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Malaysia’s Best Fixed Deposit Promotions 2023 – December 2023

BySamantha Lim

Jul 18, 2023
Malaysia's Best Fixed Deposit Promotions

Are you interested in learning about Malaysia’s most recent best fixed deposit promotions? Want to maximise the value of the money you’ve worked so hard to earn? You’ve come to the perfect place if that describes you. You may find a list of the most recent best fixed deposit promos on this page.

An investment account known as a fixed deposit allows you to deposit a large quantity of money for a set time and earn interest at a predetermined rate. It is a popular option since it provides a risk-free environment for investing with greater interest rates than a typical savings account. Additionally, fixed deposit accounts often yield higher because the interest is computed annually instead of daily in a savings account. Read more about fixed deposit at our page, “Guide to Best Fixed Deposit Rate in Malaysia 2023.

 

Best Fixed Deposit Promos – December 2023

Bank Effective Rate (% p.a.) Minimum Deposit Maximum Deposit Tenure Promotion Period
Public Bank (PB eFD via FPX campaign) -3.55 (3 months)

-3.65 (6 months)

-3.70 (9 months)

-3.75 (12 months)

RM5,000 (per placement) RM2 million (per eFD account) -3 months

-6 months

-9 months

-12 months

1 Oct – 31 Dec 2023
Public Bank (PB RCB Special FD/TD-i campaign) RCB Gold

-3.55 (3 months)

-3.65 (6 months)

-3.70 (9 months)

-3.75 (12 months)

RCB Elite

-3.60 (3 months)

-3.70 (6 months)

-3.75 (9 months)

-3.80 (12 months)

RM10,000 RM10 million per product -3 months

-6 months

-9 months

-12 months

1 Oct – 31 Dec 2023
Public Bank (PB Special Fixed Deposit Campaign) -3.50 (3 months)

-3.60 (6 months)

-3.65 (9 months)

-3.70 (12 months)

RM5,000 (per placement) RM10 million (per eFD account) -3 months

-6 months

-9 months

-12 months

1 Oct – 31 Dec 2023
OCBC Bank (FD/FD-i promo) -3.75 (6 months)

-3.80 (9 months)

RM1,000 Subject to your other bank’s online banking withdrawal restriction -6 months

-9 months

1 Oct – 30 Nov 2023
Hong Leong Bank (HLB eFD/eFD-i promo) -3.60 (3 months)

-3.85 (6 months)

-3.85 (12 months)

RM1,000 RM200,000 -3 months

-6 months

-12 months

1 – 31 Oct 2023
Hong Leong Bank (HLB Priority Banking Welcome Proposition FD promo) -4.08 (3 months) RM10,000 RM500,000 -3 months 1 Aug – 31 Oct 2023
HSBC Bank (Premier Time Deposit promo) New-to-bank HSBC Premier Customers

– 4.00 (FD only)

– 7.00 (FD and invest in selected unit trusts / structured investments)

Existing HSBC Premier Customers

– 4.68 (FD and invest in selected unit trusts or structured investments)

New-to-bank HSBC Premier Customers

– RM50,000

– RM100,000

Existing HSBC Premier Customers

– RM50,000

RM200,000 (for 4.00% customers)

N/A (for 7.00% and 4.68% customers)

-6 months 28 Aug – 30 Nov 2023
CIMB Bank (eFD/eFRIA-i campaign) -3.53 (3 months)

-3.80 (6 months)

-3.80 (12 months)

RM1,000 Subject to your other bank’s online banking withdrawal restriction -3 months

-6 months

-12 months

14 Sept – 31 Oct 2023
Bank Simpanan Nasional (Term Deposit-i BSN SSP Platinum) -5.70 (6 months for regular customers)

-5.88 (6 months for special customers)

RM5,000 Subject to your other bank’s online banking withdrawal restriction -6 months 17 Aug – 31 Dec 2023
Bank Islam (MaxCash promotion) -5.90 (12 months) RM10,000 Subject to your other bank’s online banking withdrawal restriction -12 months 24 Mar – 31 Dec 2023
Bank Islam (TDT Extra promotion) -4.25 (OPR + 1.5% p.a.) RM10,000 Subject to your other bank’s online banking withdrawal restriction -12 months 24 Mar – 31 Dec 2023
Alliance Bank (Dash4Cash eFD promotion) -4.20 (12 months) RM1,000 RM100,000 -12 months 1 Oct – 31 Dec 2023
Alliance Bank (Alliance Privilege FD/TD-i promo) -4.10 (6 months) RM1,000 RM300,000 -6 months 1 Oct 2023 – 31 Mar 2024
Alliance Bank (Alliance Personal TD-i promo) -4.10 (6 months) RM1,000 RM100,000 -6 months 1 Oct 2023 – 31 Mar 2024
Alliance Bank (Bancassurance and FD Campaign) -6.50 (RM10,000 bancassurance amount)

-8.50 (RM50,000 bancassurance amount)

-9.50 (RM100,000 bancassurance amount)

RM1,000 Subject to your other bank’s online banking withdrawal restriction -6 months 1 Sept 2023 – 31 March 2024
Bank of China (MYR FD Promotion) -4.05 (12 months)

-4.10 (12 months)

RM20,000

RM150,000

RM149,999.99

RM 1 million

-12 months 29 July – 31 Oct 2023
Maybank (FD Bonanza campaign) -4.10 (3 months) Kawanku & Golden Savers savings accounts

RM10,000

Maybank2u.Premier, Premier 1, and Premier Savings Account

RM55,000

N/A -3 months 1 Sept – 31 Oct 2023
RHB Bank (RHB TD & eTD campaign) TD

-3.85 (6 months for all customers)

-3.95 (6 months for premier customers)

e-TD

–3.85 (6 months for all customers)

TD

– RM5,000

– RM10,000

e-TD

– RM5,000

N/A -6 months 1 – 31 Oct 2023
RHB Bank (FD / Commodity Murabahh Deposit-i (CMD-i)) Premium RM10,000

-7.88 (3 months)

-5.88 (6 months)

Premium RM50,000

-10.88 (3 months)

-6.88 (6 months)

RM10,000 / RM50,000

Based on your selected premium

N/A -3 months

-6 months

1 Oct – 30 Dec 2023

Please contact the appropriate bank to get started if you’re interested in any best fixed deposit incentives listed above. Remember to check this article periodically for the most recent best fixed deposit incentives. Also, tell your friends about it so they may start earning extra money.

 

Roundup of this month’s updates to the best fixed deposit accounts in Malaysia

Monthly Update

Here is a summary of this month’s adjustments to Malaysia’s top best fixed deposit accounts.

  • In general, Islamic FD products continue to provide interest rates greater than those of traditional FD products.
  • MBSB Junior TD-i (3.20% for 6 months) is an option for young savers.
  • Senior savers can use the BSN Term Deposit-i Senior Citizen (3.50% for a 12-month term).
  • The 12-month FD at Bank Simpanan Nasional has an interest rate of 3.50%, while the 1-month FD at India International Bank has an interest rate of 2.70%.

 

Highest interest fixed deposit accounts in Malaysia, arranged by duration

Finding Malaysia’s highest-rate best fixed deposit accounts can be challenging while navigating the world of financial investments. The best fixed deposit 2023 market features alluring offers from different institutions, which stands out:

  • RHB Bank’s FD/CMD-i Campaign
    • The highest interest FD promotion in December.
    • 5.88% to 10.88% with a minimum premium of RM10,000.
  • Maybank’s FD Bonanza Campaign
    • The highest-interest FD promotion for 3-month tenure.
    • 4.10% with a minimum premium of RM10,000.
  • Alliance Bank’s Bancassurance & FD Campaign
    • The highest-interest FD promotion for a 6-month tenure.
    • 6.50% to 9.50% with a minimum bancassurance amount from RM10,000 to RM100,000.
  • HSBC Bank’s Premier Time Deposit Promo
    • The highest-interest FD promotion for new customers.
    • 7.00% p.a. with a minimum premium of RM100,000.
  • Public Bank’s eFD via FPX Campaign
    • The highest-interest FD promotion for a 9-month tenure.
    • 3.70% with a minimum premium of RM5,000.
  • Bank Islam’s MaxCash Promo
    • The highest-interest FD promotion for a 12-month tenure.
    • 5.90% with a minimum premium of RM10,000
  • Alliance Bank’s Dash4Cash eFD Promo
    • The highest-interest FD promotion for a 12-month tenure with a low deposit.
    • 4.20% with a minimum premium of RM1,000.

 

Top 1-month FD rates in Malaysia

Bank Name Product Name Minumum Deposit Interest/Profit Rate Profit on RM10,000 Depositor’s Insurance
India International Bank India International Bank FD RM1,000 2.70% RM22.50 PIDM
Agrobank Agrobank Fixed Return Investment Account-i RM1,000 2.75% RM22.92 Malaysian Government
Bank of China Bank of China FD Account RM1,000 2.90% RM24.17 PIDM
Bank Muamalat Bank Muamalat Fixed Term Account-i RM1,000 2.95% RM24.58 PIDM
Bank Rakyat Bank Rakyat TD Account-i RM500 3.00% RM25.00 Malaysian Government

India International Bank

  • Fees & Charges: There are no fees associated with this product.
  • Who Can Apply: 18 years old of Malaysian, Permanent residents, Foreigners, Associations, Clubs and Societies, Companies, Cooperative and Government.

Agrobank

  • Fees & Charges: RM10 Indemnity Stamp Duty & RM5 Service Charge.
  • Who Can Apply: 18 years old of Malaysian and Foreigners.

Bank of China

  • Fees & Charges: RM10 Indemnity Stamp Duty & RM5 Service Charge.
  • Who Can Apply: 18 years old of Malaysian, Permanent residents and Foreigners.

Bank Muamalat

  • Fees & Charges: RM3 Service Charge.
  • Who Can Apply: 18 years old of Malaysian, Expatriates, Associations, Clubs and Societies, Companies, Cooperative, Government and SMEs.

Bank Rakyat

  • Fees & Charges: RM10 Indemnity Stamp Duty.
  • Who Can Apply: 18 years old of Malaysian, Individuals, Cooperatives that are established and registered in Malaysia, Charities/Club/Association that are established and registered in Malaysia, Private and Government corporate company and Government agencies.

 

Top 3-month FD rates in Malaysia

Bank Name Product Name Minumum Deposit Interest/Profit Rate Profit on RM10,000 Depositor’s Insurance
HSBC Bank HSBC Time Deposit RM1,000 2.70% RM67.50 PIDM
Al-Rajhi Bank Al-Rajhi TD-i RM500 2.75% RM68.75 PIDM
Bank of Nova Scotia Bank of Nova Scotia FD RM1,000 2.95% RM73.75 PIDM
Bank Simpanan National BSN TD RM500 3.05% RM76.25 PIDM
MBSB Bank MBSB TD-i RM500 3.10% RM77.50 PIDM

HSBC Bank

  • Fees & Charges: RM5 Service Charge & RM5 per document.
  • Who Can Apply: 18 years old of Malaysian, Permanent residents and Foreigners.

Al-Rajhi Bank

  • Fees & Charges: RM5 Service Charge.
  • Who Can Apply: 18 years old of Any nationality, Corporation, and Non-profit organization.

Bank of Nova Scotia

  • Fees & Charges: RM5 Service Charge.
  • Who Can Apply: 18 years old of Any nationality, Individuals and SMEs.

Bank Simpanan Nasional

  • Fees & Charges: RM15 Service Charge.
    • Additional Statement Request RM1 per document.
  • Who Can Apply: 50 years old of Malaysians.

MBSB Bank

  • Fees & Charges: RM15 Service Charge.
  • Who Can Apply: 18 years old of Malaysian and Foreigners.

 

Top 6-month FD rates in Malaysia

Bank Name Product Name Minumum Deposit Interest/Profit Rate Profit on RM10,000 Depositor’s Insurance
Affin Bank Affin Bank FD RM500 2.95% RM147.50 PIDM
Bank of China Bank of China FD Account RM1,000 3.05% RM152.50 PIDM
MBSB Bank MBSB Junior TD-i RM500 3.20% RM160.00 PIDM
Bank Rakyat Bank Rakyat TD Account-i RM500 3.25% RM162.50 Malaysian Government
Agrobank Agrobank Fixed Return Investment Account-i RM1,000 3.30% RM165.00 Malaysian Government

Affin Bank

  • Fees & Charges: RM5 per document.
  • Who Can Apply: 18 years old of Malaysian and Permanent residents.

Bank of China

  • Fees & Charges: RM10 Indemnity Stamp Duty & RM5 Service Charge.
  • Who Can Apply: 18 years old of Malaysian, Permanent residents and Foreigners.

MBSB Bank

  • Fees & Charges: RM15 Service Charge.
  • Who Can Apply: 18 years old of Malaysian and Foreigners.

Bank Rakyat

  • Fees & Charges: RM10 Indemnity Stamp Duty.
  • Who Can Apply: 18 years old of Malaysian, Individuals, Cooperatives that are established and registered in Malaysia, Charities/Club/Association that are established and registered in Malaysia, Private and Government corporate company and Government agencies.

Agrobank

  • Fees & Charges: RM10 Indemnity Stamp Duty & RM5 Service Charge.
  • Who Can Apply: 18 years old of Malaysian and Foreigners.

 

Top 9-month FD rates in Malaysia

Bank Name Product Name Minumum Deposit Interest/Profit Rate Profit on RM10,000 Depositor’s Insurance
Alliance Bank Alliance Bank FD RM500 3.05% RM228.75 PIDM
Bank of China Bank of China FD Account RM1,000 3.10% RM232.50 PIDM
Bank Muamalat Bank Muamalat Fixed Term Account-i RM1,000 3.20% RM240.00 PIDM
Bank Rakyat Bank Rakyat TD Account-i RM500 3.30% RM247.50 Malaysian Government
Agrobank Agrobank Fixed Return Investment Account-i RM1,000 3.40% RM255.00 Malaysian Government

Alliance Bank

  • Fees & Charges: RM5 Service Charge.
  • Who Can Apply: 18 years old of Malaysians, Associations, Clubs and Societies, Partnerships, Sole proprietorship, Corporations, Government Bodies, and Trustee.

Bank of China

  • Fees & Charges: RM10 Indemnity Stamp Duty & RM5 Service Charge.
  • Who Can Apply: 18 years old of Malaysian, Permanent residents and Foreigners.

Bank Muamalat

  • Fees & Charges: RM3 Service Charge.
  • Who Can Apply: 18 years old of Malaysian, Expatriates, Associations, Clubs and Societies, Companies, Cooperative, Government and SMEs.

Bank Rakyat

  • Fees & Charges: RM10 Indemnity Stamp Duty.
  • Who Can Apply: 18 years old of Malaysian, Individuals, Cooperatives that are established and registered in Malaysia, Charities/Club/Association that are established and registered in Malaysia, Private and Government corporate company and Government agencies.

Agrobank

  • Fees & Charges: RM10 Indemnity Stamp Duty & RM5 Service Charge.
  • Who Can Apply: 18 years old of Malaysian and Foreigners.

 

Top 12-month FD rates in Malaysia

Bank Name Product Name Minumum Deposit Interest/Profit Rate Profit on RM10,000 Depositor’s Insurance
Bank of Nova Scotia Bank of Nova Scotia FD RM1,000 3.10% RM310.00 PIDM
Bank of China Bank of China FD Account RM1,000 3.15% RM315.00 PIDM
Bank Muamalat Bank Muamalat Fixed Term Account-i RM1,000 3.30% RM330.00 PIDM
Bank Rakyat Bank Rakyat Term Deposit Account-i RM500 3.45% RM345.00 Malaysian Government
Bank Simpanan Nasional BSN Term Deposit-i Senior Citizen RM5,000 3.50% RM350.00 PIDM

Bank of Nova Scotia

  • Fees & Charges: RM5 Service Charge.
  • Who Can Apply: 18 years old of Any nationality, Individuals and SMEs.

Bank of China

  • Fees & Charges: RM10 Indemnity Stamp Duty & RM5 Service Charge.
  • Who Can Apply: 18 years old of Malaysian, Permanent residents and Foreigners.

Bank Muamalat

  • Fees & Charges: RM3 Service Charge.
  • Who Can Apply: 18 years old of Malaysian, Expatriates, Associations, Clubs and Societies, Companies, Cooperative, Government and SMEs.

Bank Rakyat

  • Fees & Charges: RM10 Indemnity Stamp Duty.
  • Who Can Apply: 18 years old of Malaysian, Individuals, Cooperatives that are established and registered in Malaysia, Charities/Club/Association that are established and registered in Malaysia, Private and Government corporate company and Government agencies.

Bank Simpanan Nasional

  • Fees & Charges: RM15 Service Charge.
    • Additional Statement Request RM1 per document.
  • Who Can Apply: 50 years old of Malaysians.

 

Conclusion 

As we come to the end of our exploration into Malaysia’s best fixed deposit promotions for December 2023, it’s evident that our local banks are truly stepping up their game, understanding the unique needs and aspirations of fellow Malaysians.

From enticing interest rates to innovative features, there’s something for everyone, be it the urbanite in bustling KL or the retiree in serene Penang.

As always, while the promotions are tempting, it’s essential for depositors to do their ‘homework’ — consider not just the rates but also the bank’s credibility, customer service, and other perks.

Malaysia’s financial tapestry is rich and dynamic, and as we move forward, staying updated with the latest offers can indeed be the key to making our ringgits work harder for us. Selamat Menabung!

Samantha Lim

Samantha Lim is a knowledgeable finance writer based in Malaysia. With expertise in personal finance, investments, and economic trends, Samantha...

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