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FIXED DEPOSIT

Latest and The Best Fixed Deposit / Time Deposit Interest Rates Promotion Offered by Malaysia Major Commercial and Foreign Banks July and August 2014. 
Presented by GenX GenY GenZ


Those of you who visit here often is well aware that previously google deleted my other main blog "www.genxgenygenz.blogspot" (click here to read about it) and to my surprise it is back online BUT IT DOES NOT BELONGS TO ME!!! So there is nothing preventing google deleting this blog www.generationsxyz.blogspot.com too. So my advise to you is to also go bookmark my facebook account www.facebook.com/GenXGenYGenZ (and Like it too so you'll be notified of new postings) for latest updates by yours truly.

Last Update: 23 July 2014 Updated Latest Board Rates for Affin Bank, Alliance Bank, AmBank, CIMB, Citibank, Maybank, HLB . MACH by HLB, Public Bank UOB. Added RHB 15 Months Step Up FD Promo.

Note - Call UOB and OCBC for latest FD Promo - offering 3.9% for 13 and 12 months respectively. 

Since FD rates do fluctuate and banks having promotions frequently nowadays, I thought no point of starting a new blog just for FD since past history rates are immaterial to most of us. Therefore, instead I will post the latest and current Fixed or Time Deposit rates offered by Malaysia banks and the best fixed deposit interest rate promotion in Malaysia here in this PAGE called FIXED DEPOSIT.

Since I update this PAGE frequently and comment on the Terms and Conditions for FD promotions, I recommend you bookmark this PAGE and visit this blog constantly for the most comprehensive latest and current fixed / time deposit promotions in Malaysia.

Malaysia Major Commercial Banks and Foreign Banks Fixed Deposit / Time Deposit Rates as of July 2014.
Bank - FD rates for 1 month, 3 months, 6 months and 12 months. Click on the bank listed below to go to the bank's relevant site on rates. 

Affin Bank -  3.25%, 3.3%, 3.40% and 3.7% (Revised 18/7/14)

Alliance Bank - 3.15%, 3.2%, 3.25% and 3.3% (Revised 21/7/14). FD Gold 12 months 3.40% (Interest paid monthly).

AmBank - 3.15, 3.2%, 3.25% and 3.35% (Revised 18/7/14)

Citibank - 2.95%, 3.10%, 3.10% and 3.20%  (Revised 17/7/14)

CIMB Bank - 3.25%, 3.30%, 3.35% and 3.40% (Revised 16/7/14) 

Hong Leong Bank - 3.05%, 3.1%, 3.2% and 3.30% (Revised 16/7/14)

HSBC Bank - 2.90%, 3.10%, 3.15% and 3.25% (Revised 16/7/14)

Maybank - 3.15%, 3.20%, 3.25% and 3.30% (Revised 16/7/14)

OCBC Bank - 2.90%, 3.00%, 3.05% and 3.25% (Revised July 14)

RHB Bank - 3.15%, 3.20%, 3.25% and 3.45% (Revised 18/7/14)

Public Bank - 3.15%, 3.20%, 3.30% and 3.35%. PB Golden 50 Plus 12 months 3.45% (Revised 16/7/14)

Standard Chartered Bank - 2.95%, 3.10%, 3.15% and 3.25% (Revised 23/7/14)

UOB Bank - 3.05%, 3.10%, 3.10% and 3.30% (Revised 18/7/14)

The highest over the counter FD rate for 12 months is by Affin Bank at 3.7%.


The Best Fixed / Time Deposit Promotions July, August and September 2014
GenX GenY GenZ: http://generationsxyz.blogspot.com

Please call the nearest bank to reconfirm the rates (go to the bank website for bank contact number where you can also get the contact number of the branch nearest to you or you can click here to refer to some Customer Service numbers I posted for credit cards) before going to the bank to check if promotions are still valid.


Alliance Bank - 3.45% 6 Months FD Promo until 31 July 2014.

Minimum Fresh Fund RM20K.

AmBank Top Rate 3.75% for 15 Months Fixed Deposit Promo. Valid until 31 July 2014. 

Minimum Fresh Funds RM100K for individual customers and RM150K for non-individual customers.

Hong Leong Bank - FD Promo and Stand A Chance to Win a Home. Promo valid until 30 October 2014.

Last month Hong Leong Bank was offering Step Up FD Promo without the stupid CASA requirement. But the stupid CASA requirement is back for their latest FD promo which starts from 1st July 2014 and runs until 30th October 2014. However, you may win a terrace house in Rawang.

HLB 15 Months FD - 4% with 10% into CASA Earmarked for 6 Months Only.

HLB 12 Months FD - 3.85% with 10% into CASA Earmarked for 6 Months too.


MACH by Hong Leong Bank - Effective 16 July 2014, in line with BNM increasing OPR, Mach by HLB revised their boards rates up and for 12 months Fixed Deposit the interest is 3.6%.


HLB ISLAMIC JUNIOR TERM DEPOSIT i - 6 and 12 Months Promo up to 3.65% Valid until 31 July 2014.
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Previously I have mentioned that HLB Junior FD is great because the interest from the FD are credited monthly into a Junior Savings Account that also pays interest (near to 1 month's board rate) monthly. And I am pleased to inform you that this is also the case for HLB Islamic Junior Term Deposit i.


OCBC Bank - Minimum RM10K. Many options to choose from. Promo ends 31st July 2014.

This time OCBC is offering 3 different FD Promos for fresh funds.

Option 1 (REVISED June 2014) - 18 Months Tenure. First 12 months 3.6% and remaining 6 months 4%. This option looks pretty good for those who do not need to utilize their funds for the next 18 months.

Option 2 - 12 Months 3.65% Islamic Banking "FD". No need to worry about stupid CASA thingy.

Option 3 - 3 Month 4.3% But you go to place equal amount in CASA. Read below for more comments.

Existing Funds - No need stupid CASA thingy. 

3 Months - 3.2%
12 Months 3.4%

For Option 3 above where you can earn 4.35%, you are advised to read my comments below if you are new to OCBC Bank FD Promos.

Condition for the Promo: At least half the placement of the FD amount is to be earmarked in a CASA account for 3 months.

So the most important thing relating to this promo is to deposit the above said amount in a savings account that pays you interest. And here is where OCBC Smart Saver Account will benefit you and optimize the returns from your deposit. See Smart Saver interest rates below:

The thing with OCBC Combo Plan is that you must do some work, i.e. go deposit at least RM50 in to the Smart Saver Plan every month so that you earn 2.75% interest rate for the money sitting in the Smart Saver Account. And the timing you deposit is crucial.

Say you have RM100K to deposit.
  • Deposit RM50K into 3 months FD Promo at 4.3% interest rate.
  • Open or top up RM50K into Smart Saver Account and earn minimum 2.75% interest rate with RM50 deposit monthly.
  • Combining the above two deposits, you may earn up to (not necessary) 3.525% effective interest rate.
If you go deposit RM1K into the Smart Savers Savings Account, you shall then earn up to 3.6% effective interest rate (and once again not necessary).

However, please note I mentioned UP TO. For the OCBC Savings Deal Promo, timing is crucial. If you deposit in, say mid of December 2013, that means if you were to withdraw the amount in the Smart Saver Account same time as your FD mature in March 2014, you will only earn 0.5% interest rate for the month of March 2013 for the amount sitting in the Smart Saver Account; as such, the effective interest rate for your initial deposit will drop like hell. So the best time to go for this promo is early of the month (1st day of the month or last day of the month if the maturity date falls on a Saturday, Sunday or Public Holiday).

For example you go deposit with OCBC Mega Savers end of 31st December and your FD matures on 31st March. If you withdraw the fund in the Smart Savers account on 31st March 2013, i.e. same day as your FD matures, you will be only earning 0.5% interest for the fund sitting in the Smart Savers for the entire month of March. Thus your effective rate will reduce to less than 3.5%.

And if the total amount you are depositing is like RM10K, I would say don't waste your time with OCBC Combo Promo. Because there are cost involve when you go deposit the RM50 into the Smart Saver Account and/or if you are unable/not willing to withdraw the money the same day as your FD matures.

For those of you having Premier Banking with OCBC, the Premier Savings Account earn you 3% interest rate which is almost equivalent to OCBC FD board rate of 12 months. Unlike the Smart Savers Account, there is no monthly deposit requirement for the Premier Savings Account to enjoy this 3% interest rate and most importantly, you won't be penalized if you make any withdrawal versus Smart Savers where the interest will drop to 0.5%. The Premier Savings Account also entitles you to qualify for the OCBC Savings Deal. So at 3% and combined with the 4.3% 3 months FD Promo, the effective rate comes out to be approximately 3.65%.

To learn more about what Savings Account is the best for children, adult, parents and grandpa too, click here to my article The Best Savings Account in Malaysia.


UOB Bank FD Promos - Ends 30th August 2014.

6 Months - 3.65% NO stupid CASA thingy.
13 Months - 3.85% NO  stupid CASA thingy. Please check with UOB on latest promo rate. 

The rates above are really good. This time UOB FD Promo is straight forward without the stupid CASA requirement.

Public Bank Term Deposit i Step Up Promo for 9 months. Promo rates revised on 1st July and valid until 30th September 2014.

Usually, I am not bothered with Public Bank Step Up FD promos as the effective rate works out to be lower than Affin Bank's board rate once you take into consideration x amount required to be deposited into CASA. But this time they are offering straight forward Step Up FD promo without the stupid CASA thingy.




Maybank Step Up 6 Months FD Promo until 10th July 2014.

Minimum Fresh fund RM10K.


RHB Bank - 15 Months Step Up Fixed Deposit Promo  Valid Until 31 August 2014


RHB Bank states that the effective rate is 4.10% in their website but actually it would be slightly lower as we have to take into consideration that an equivalent 5% in to be deposited into a Savings Account or Current Account earmarked for 3 months (i.e. you cannot withdraw for 3 months).

NON COMMERCIAL BANKS "SIMILAR TO FD" ACCOUNTS 

However, for those of you who are not into Fixed Deposit Promotions and or don't have the time keeping track of what is out there, check out Bank Rakyat's Deposit Account i "interest rates" which are very good and most time better than FD Promos!!! In December 2013, Bank Rakyat revised their Profit Rate for Deposit i, for the 12 months tenure, it is now below 3.9%. However, it has been reported that Bank Rakyat's dividend rate can be lowered than that stated in their website. So call their nearest branch to you for their latest dividend rate. And please note that your deposits with Bank Raykat are not eligible for PIDM.

To note, Bank Rakyat's website states that for deposits more than RM5K, you may be entitled to monthly dividend, so check with them on this. Also please note, many members at LYN reported that the monthly dividend was not be credited into their accounts automatically; but they had to call Bank Rakyat staff and remind them to credit the "profit" every month!!!



SUMMARY
GenX GenY GenZ: http://generationsxyz.blogspot.com

I noted that Public Bank and Ambank FD/Term Deposit new promos in June do not require us to deposit x amount into CASA. And United Overseas Bank latest straight forward FD Promo interest rates beginning July 2014 are really good. Too bad HLB latest FD once again has the stupid CASA thingy. I hope all the banks will do away with the stupid condition requiring us to deposit  x% into CASA. 

For those who don't have the time to chase after FD Promos, you can always go with Affin Bank rate 3.7% interest rate for 12 months. For those into online Banking, MACH by HLB 3.6% for 12 months is pretty good too.

For those of you new to fixed deposit, sometimes the banks will offer step up interest rates AND also may impose the stupid condition where we need to deposit x% into CASA. And the banks will mislead you by stating the effective interest rate for the FD step up portion only and ignoring the amount required to be deposited into CASA when they calculate the effective interest rate. Always go calculate the effective interest rate yourself (and if you do not know how to do it, better you don't go for FD Promos) and most probably you will find that these step up FD promotions are wasting our time as it works out to be lower than Affin Bank's board rates.

And I guess below info on Banker's Cheque Fee purely for FD Upliftment/Withdrawal (Do not combine with other accounts, i.e. Savings Account) may be beneficial to some of you:

Affin - FREE
Alliance - FREE
AmBank - RM2.15
Bank Rakyat - FREE
CIMB - FREE
Citibank - RM0.15
HLB - RM5.15 (PB Customers RM0.15)
HSBC - RM5 same day or RM2 next day (no RM0.15 Stamp Duty??)
Maybank - RM5 or RM5.15?
MBSB - FREE
OCBC - FREE
PBB - RM2.15
RHB - RM5.15
SCB - RM2.15
UOB - RM0.15 (Penang only?) or RM2.15 (in Klang Valley???)

And if you want to know the quickest way get Fresh Fund to be eligible for Fixed Deposit Promotion without even leaving the bank where you are withdrawing your matured FD; click here to my article titled A Little Bit Of This and A Little Bit of That - Vol1. Chapter IV. In this article I will show you how to be eligible for FD Promo with fresh fund if you have a Current Account with Over Draft Facility (to be on the safe side). And the transfer fee may cost less than what your bank impose for a Banker's Cheque.



OTHER RELATED TOPICS TO EARN YOU MORE BENEFITS or maybe not:

And if you have Alliance Bank Privilege Banking or UOB Privilege Banking or Maybank Private Banking status, click here and read about their Visa Infinite credit cards which are among the best credit cards for overseas transactions.
Click here to read my article Spending Children Future Inheritance so that you are brainwashed to gather as much fond memories for your old age and you not needing to try and dig yourself out of the grave to stop your children happiness.
To read my article - The Best Savings Account in Malaysia for Children, Parents, Adult and Grandparents too - click here to Malaysia Best Savings Accounts.
Want to know more about Foreign Currency Time Deposit and Australia Banks Interest Rates for Terms and Savings Account - click here to read my article titled Australia Education, Term Deposit, Savings Account and Credit Card Interest Rates. Kids can get up to 10% p.a. interest rate for their Savings Account!!! [Updated with link for tax info].

Click here to read my article titled Wealth Health Prosperity. There is nothing more important that  ever lasting happy memories and good health.


Click here to read my article titled Privilege Premier Priority if you have interest in wanting a Priority or Premier or Privilege Banking account with Alliance Bank, Citibank, Hong Leong Bank, RHB Bank or UOB Bank. As for OCBC Premier Banking, there is not much benefits in terms of credit cards and no difference if you have Premier Status or not.

In my other blog called My Credit Cards, I have an article titled Earn Pocket Money with Credit Cards where I showed how one can earn some pocket money by utilizing banks' offers of 0% Balance Transfer or 0% Installment Plan with Fixed Deposit or Time Deposit, that is if you have the money in hand prior to your transactions.

Click here to see comparison of credit cards issued with Premier, Privilege and Priority Banking and their benefits.

Click here to see Year of The dragon Chinese New Year Red Packets. Ang Pow photos include those from RHB Premier Banking, OCBC Premier Banking, StanChart Priority Banking and Golden Dragons from Citibank, Hong Leong Bank Priority Banking and Maybank Private Banking.

To learn about withdrawing cash overseas with your Banks' ATM cards or Debit Cards linked to your Savings Account, click here to my article China Mission Armed with Debit Cards for Cash Withdrawals. And if you want a card in China where you can have access to your cash, check out BoC UnionPay Prepaid Card or ICBC Debit Card which is linked to you local ICBC branch savings account.


10 comments:

  1. Thanks so much...Any Idea for FCA (Foreign currency Account) Fixed Deposit?

    ReplyDelete
  2. jason, sorry got no clues on FCA.

    ReplyDelete
  3. hi GenX, very useful information.

    ReplyDelete
  4. Thanks KL. Just as a reminder, please sign up as follower to comment. Noted you Like it :)

    ReplyDelete
  5. Hi Genx, thank you for your time for these useful information.Could u also provide which banks with the convenience of internet banking?

    ReplyDelete
    Replies
    1. Fung, most if not all commercial banks now offer internet banking. But if you asking about FD offers for internet banking, check out frequently AmBank, Maybank and MACH by HLB. Most FD promos you have to perform the transaction over the counter.

      Delete
  6. Hello Genx,

    I am Deaf blogger like to thank for your information which is very useful! I planned to put RM 10K in FD, and won't withdraw it until 2016/2017. Which is one best FD bank you suggest for me?

    I think want to put Affin Bank for 3.6% (12 months) only, no need to make new saving account.

    Please advise me :)
    Selina Wing,
    http://www.selinawing.com
    http://www.deafboleh.blogspot.com

    ReplyDelete
    Replies
    1. Hi Selina, firstly I am allowing you to advertise your website and blog even tho you did not sign up as my follower. I still reserve the rights to delete your comment.

      Yeah, for convenient sake, just go with Affin Bank if there is one nearby.

      Say if HLB is nearest to you, they are offering 3.5% for 12 months (Islamic FD). So with RM10K, that's a difference of RM10/year only.

      However, if you were to go with Bank Rakyat where they are offering 4.25% for 3 years, you'll be earning extra RM65/year or less than RM5.50 a month. So if Bank Rakyat is like really convenient, you can also go deposit there.

      Delete
  7. Dear GenX,

    I love all your articles especially credit card, saving account, fixed deposit account. It helps me, make my finance lil bit better.
    Thank you!

    A quick question, I have RM20k to park, should I put into FD or insurance-investment? Which one has higher outpay?

    Desperately digging extra bit money to get foods and a roof to survive.. and enjoy life : )

    Thanks in advance to sifu.

    ReplyDelete
    Replies
    1. Dear aik, sorry for the late reply as I was overseas as mentioned in my last article dated 31 October 2013.

      As to your question insurance-investment or FD has higher returns, I can't answer because FD rate fluctuates with time. Moreover, they are completely different products. One thing about FD is you can withdraw anytime you want whereas insurance-investments your funds may be stuck until maturity, And there are like a million different insurance investment schemes out here but FD is FD. Seriously, I am in no position to advise you on how to invest your money; but, if you need someone to teach you how to spend money faster and going broke, I am an expect in burning money, hahaha.

      Delete

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