Protected by PIDM up to RM250,000 for each depositor. Maybank: Earn up to 1.0% p.a. The withdrawal amount shall be in multiples of Ringgit Malaysia One Thousand (RM1,000). A Fixed Deposit account is not the same as a saving account. With the account allowing for individuals as young as 12 years old, the variable tenures allow parents to set the FD maturity date for milestones in their children’s life. Deposits, financing and more. for 24-mth Singapore Dollar Time Deposits (as of 2 Oct 2020) **BEST for funds up to $49999** UOB: Earn up to 0.50% p.a. If you’re new to investing in Malaysia, one of the best ways to begin your investment is through Fixed Deposits. The tables show the latest and highest Fixed Deposit rate offered by different banks in Malaysia as of July 2020. To attract new and returning customers, many banks organize Fixed Deposit promotions annually. In this article, we will be sharing all you must know about Fixed Deposits, followed by the latest Fixed Deposit Rate in Malaysia. The next best thing is a fixed deposit (FD). Base Rate. It also offers an attractive 3.90% interest rate per annum for a tenure of 12 months. Tenure Length. Fixed deposit is a type of account that lets you take out your money after a fixed period of time and generally gives higher yields than an ordinary savings account. In Malaysia fixed interest savings products issued by most banks are most commonly called fixed deposit accounts. This provides a Shariah-compliant alternative for Muslims. You can prepare your initial deposit in the forms of cash or cheque. Customers can opt to withdraw their savings (in amounts of RM1,000); although there is a minimum balance of RM30,000 required to maintain the account. Refer to the previous section for interest rates. Before you head to the nearest bank, consider the following factor: You will need at least RM1,000 as the initial deposit for your Fixed Deposit account. Say he decides to deposit RM5,000 into a fixed deposit account for 1 month at a rate of 3% interest p.a. Tabulated below are the latest and best Fixed Deposit promotions offered by different banks as of July 2020. Since fixed deposit accounts are popular choices, banks in Malaysia offer competitive advantages and rates for their who are willing to sign up for fixed deposit accounts with them. The BSN Term Deposit-i is also available. You will only require two things to open a Fixed Deposit account, namely the initial deposit and your identity card (MyKad). The BSN Senior Citizen term deposit can also be used as collateral for select financial products from the bank. If you lost your certificate, contact the bank as soon as possible. There are various bank announced bank fixed deposit rates for January 2020. Eligible Customer(s) must open a CIMB eFixed Deposit (eFD) at CIMB Clicks with a minimum single deposit placement of Ringgit Malaysia Five Thousand (RM5,000.00) for the tenure of 3 Months, 6 Months or 12 Months during the Campaign period. We hope you find this article helpful. This can potentially benefit those who are not looking to tie up their funds for four to five years, and would instead be looking at a shorter savings period. Similarly, you can browse include iMoney, RinggitPlus, Loanstreet, and CompareHero to compare the rates of different banks. The total interest that you will receive if you place S$20,000 for 12 months is S$320.00. 1.90. unit trust, securities trading account). A Fixed Deposit account enables you to keep your money for a fixed period of time and generate interests. Besides, you can compare the fixed deposit rate between banks by visiting their branches or browsing their websites. The low minimum deposit helps with less affluent families aspiring to send their children off to study at local universities. RM 1,000 to RM 5,000 *RM 5,000 (for 1 month) Enjoy fixed and competitive deposit rates from 1.40% - 2.70% p.a. Rates & Charges Deposit Interest Rates RM30,000 per fixed deposit receipt: RM10,000 per fixed deposit receipt: Interest Rate: 0.1% p.a. CIMB. 4 Nov to 31 Dec 2020. iMoney.my is a leading financial comparison website and a trusted personal finance authority to help you make the most out of your money. This is because the investment method has loyalty rewards, high returns, and essay managements. 2.55%. Here we are talking about from 4.70% to a minimum of 8% p/a. The Latest Fixed Deposit Rates in Malaysia (2020) The Fixed Deposit programs in Malaysia usually last for either a month, three months, six months, nine months, or a year. ... Rates. Flexible withdrawals may be of benefit for those who may need emergency funds to cover unforeseen medical bills or expenses during retirement. Hong Leong Bank. If you would like to open a joint Fixed Deposit account, you will need to provide the identity cards of all account members. Campaign Rates are applicable for one cycle only. Alliance Bank. 2.10. VOUCHER (4 days ago) 1. The highest rate is 4.70% p/a. Please contact the … The Best Fixed Deposits In Malaysia For 2020, the best fixed deposits in Malaysia for 2020, How To Shop On Taobao Directly (If You Can’t Read Chinese), Everything You Need To Know About Your Credit Score, Best Travel Credit Cards For Frequent Flyers. FD Rates: The rate of interest for a specific tenure is of primary importance for depositors. 1. Promo: Online Fixed Deposit Promotion Interest Rate: 1.90% p.a. In the event that your bank fails, PIDM protects you against the loss of your deposits, but only for up to RM250,000 per depositor per bank. 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