Best Fixed Deposit Promos – April 2024
| Bank | Effective Rate (% p.a.) | Minimum Deposit | Maximum Deposit | Tenure | Promotion Period |
| Affin Bank (Banca Deposit Campaign – requires customers to purchase selected bancassurance products) |
Single premium or contribution Regular premium or contribution |
Single premium or contribution Regular premium or contribution |
N/A |
– 1 months – 3 months – 6 months |
1 Feb – 31 July 2024 |
| Bank Islam (MaxCash Campaign – deposit to be placed in Term Deposit-i Tawarruq and Al-Awfar accounts) |
5.50 | RM10,000 | N/A | 6 months | 2 Feb – 30 Apr 2024 |
| Bank Islam (TDT Extra Campaign) |
4.15 | RM10,000 | N/A | 6 months | 2 Feb – 30 Apr 2024 |
| Bank Simpanan Nasional (BSN Term Deposit-i with BSN SSP Platinum bundle campaign) |
5.70 | RM5,000 | N/A | 6 months | 1 Jan – 30 Apr 2024 |
| CIMB Bank (eFD/eFD-i campaign via CIMB Clicks web) |
Funds from CIMB current/savings account/-i Funds from other banks via FPX |
RM1,000 | Subject to FPX transaction limit |
– 3 months – 6 months – 7 months – 12 months |
1 Mar – 1 Apr 2024 |
| Hong Leong Bank (HLB eFD/eFD-i Raya promo) |
– 3.50 (3 months) – 3.70 (6 and 10 months) – 3.65 (12 months) – 3.35 (18 months) – 3.45 (24 months) |
RM1,000 | RM200,000 |
– 3 months – 6 months – 10 months – 12 months – 18 months – 24 months |
1 – 30 Apr 2024 |
| Maybank (eFD-i promo – only for transfers from other banks via FPX) |
– 3.55 (3 months) – 3.70 (6 months) |
RM1,000 | RM30,000 per transaction, up to RM50,000 daily (max RM15 million per customer during campaign period) |
– 3 months – 6 months |
19 Mar – 19 Apr 2024 |
| OCBC Bank (FD/FD-i promo) |
3.50 | RM1,000 | N/A | 6 months | 1 Mar – 30 Apr 2024 |
| Public Bank (PB RCB Special FD/TD-i campaign) |
RCB Gold RCB Elite |
RM10,000 | RM10 million |
– 3 months – 6 months – 9 months – 12 months |
1 Apr – 30 June 2024 |
| Public Bank (PB Special Fixed Deposit campaign) |
– 3.55 (3 months) – 3.60 (6 months) – 3.65 (9 months) – 3.70 (12 months) |
RM5,000 | RM10 million |
– 3 months – 6 months – 9 months – 12 months |
1 Apr – 30 June 2024 |
| Public Bank (PB eFD via FPX campaign) |
– 3.60 (3 months) – 3.65 (6 months) – 3.70 (9 months) – 3.75 (12 months) |
RM5,000 | RM2 million |
– 3 months – 6 months – 9 months – 12 months |
1 Apr – 30 June 2024 |
| Public Bank (50 Golden Journey campaign – only for customers aged 50 years old and above, as well as have 50 PLUS Savings account and PB Golden 50 PLUS Fixed Deposit Account) |
– 3.60 (3 months) – 3.65 (6 months) – 3.70 (9 months) – 3.75 (12 months) |
RM5,000 | RM10 million |
– 3 months – 6 months – 9 months – 12 months |
1 Apr – 30 June 2024 |
| Public Bank (Power Invest FD bundle campaign– requires customers to also invest in selected unit trust or bancassurance products) |
Unit trust/ RM300,000 and above in FD Unit trust/ RM300,000 and above in FD |
RM10,000 | N/A |
– 3 months – 8 months |
1 Jan – 30 June 2024 |
| RHB Bank (Term Deposit & e-Term Deposit campaign) |
Term deposit RHB Premier customers e-Term deposit (all RHB customers) |
Term deposit e-Term deposit |
N/A | 12 months | Term deposit e-Term deposit |
| RHB Bank (FD/CMD-i and investment products bundle campaign – requires customers to invest in selected products) |
Unit Trust & FD /CMD-i bundle ASNB & FD /CMD-i bundle Direct bond/ sukuk & FD /CMD-i bundle Structured investment & FD /CMD-i bundle |
Unit Trust & FD /CMD-i bundle ASNB & FD /CMD-i bundle Direct bond/ sukuk & FD /CMD-i bundle Structured investment & FD /CMD-i bundle |
N/A |
– 1 month – 3 months |
1 Apr – 30 June 2024 |
| RHB Bank (FD/CMD-i & bancassurance or bancatakaful campaign – requires customers to purchase insurance or takaful products) |
RM10,000 regular premium RM50,000 regular premium |
Ratio depends on customer’s top-up choices | N/A |
– 3 months – 6 months |
1 Apr – 30 June 2024 |
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.
- Junior savers can opt for MBSB Junior Term Deposit-i (3.20% p.a. interest for 6-month tenure).
- Senior savers, meanwhile, can tap into the BSN Term Deposit Senior Citizen (3.05% p.a. interest for 12-month tenure).
- The highest interest rate recorded in this month’s round-up is 3.45% (Agrobank; 12-month FD), whereas the lowest stands at 2.60% (Bank Islam; 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.
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 | RM5,000 | 3.00% | RM25.00 | Malaysian Govt |
| Bank of China | Bank of China Fixed Deposit Account | RM5,000 | 2.90% | RM24.17 | PIDM |
| Alliance Bank | Alliance Bank Fixed Deposit | RM5,000 | 2.75% | RM22.92 | PIDM |
| Bank Simpanan Nasional | BSN Term Deposit | RM1,000 | 2.65% | RM22.08 | PIDM |
| Bank Islam | Bank Islam Term Deposit-i | RM1,000 | 2.60% | RM21.67 | PIDM |
Top 3-month FD rates in Malaysia
| Bank Name | Product Name | Minimum Deposit | Interest/Profit Rate | Profit on RM10,000 | Depositor’s Insurance |
| MBSB Bank | MBSB Term Deposit-i | RM500 | 3.10% | RM77.50 | PIDM |
| Agrobank | Agrobank Fixed Return Investment Account-i | RM1,000 | 3.05% | RM76.25 | Malaysian Govt |
| Bank of China | Bank of China Fixed Deposit Account | RM1,000 | 3.00% | RM75.00 | PIDM |
| India International Bank | India International Bank Fixed Deposit | RM1,000 | 2.95% | RM73.75 | PIDM |
| Bank Simpanan Nasional | BSN Term Deposit-i | RM500 | 2.80% | RM70.00 | PIDM |
Top 6-month FD rates in Malaysia
| Bank Name | Product Name | Minimum Deposit | Interest/Profit Rate | Profit on RM10,000 | Depositor’s Insurance |
| Agrobank | Agrobank Fixed Return Investment Account-i | RM1,000 | 3.30% | RM165.00 | Malaysian Govt |
| Bank Rakyat | Bank Rakyat Term Deposit Account-i | RM500 | 3.25% | RM162.50 | Malaysian Govt |
| MBSB Bank | MBSB Junior Term Deposit-i | RM500 | 3.20% | RM160.00 | PIDM |
| Bank of Nova Scotia | Bank of Nova Scotia Fixed Deposit | RM1,000 | 3.05% | RM152.50 | PIDM |
| Al Rajhi Bank | Al-Rajhi Term Deposit-i | RM500 | 2.85% | RM142.50 | PIDM |
Top 9-month FD rates in Malaysia
| Bank Name | Product Name | Minimum Deposit | Interest/Profit Rate | Profit on RM10,000 | Depositor’s Insurance |
| Agrobank | Agrobank Fixed Return Investment Account-i | RM1,000 | 3.40% | RM255.00 | Malaysian Govt |
| Bank Rakyat | Bank Rakyat Term Deposit Account-i | RM500 | 3.30% | RM247.50 | Malaysian Govt |
| Bank of China | Bank of China Fixed Deposit Account | RM1,000 | 3.10% | RM232.50 | PIDM |
| Alliance Bank | Alliance Bank Fixed Deposit | RM500 | 3.05% | RM228.75 | PIDM |
| Al Rajhi Bank | Al Rajhi Term Deposit-i | RM500 | 2.90% | RM217.50 | PIDM |
Top 12-month FD rates in Malaysia
| Bank Name | Product Name | Minimum Deposit | Interest/Profit Rate | Profit on RM10,000 | Depositor’s Insurance |
| Agrobank | Agrobank Fixed Return Investment Account-i | RM1,000 | 3.45% | RM345.00 | Malaysian Govt |
| MBSB Bank | MBSB Term Deposit-i | RM500 | 3.40% | RM340.00 | PIDM |
| Bank of China | Bank of China Fixed Deposit Account | RM1,000 | 3.15% | RM315.00 | PIDM |
| Alliance Bank Islamic | Alliance Islamic Term Deposit-i | RM500 | 3.10% | RM310.00 | PIDM |
| Bank Simpanan Nasional | BSN Term Deposit Senior Citizen | RM5,000 | 3.05% | RM305.00 | PIDM |
Looking for other investments? If you’re a Sophisticated Investor looking for higher dividends over longer investments tenures, do reach out to us for us to share updates.
To reach the My Money Insights editorial team on your feedback, story ideas and pitches, contact us here.
