2 banks that offer a 4.50%p.a. fixed deposit.
As of December 24, 2022, two banks in the country offer a fixed deposit discount of 4.50% p.a. AmBank and Public Bank are the names of these two banks.
You must deposit 18 months of fixed deposit to enjoy AmBank and Public Bank’s fixed deposit discount of up to 4.50%p.a., and the minimum deposit amount is RM10,000 and RM5,000, respectively.
How much will you get after 18 months if you deposit RM10,000 in a fixed deposit paying 4.50%p.a. The answer is RM675, which equates to approximately RM37.50 per month on average.
RM10,000 X 4.50% = RM450
RM450 X 18/12 = RM675
A fixed deposit offers 4.50% p.a., which is already a very good rate of return for a low-risk and stable investment. With Bank Negara raising interest rates twice in January and March 2023, it is expected that more banks will offer fixed deposit discounts of 4.50% p.a. or higher.
1. AmBank
Date: December 9th – December 31st, 2022
Interest rate: 18 months – 4.50%p.a.
Minimum deposit: RM10,000
condition:
a. It must be deposited through AmOnline, and the BEST18 promo code must be entered when depositing.
b. Must use FPX to transfer money from other banks for deposit.
2. Public Bank
Date: December 19, 2022 – March 31, 2023
Minimum deposit: RM5,000
Interest rate: 18 months – 4.50%p.a.
condition:
a. You can choose to deposit online through the bank counter or PBe.
b. If you want to deposit online, you must transfer money from other banks in the form of FPX.
