Compare Fixed Deposit Rate In Malaysia

In many western countries, FD is also known as term deposit or time deposit. To those who are not sure about Fixed Deposit, it’s a type of an investments account that allows you to invest a lump of money for a fixed time period and at a fixed rate of interest. This type of investment is quite popular because it’s known to be risk-free and has higher interest rates when compared to the regular savings account.

When it comes to saving and managing your cash, the two conventional methods you hear about the most are savings accounts and fixed deposits. While both of these accounts guarantee an assured rate of interest, there are certain requirements you have to fulfill. The minimum amount for a fixed deposits in Malaysia is around RM 5,000. On top of that, you need to lock away your cash for a fixed period to earn the full rate of interest.

Can you share the highest interest rate for 12mths to 36mths pls ? If you have large sums , you can negotiate with your banker for better rates. Similar to a conventional FD, your deposit will be guaranteed and insured by PIDM, while still guaranteed as Halal. Calculating the EIR gives you only 3.73% interest p.a. And profit of RM184.66 when all 6 months are taken into account.

Rest assured as our fund manager, Affin Hwang Asset Management, has never had a negative return in the past 10 years. Not only that, Affin Hwang Enhanced Deposit Fund has been rated 4 out of 5 stars by Morningstar, which is a reputable Investment Research website. When you join Versa, you become part of a group of investors. The money you deposit into Versa goes into a large cash pool contributed by other investors as well. All of this money goes into Affin Hwang Enhanced Deposit Fund .

You’ll still earn the same amount in interest, but you need to deposit more money. For example, Bank B advertises an interest rate of 4.28% p.a. For their 6-month FD, but you have to deposit 50% of your FD amount into a CASA as well. Interest is calculated daily but only paid out at maturity. Considered a safe haven compared to other investment types, a Fixed Deposit is a popular choice for many first-time investors. Click hereto learn more about our COVID-19 financial assistance programmes.

These requirements make fixed deposits less of a viable option, especially during this pandemic when emergency funds are more important than ever. Most fixed deposit accounts in Malaysia are also regulated by Perbadanan Insurans Deposit Malaysia that gives protection for your investment in the unlikely event of member bank failure. So when identifying which fixed deposit account to put your money in, the main points of consideration should be interest rates, minimum deposit amount, and if they are insured by PIDM. A Fixed Deposit account is a financial instrument offered by banks, which allows you to save your money for a fixed period of time to generate higher interest compared to a conventional savings account.

In a typical FD arrangement, you place a sum of money into a bank by cash or cheque, and receive in return a certificate of deposit indicating the deposited amount, the interest and the maturity date. At the specified maturity date, you then return the certificate of deposit to the bank to withdraw your deposited amount plus interest. After the commodity is purchased, the next step is for you to sell it back to the bank at a higher price for profit, credited to you at a deferred basis throughout your placement period. Islamic banking in Malaysia is also covered under the Perbadanan Insuran Deposits Malaysia. This means 50% of the interest you’ve earned will be kept by the bank as an early withdrawal fee, and you’ll only be allowed to earn at a pro-rated rate – that means the EIR for the remaining period. To find out your investment’s true rate of return, you need to take note of the interest rate and your placement period.

This means people with existing loans will end up paying lower monthly repayments, and subsequently, new loans will follow the current rates. Naturally, fixed deposit accounts also lower their interest rates because of this. ​ Early withdrawals for fixed deposit accounts of 1 to 3 months tenure might result in you losing out on all the interest generated on your stored cash.

You’re not looking at the bigger picture – you may be earning more interest, but an FD won’t be able to give you the freedom to withdraw money or make cashless payments, as you will find out soon enough. Banks often reward loyal customers, those with loans or other products with them special FD rates. Let’s go with the same example above, an FD with 3.65% p.a.

Read full FAQ Read full FAQ open to faq online banking page.. For deposit at or over 13 months, interest can be credited every half-yearly if required. Minimum deposit of RM5,000 for one month tenure or RM1,000 for tenure of two months and above.