Updated | FD Rates of Public Bank and Maybank
As of July 8, both Maybank and Public Bank increased their fixed deposit rates. This is excellent news for fixed depositors!
The information on Maybank’s and Public Bank’s official websites indicates that starting on July 8, 2022, the interest rate on regular time deposits will increase. a 0.25 percent rise each time deposit on average
Only 1.95 percent p.a., or 0.20 percent more than the previous 1.75 percent p.a., is offered on Maybank’s one-month fixed deposit. The 1-month fixed deposit from Public Bank gives a 2 percent annual yield.
Additionally, the rates for the 3-month fixed deposit and the 6-month fixed deposit have been raised from 1.95 percent per year to 2.20 percent per year and 2.05 percent per year to 2.30 percent per year, respectively. Additionally, the 12-month fixed deposit rate was increased to 2.35 percent annually.
The interest on time deposits is typically calculated every month. The number of days is used to compute the interest on time deposits. For instance, if you deposit RM5,000 for three months, you can earn an average of RM9.167 in interest per month. Prior to the rate rise, it was RM8.125, up around RM1.04.
According to reports, Bank Negara will increase interest rates once more this year, which will also increase the interest rate on time deposits.
The most recent fixed deposit rates from Public Bank and Maybank are provided here.
Maybank | Effective from 8th July 2022
Public Bank | Effective from 8th July 2022
