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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 October and November 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: 20 October 2014 -  OCBC 6 Months Express Deal, CIMB Board Rates and HLB Junior FD

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.


NEW article October 2014 - Click here to read my latest article titled GET MORE FREE MONEY WITH THE RIGHT FIXED DEPOSIT PROMOTIONS. This article was written with the intention to benefit those who are new to Fixed Deposit Promotions and for serious FD Fans to earn extra money from discrete FD Promotions.



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 - 3.15%, 3.2%, 3.25% and 3.30% (Revised down 7/10/14) 

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 October and November 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.

AMBANK 3.85% 15 Months FD Promo Extended to 1st week of November 



Alliance Bank - until 31 December 2014.
Minimum Fresh Fund RM10K

Conventional Over The Counter FD and eFD Promotions

6 Months - 3.75%
9 Months - 3.85%
12 Months - 3.9%

For people above 40 years old and minimum Fresh Fund RM30K 

12 Months FD Gold (Minimum Age 40 years young) - 4.00%

For Alliance FD Gold, Interest is paid monthly.


And you guys know I am very generous in sharing info that makes you richer or how to get freebies. So, if you have yet to open an Alliance Bank Privilege Banking Account, I recommend you open one. Besides earning interest monthly from Alliance FD Gold, with Alliance Privilege Banking status, you are entitled to their Premier Debit Card which is a very very good card to own.

Benefits of Alliance Privilege Banking Premier Debit Card are:

You earn 2% cash back for whatever transactions capped at RM180/month. That's up to RM2,160 FREE Money a year!! Click here to read my article The Best Cash Back Cards Combination and start earning your self more cash back.

You can to enter KLIA 2 Plaza Premium Lounge for FREE Makan, Coffee and Beer too (subject to monthly quota). Click here to read my article FREE Entries to KLIA 2 Plaza Premium Lounge. There are 3 Plaza Premium Lounges in KLIA2, one located at Gatewat@KLIA2 which is outside the departure hall (i.e. before Immigration Counters), one at GATE L for Domestic Departure including to Singapore and one at the Satellite Terminal Mezzanine Floor before GATE P and Q for International Departures.



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

Make sure you ask the teller to check latest HLB FD Promos. There have been reports that some HLB branches are still offering the old rates, e.g. 3.85% for 12 months.

HLB 15 Months FD - 4% no stupid CASA thingy (Revised 20/10/14)

HLB 12 Months FD - 3.95% no stupid CASA thingy (Revised again 20/10/14).

HLB 6 Months FD - 3.7% no stupid CASA thingy (Revised on 20/10/14??)



Hong Leong Bank Junior Fixed Deposit Promotion Valid Until 31 December 2014

12 Months - 3.85%
24 Months - 3.95%

For HLB Junior FD, you are required to open a Junior Savings Account which earns competitive interest rates. Your kid (even for those below 12 years old) will also be issued a Debit Card. Click here to my article Parents Children iTunes where I talked about Debit Cards for my kids and what I had to do to activate my children's HLB Junior Debit Card for online transactions.

Another thing to note, for HLB Junior FD, the interest earned is credited monthly into the Junior Savings Account.


Now, the above HLB FD  3.95% for 24 months is not really attractive considering the fact that Standard Chartered Bank and UOB are offering 4% and 4.05% respectively for 12 months. And HLB knows this- therefore we can expect HLB to revise the interest rates up anytime. So, please check with HLB frequently on latest FD rates.

UPDATE 16th October 2014 - Like I mentioned back in 11th October 2014 above, HLB knows that their FD interest rates are not competitive. And effective 16th October 2014, HLB has revised up the Junior FD interest rates as follows:

12 Month - 3.95%
24 Months - 4.15%



MACH by Hong Leong Bank - MACH interest rate for 12 months Term Deposit is now revised up to 3.85% effective until 31 December 2014.




OCBC Bank - Minimum RM10K. Many options to choose from. Promo ends 30 November 2014.

Existing Funds
3 Months 3.3%
12 Months 3.5%

Once again, OCBC is offering 3 different FD Promos for fresh funds.

Option 1 - 3 Months 3.55%. Fresh Fund Required. No need stupid CASA thingy.

Option 2 - 12 Months 3.80% Fresh Fund Required. No need stupid CASA thingy.

Option 3- 24 Months Step Up Deal. First 12 months 3.8% and subsequent 12 months 4.2%.

Option 4 - 3 Month 4.5% But you go to place equal amount in CASA. Read below for more comments. This time OCBC calls it Freedom Deal. Previously it was known as Combo Plan/Deal and Mega Deal.

For Option 4 above where you can earn 4.5%, 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 2.90% 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 4.5% interest rate.
  • Open or top up RM50K into Smart Saver Account and earn minimum 2.90% interest rate with RM50 deposit monthly.
  • Combining the above two deposits, you may earn up to (not necessary) 3.7% effective interest rate.
If you go deposit RM1K into the Smart Savers Savings Account, you shall then earn up to 3.775% 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 August 2014, that means if you were to withdraw the amount in the Smart Saver Account same time as your FD mature in November 2014, you will only earn 0.5% interest rate for the month of November 2014 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).

And if the total amount you are depositing is like RM10K, I would say don't waste your time with OCBC Freedom Deal. 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.

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.

OCBC EXPRESS DEAL - 6 Months, Effective Interest Rate 3.85%


UOB Bank FD Promos - end November 2014.
Minimum Fresh fund RM10K

3 Months - 3.8% NO stupid CASA thingy.
12 Months - 4.05% NO  stupid CASA thingy. 

The rates above are really good. This time UOB has FD Promos which are straight forward without the stupid CASA requirement.

Please check with UOB on latest promo rate as they are known to revised without prior notice. 

Public Bank Fixed Deposit Promo until end December 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.



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

Like I mentioned in my Facebook Page back in September (click here to visit it) - "For FD Fans, finally after more than a year we are getting straight forward pure Fixed Deposit Promo at 4% for 12 months tenure; and, SCB is the first PIDM insured commercial bank to offer it. This is great because other banks will then be pressured to compete for your funds."

Now (2nd week of October 2014), we have more banks offering 4% (or more) for 12 months FD, i.e. Alliance Gold FD and UOB. Therefore, we can expect other banks to offer 4% FD Promos soon in order to compete for your funds.

Current 12 months FD offered by HLB promos (including their Junior FD which they revised on 16 October upwards from 3.85% to 3.95% for 12 months tenure) and OCBC 3.8% 12 Month FD Promo are just not competitive versus Alliance Bank Gold FD 4% where interest is credited monthly and UOB 12 Months FD at 4.05%.

UOB 3 Months FD at 3.8% is also very good. If you are looking for 6 months tenure, then check out OCBC Express Deal which earns you 3.85% effective interest rate.

As for OCBC 3 Months 4.5% Savings Deals where you need to deposit equal amount into CASA (where you earn miserable interest rates or have to put up with the hassle to deposit monthly into the Smart Saver Account), better you go with UOB Straight Forward Pure 3 Months FD Promo which earns you 3.8%.

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 3.85% 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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