Saturday, January 31, 2009

Latest Fixed Deposit (FD) Rate in Malaysia – Which bank should I choose?

A very common question is that which bank I should put my money for fixed deposit in Malaysia. The fact is that for whichever banks that you put your money in the fixed deposit, it is almost the same. Therefore, I would say that the bank that most convenient to you, you should choose that bank to put your money in the fixed deposit.

To get to latest updated fixed deposit (FD) rate in bank, you can either walk-in to the bank directly or you go directly to their official bank website. I don’t put the direct fixed deposit rate links here because they always change the links from time to time (no idea why they do this - *sign*). You can click through their website to get the most updated latest FD rate.

[Updated:31 Jan 2009] 
Summary of fixed deposit rates for each bank for 12 Months FD Rate % :

Local Banks
Affin Bank - 2.50%
Alliance Bank - 3.00%
AmBank - 3.00%
CIMB Bank - 2.60%
EON Bank - 3.00%
Hong Leong Bank - 3.00%
Maybank - 3.00%
Public Bank - 3.00%
RHB Bank - 2.60%

Foreign Bank
CitiBank - 3.00%
HSBC Bank - 3.00%
OCBC Bank - 3.00%
Standard Chartered Bank -3.00%
UOB - 3.00%

[Updated: 03 Feb 2013] Sorry, I don't think the list above is no longer up to date. For latest fixed deposit and especially if you would like to see the trend, you can refer to this link here.

Although most of banks offer almost the same interest rate for fixed deposit, there are few exceptions which are Affin Bank, CIMB Bank and RHB Bank offer less than 3.0%. Apparently these are all local banks. I personally for local bank, I prefer Public Bank and for Foreign Bank, I prefer HSBC Bank. These are the 2 most effective banks in Malaysia in my opinion.

Btw, if your personal inflation rate is higher than 3%, would you still want to put your money in FD? Nope, you don't. For your emergency cash, then probably it is a good idea to put into FD. Stocks or unit trust is probably the thing that we should invest during this bad economy situation.

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Anonymous said... curi my post. haha. I was planning to post this :P never mind, i will modify a bit :D

anyway, i really thinking whether i should put into FD. but i think i will jz put for 6 months since it's my emergency fund. :D

ChampDog said...

Hahaha... Thinking to write about this since I opened up a FD with my parents recently. Surprisingly it drops from 3.7% to 3.0%. Does not expect it drops so fast.

This is what I do, I usually put for 12 months (easy to calculate the investment return) and every month I also put the FD for an entire year so that I can withdraw the money anytime in case of emergency.

footiam said...

Great practical post!

Kris said...

Haha..I also posted up something on FD.

Go to this government link and you can easily compare the FD rates.

ChampDog said...

Thanks for the link, Kris. :)

Horlic said...

For me, I will put aside 6 month expenses in my account (saving account, current account or FD). The fund mean for emergency fund.

I will invest the rest of my money.

ChampDog said...

Horlic, that is very healthy. I bet < 90% of people are doing that. Congratulation!

stock market for beginners said...

Great post. Thank you so much for posting this.

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