 months |
1 Sept – 31 Dec 2022 |
| RHB Bank |
Fixed Deposit/Commodity Murabahah Deposit-i Must invest in selected unit trust funds or ASNB Variable Price. |
Unit trust funds 14.50% (1 month) 8.70% (1 month) |
1 month 3 months 6 months |
1 Oct – 31 Dec 2022 |
Things to consider when using a fixed deposit
- Do not tie up money that you need to survive.
If you use a fixed deposit, you will not be able to touch the investment amount for a while, so make sure you can survive without it. Make sure you have a steady stream of income and an emergency fund that is available at any time before taking a fixed deposit.
- Make sure the interest rate is worth it.
The interest rate on fixed deposits is generally a little higher than the interest rate on savings account. However, if you are planning to use your savings to get a fixed deposit at another bank, you might spend the additional benefit on transaction fees! Before deciding on your course of action, make sure that the returns you realize are enough to cover the cost.
Are fixed deposits a good investment?
A fixed deposit can be a good investment if you are looking for safety and security with decent returns. For example, if you have some money left over but you don’t want to take any risk, you can choose to take a fixed deposit, assuming you won’t need the money for a while.
However, if you want to realize returns that are a little higher, you could consider investing in the stock market, or joining a p2p-lending network. You can even invest in your own business, if you are really adventurous!
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