If the Bank Negara maintains its rate increases, the FD rate will soon exceed 4%.
The fixed deposit interest rate will soon surpass the 4% threshold if the Bank Negara keeps raising interest rates.
In May and July, the Bank Negara increased interest rates twice, and it has indicated that it may do so again in September and November. By the end of this year, the overnight policy rate (OPR) is often predicted to be between 2.50% and 2.75%.
The Bank Negara increased the Overnight Policy Rate (OPR), which will result in higher interest rates on fixed deposits offered by the banks. This is good news for fixed deposit depositors. Fixed deposit depositors are very numerous in my country, based on prior data. The stock market in my country will have a better market value if the money from these fixed deposits flows into it.
In February 2019, Public Bank and Ambank both introduced a 12-month 4.20% p.a. fixed deposit, while Hong Leong Bank offered a 12-month 4.38% p.a. fixed deposit offer. OCBC introduced a 12-month 4.15% p.a. fixed deposit together with an 8-month 4.28% p.a. fixed deposit in April 2019.
On the other hand, Hong Leong Bank now offers the highest fixed deposit offered by the bank, which is 3.30% p.a. for 18 months as of August 15, 2022. A 12-month 3.20% p.a. fixed deposit offer was announced by Ambank.
It is not advised that you choose long-term fixed deposit discounts to store since everyone anticipates that the National Bank will increase interest rates one at a time. Try to select a 3-month or 6-month fixed deposit discount when making your deposit.
