Fixed deposits are a favorite way for Malaysians to save money. The benefits of time deposits are stability and low risk, and the attractive interest rates offered by time deposits in recent years have made them a popular choice among Malaysians.
Banks may adjust the preferential interest rates for time deposits from time to time, so let’s take a look at the preferential interest rates for fixed deposits as of October 1, 2023.
1. Hong Leong Bank
Date: October 1, 2023 – 19/31/2023
Interest Rate:
3 months – 3.60% p.a.
6 months – 3.85% p.a.
12 months – 3.85% p.a.
Minimum Deposit: RM1,000
Conditions: Must be deposited via HLB Connect Online and must be deposited by transfer from another bank using FPX.
2. CIMB
Date: September 14 – October 31, 2023
Minimum Deposit: RM1,000
Interest Rate:
3 months – 3.53%p.a.
6 months – 3.80%p.a.
12 months – 3.80%p.a.
Terms and Conditions: Deposit via CIMB Clicks webpage, need to click on the link of CIMB Promotions webpage to deposit.
3. Public Bank
A. eFD
Date: October 1 – December 31, 2023
Interest Rate:
3 months – 3.55%p.a.
6 months – 3.65%p.a.
9 months – 3.70%p.a.
12 months – 3.75%p.a.
Minimum Deposit: RM5,000
Details: Deposits are required to be made with PBe Online Banking and must be transferred from another bank by way of FPX.
B. Term Deposit
Date: October 1, 2023 – December 31, 2023
Interest Rate:
3 months – 3.50%p.a.
6 months – 3.60%p.a.
9 months – 3.65%p.a.
12 months – 3.70%p.a.
Minimum Deposit: RM5,000
Terms and Conditions: Fresh Fund only.
C. Islamic Term Deposit
Date: October 1, 2023 – December 31, 2023
Minimum Deposit: RM5,000
Interest Rate:
3 months – 3.50%p.a.
6 months – 3.60%p.a.
7 months – 3.65%p.a.
12 months – 3.70%p.a.
13 months – 3.60%p.a.
15 months – 3.60%p.a.
18 months – 3.50%p.a.
24 months – 3.50%p.a.
Conditions: Deposits can be made online or through bank counters. 7-month and 13-month time deposits can only be made through bank counters.
4. RHB
Date: October 1, 2023 – October 31, 2023
Minimum Deposit: RM5,000
Interest Rate:
6 months – 3.85%p.a.
Terms and conditions: can be deposited directly from RHB account or transferred from other banks using FPX.
5. OCBC
Date: October 1, 2023 – November 30, 2023
Minimum Deposit: RM1,000
Interest Rate:
6 months – 3.75%p.a.
9 months – 3.80%p.a.
Terms and Conditions: Fresh Funds only.
6. Bank of China Malaysia
Date: July 28 – October 31, 2023
Minimum Deposit: RM20,000
Interest Rate:
12 months – 4.05%p.a. (Deposit amount RM20,000 – RM150,000)
12 months – 4.10%p.a. (Deposit amount RM150,000 – RM1,000,000)
Terms and Conditions: Must be deposited through the bank counter.
7. Maybank
Date: September 1 – October 31, 2023
Minimum Deposit: RM10,000
Interest Rate:
3 months – 4.10%p.a.
Effective Interest Rate: 3.73%p.a.
Terms and Conditions: money must be deposited into a Fixed Deposit and Savings Account at a ratio of 90% to 10%, hence the final effective interest rate is approximately 3.73%p.a.
8. BSN
Date: August 17 – December 31, 2023
Interest rate:
5.70%p.a. (new subscribers)
5.88%p.a. (old users)
Effective interest rate:
3.99%p.a. (new users)
4.12%p.a. (Old User)
Minimum Deposit: RM5,000
Terms and Conditions: Required to split the funds into 2 parts. 70% of the funds will be deposited into Fixed Deposit and 30% will be deposited into BSN SSP Platinum. Fixed Deposit will be entitled to 5.70%p.a. (for new subscribers) and 5.88%p.a. (for old subscribers), however, after deduction of 30% of the BSN SSP Platinum, the effective interest rate is only 3.99%p.a. and 4.12%p.a.. Deposits need to be made through bank counters.
9. Bank Islam
Date: March 24 – December 31, 2023
Minimum deposit: RM10,000
Interest Rate:
12 months – 5.90%p.a.
Effective Interest Rate: 4.145%p.a.
Terms and Conditions: Funds must be divided into 2 parts, 70% into a Fixed Deposit Account and 30% into a Savings Account. Funds deposited into the Fixed Deposit will enjoy a return of 5.90%p.a.. The final effective interest rate is 4.145% p.a.
10 . Bank of China (Malaysia)
Date: August 1, 2023 – December 31, 2023
Minimum Deposit: RM10,000
Interest Rate:
1 month – 4.48%p.a.
3 months – 4.68%p.a.
Effective Interest Rate:
1 month – 3.63%p.a.
3 months – 3.79%p.a.
Terms and conditions: Funds should be split into 2 parts, 80% into a fixed deposit account and 20% into a savings account.
