The 5 Best Fixed Deposits in Malaysia
In the world of finance, there’s always going to be so much to learn when it comes to growing your money. If you’re new to investing, you’ve probably just heard about fixed deposits.
Diving head into investing can be scary so it’s normal to dip your toe in first by trying out fixed deposits. Read on to learn everything you need to know about the top banks offering the best fixed deposits in Malaysia!
But first, let’s talk a bit more about
Average Interest Rates of Fixed Deposits in Malaysia
Fixed deposits are types of accounts provided by banks to its clients who want to invest their money safely. The client deposits a specific amount and, as time passes on, the interest they get on their deposits are higher than they would get in a regular savings account.
Generally speaking, the funds are blocked for a specific amount of time with the last day being called the maturity date. On the maturity date, the client will receive both the deposited funds and the interest.
Below are the average interest rates of the mentioned banks per 6 months. Please note that these rates posted here could be subject to change depending on the bank itself.*
| Bank | Interest Rates |
| Public Bank PB Golden 50 PLUS FD Account | 1.9% |
| BSN Term Deposit | 1.85% |
| Bank of Nova Scotia Fixed Deposit | 1.8% |
| Bank of China Fixed Deposit Account | 1.8% |
| RHB Ordinary Fixed Deposit | 1.8% |
*Rates taken from ringgitplus.com
The Best Fixed Deposits in Malaysia
When it comes to choosing the best fixed deposits in Malaysia, it all comes down to the personalized plans they have for each client and the interest rates. Here, we’ve put together a list of the best fixed deposits in Malaysia to help you grow your money without lifting a finger!
1. Public Bank PB Golden 50 PLUS FD Account
| SERVICES | Individual fixed deposit account |
| WEBSITE | https://www.pbebank.com/Personal-Banking.aspx |
| ADDRESS | 20-26, Jalan Hang Lekiu, City Centre, 50050 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia |
| CONTACT DETAILS | +60 3-2078 7077 |
| OPERATING HOURS | Mon-Fri 9:30am-4:00pm |
Public Bank PB Golden 50 PLUS FD Account is a fixed deposit account of Public Bank Berhad which is a well-known financial provider here in Malaysia.
This fixed deposit account is one for those 50 years old and above, as stated in their name. This deserves the top spot with its high-interest rates and benefits.
Some of the benefits include discounts on things like household insurance, golfers insurance, and travellers insurance as well as as much as half off on both the rental and renewal of a safety deposit box for 24 months.
They offer two packages: short term and long term. The short term one is that of up to 12 months only and the long term one is that with a minimum period of 15 months.
All you need to do is have a Savings or Current Account, be at least 50 years of age, and deposit a minimum of RM 1 with them to avail of this fixed deposit account.
Pros
- High-interest rates
- Minimum deposit of only RM 1
Cons
- Minimum age is 50 years old
- Requires a pre existing Public Bank Savings or Current Account
2. BSN Term Deposit-i
| SERVICES | Individual fixed deposit account, joint fixed deposit account, trust accounts |
| WEBSITE | https://www.bsn.com.my/page/personal-banking-index |
| ADDRESS | Ground Floor & First Floor, 117, Jalan Ampang, Kuala Lumpur, 50450 Kuala Lumpur, Malaysia |
| CONTACT DETAILS | +60 1-300-88-1900 |
| OPERATING HOURS | Mon-Fri 9:45am-4:00pm |
BSN Term Deposit-i is a fixed deposit account that promises to help you achieve your financial goals with great profit rates. They offer three types of fixed deposit accounts: individual, joint, and trust accounts.
Their minimum age requirement is 7 years old, which makes them ideal for parents who want to help start their kids off young in the investment world and help them get settled and financially stable in the real world early on.
They have different minimum deposits depending on your monthly tenure and the type of account you have.
Those who will be required to have a minimum deposit of RM 500 are the individuals with a 3-60 month tenure. Those with a minimum deposit of RM 1000 are individuals with a one month tenure and all those with a non-individual account.
Pros
- Kids as young as 7 years old are eligible
- Minimum deposit of RM 500
- No hidden fees or charges
- Open to all nationalities with a permanent Malaysian address
Cons
- Partial withdrawal is not allowed
3. Bank of Nova Scotia Fixed Deposit
| SERVICES | Individual fixed deposit accounts |
| WEBSITE | scotiabank.com.my/ |
| ADDRESS | Level 10, Menara Hap Seng 2, Plaza Hap Seng, No. 1, Jalan P. Ramlee, 50250 Kuala Lumpur, Federal Territory of Kuala Lumpur, Malaysia |
| CONTACT DETAILS | +60 3-2052 3600 |
| OPERATING HOURS | Mon-Fri 9:30am-4:00pm |
The Bank of Nova Scotia Fixed Deposit account is open to everyone ages 18 and above as they seek to help people grow their money in a low risk and easy way.
They have two options when it comes to your fixed deposit account; short term and long term. The short term deposit has a one month tenure and requires a deposit of RM 5,000 while the long term deposit has a 2 month and beyond tenure and this comes with higher interest!
Bank of Nova Scotia gives you the option to either collect all the interest at the end of the tenure or to get the interest at a monthly schedule. This isn’t something a lot of banks do!
This makes it ideal for those who may need some cash here and there but are reminded that this bank doesn’t allow premature withdrawals for fixed deposit accounts.
To create a fixed deposit account here, you don’t need a Savings or Checking Account, all you need is your MyKad and your initial deposit amount.
Pros
- Monthly payout option
- Open to all nationalities
Cons
- Minimum deposit of RM 2,000
- No premature withdrawal
- Termination of account may result in penalty fee or no payout interest
4. Bank of China Fixed Deposit
| SERVICES | Individual fixed deposit accounts |
| WEBSITE | https://www.bankofchina.com.my/ |
| ADDRESS | Ground Mezzanine, Plaza OSK, 25, Jalan Ampang, Hampshire Park, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia |
| CONTACT DETAILS | +60 3-2059 5566 |
| OPERATING HOURS | Mon-Fri 9:30am-4:00pm |
The Bank of China Fixed Deposit account is a deposit account with a fixed term period for all of its deposits. The investment period with your Bank of China Fixed Deposit account can last up to 60 months.
If you choose to have a tenure longer than a year, you may start receiving the interest on a monthly period after the 12 months. However, if you have a term shorter than 12 months, you have to wait until that tenure ends to receive the interest rate.
This prevents clients from premature withdrawal and helps make sure they really make the most out of the fixed deposit account they committed to.
The minimum age requirement for this FD account is 18 years old. The minimum deposit for a one month tenure is RM 5,000 while the minimum deposit for any other tenure past one month is RM1,000.
Pros
- Open to all nationalities
- High-interest rate
Cons
- No premature withdrawal
- Early termination of account could lead to no interest payout
5. RHB Ordinary Fixed Deposit
| SERVICES | Individual fixed deposit accounts, Group fixed deposit accounts |
| WEBSITE | https://www.rhbgroup.com/index.html |
| ADDRESS | Ground Floor, RHB Centre, 426, Jln Tun Razak, Kelab Golf di Raja Selangor, 50400 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia |
| CONTACT DETAILS | +60 3-9281 3030 |
| OPERATING HOURS | Mon-Fri 9:15am-4:15am |
The RHB Ordinary Fixed Deposit account is an FD account that’s much more suited for long-term tenures for various reasons and, with those reasons, come great benefits!
You see, unlike most in this list, this FD account requires you to have a preexisting account with RHB but this works well for long-term usage because your FD account can double as an overdraft facility for you.
Another benefit is that you can manage everything online in a secure server so you can check your funds, deposit into them, and withdraw from them no matter where you are. They also offer FD accounts for individuals, companies, associations, clubs, etc!
This bank requires a low minimum deposit fee of RM500 for a tenure of 2 months and above and a minimum of RM5,000 for a tenure of one month. Their term periods last from 1 to 60 months.
Unlike most of the accounts on this list, they allow premature withdrawal however you won’t receive any of the interest on the withdrawn amount regardless of whether or not you’ve completed a couple months of tenure.
Pros
- Open to all (individuals, companies, associations, etc)
- Minimum deposit of RM500
- Online accessibility
- Allows premature withdrawal
Cons
- Requires a preexisting account with RHB
FAQs about Fixed Deposits
With all this new information, it’s important to still take some time and do more of your own research on each of these banks and fixed deposits themselves to know whether or not they’re right for you.
Please reach out to us and let us know if you have any questions or fixed deposit account experiences you’d like to share with us. It’d be our pleasure to hear from you!
Now, when you’re finally ready to jump into some of the more risky investment deals, be sure to check out our article on the best investments in Malaysia to get you ready.