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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 April and May 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: 15 April 2014 Updated for AmBank, UOB, Bank Rakyat and SCB.

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 June 2013.
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 -  3.05%, 3.1%, 3.25% and 3.6% 

Alliance Bank - 3%, 3%, 3.1% and 3.2%. FD Gold 12 months 3.25% (Interest paid monthly).

AmBank - 2.95, 3%, 3.10% and 3.15% (REVISED DOWN). Am50Plus 12 mths 3.25% (Interest paid monthly, FREE PA).

Citibank - 2.8%, 2.9%, 2.9% and 3.05%  

CIMB Bank - 3%, 3.05%, 3.1% and 3.15%

Hong Leong Bank - 2.9%, 2.95%, 2.95% and 3.1%

HSBC Bank - 2.75%, 3%, 3% and 3.15%

Maybank - 3%, 3.05%, 3.1% and 3.15%

OCBC Bank - 2.75%, 2.85%, 2.9% and 3.05% 

RHB Bank - 3%, 3.05%, 3.1% and 3.2%. (Revised down January 2012).

Public Bank - 3%, 3.05%, 3.1% and 3.15%. PB Golden 50 Plus 12 months 3.25%.

Standard Chartered Bank - 2.9%, 2.95%, 2.95% and 3.10% (Revised down January 2012 and May 2012)

UOB Bank - 2.9%, 2.95%, 2.95% and 3.10% (Revised down on 15 December 2011)

The highest over the counter FD rate for 12 months is by Affin Bank at 3.6%.


The Best Fixed / Time Deposit Promotions April  and May 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 

Alliance Bank FD 3.45% FD Promo ended last month.

However, you may want to consider signing up with Alliance Bank and get their Debit Card were you can earn up to 2% cash back from your transactions. To learn more about Alliance Cash Back Debit Cards, click here to my article title The Best Cash Back Cards Combination 2014, and start earning more CASH back.

And for those of you who are 40 years old and not interested in chasing after FD Promo and want monthly interest paid to your Savings Account, check out Alliance FD Gold 12 Months Tenure @ 3.25%.

Affin Bank FD Promo Up to 4.18% and Horse Figurine Contest - Ends 30 April 2014

Well, the 4.18% interest rate is only applicable if you deposit RM100K into CASA. Now, look at the table below for Affin Bank Savings Account interest rates, for deposit of above RM20,000, you do earn pretty good interest rate for a savings account at 2.8%.

If you do deposit RM100K into CASA. this will allow you to deposit RM300K to qualify for the 4.18% 3 years FD promo. Now, the amount deposited into CASA is to be earmarked for 3 years too!!! So, what we want to know is what is the effective interest rate for total deposit of RM400K right? I did a quick check and it came out to be approximately 3.77%. Three freaking years getting slightly higher than the 3.6% 12 months board rate? You better pray and hope the horse rides into your hand, hahaha.

What if you have RM20K to deposit? Well, if you want the thrill of possibly winning a horse figure, then this promo gives you a ticket for it. But if you are only interested in effective interest rate, I guess going with Affin Bank's 12 Months FD Board Rate at 3.6% will earn you more. This is because Affin's savings account interest rates are tiered. I.e. with total deposit of RM20K, you are not going to earn 2.8% interest rate from the savings account.

AmBank Special Bundle Fixed Deposit Promo. Valid until 31 May 2014. 

AmBank is offering another bundled Fixed Deposit Promo that runs until 31 May 2014. Unlike other banks' FD Promos where you need to deposit x% into CASA, AmBank FD Promo requires you to place 50:50 basis into a 6 months and 18 months FD where the interest rates are 3.38% and 3.7% respectively. Seriously, if you are going for 18 months FD tenure, check out OCBC 18 Months FD promo below.

Minimum Fresh Funds RM20K for new customers and RM10K for existing customers.



Hong Leong Bank 

Hong Leong Bank is offering 2 FD promotions until end of April 2014.

The first promo is straight forward 3.38% for 6 months and the second promo is a 3 months step up where the effective rate is 3.2% only, wasting time.



MACH by Hong Leong Bank - Mach by HLB is offering up to 3.4% for 12 months Fixed Deposit. But why go deposit there when we can get 3.6% 12 months standard board rate at Affin Bank. Also check out below UOB 12 and 13 months Special FD Promo rates.



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 - 18 Months Tenure. First 6 months 3.6% and remaining 12 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 30 April 2014.

3 Months - 3.35% Need to deposit 8% into CASA
9 Months  - 3.5% NO stupid CASA thingy.
13 Months - 3.65% NO  stupid CASA thingy.

Maybank Step Up FD Promo - Ends 25 April 2014.


Maybank stated that the effective rate for their FD Promo shown above to be 3.88%; but that is pure bull shit because they have failed to take into consideration that one has to deposit 20% (total deposit) into a Premier 1 or Premier Savings or Maybank2U Premier or Golden Savers Account. This said 20% has to be earmarked for 12 months and the interest rates are really miserable for amount less than RM100K.

Public Bank 3.33% 4 Months FD Promo until 30th April 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. But this time they are offering straight forward FD promo without the stupid CASA thingy.



Standard Chartered Saddiq Term Deposit i. 3.5% 6 Months Term Deposit i Promotion until 30th June 2014.

Minimum Fresh fund RM5K.



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.


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

Nowadays, we can hardly good straight forward FD Promos. Most of the 3 months FD tenure promos have the stupid condition requiring us to deposit  x% into CASA. 

The only really good offer that is Straight Forward is OCBC CMGIA-i 3.65% 12 months FD and maybe also their 18 months FD Promo. I guess these OCBC promos are good for those who do not wish to bank with Affin Bank (and earn board rate 3.6% interest rate and saving the time chasing after FD Promo).

Most banks are offering 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.


Above contents by GenX

OTHER RELATED TOPICS

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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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