Fixed Deposit Offers of Maybank and Public Bank
From May 13, both Maybank and Public Bank increased their fixed deposit rates. If you’re a fixed depositor, this is amazing news!
The interest rate on ordinary fixed deposits will increase from May 13, 2022, according to information on Maybank and Public Bank’s official websites. The interest rate on a one-month fixed deposit has been raised from 1.50 percent to 1.75 percent per annum.
The 3-month time deposit rate has been increased from 1.70 percent to 1.95 percent, while the 6-month time deposit rate has been increased from 1.80 percent to 2.05 percent. The rate on 12-month fixed deposits has also been increased to 2.10 percent per annum.
The interest on time deposits is usually computed monthly. The number of days is used to compute the interest on time deposits. For example, if you deposit RM5,000 for three months, you will earn an average of RM8.125 every month.
According to reports, Bank Negara will boost interest rates again this year, which will raise the interest rate on time deposits.
The current fixed deposit rates from Maybank and Public Bank are available here.
*effective from 13 May 2022*
