Looking for a safe and guaranteed way to grow your savings? Fixed deposits (FDs) remain one of the best low-risk investment options in Malaysia. With rising interest rates in 2024, now is a great time to lock in a high FD rate and maximize your returns.
In this guide, we compare the best fixed deposit accounts in Malaysia, focusing on the highest interest rates, best promotions, and flexible tenure options to help you choose the right FD for your savings goals.
What is a Fixed Deposit?
A fixed deposit (FD) is a financial product offered by banks where you deposit a sum of money for a fixed period at a guaranteed interest rate. Unlike a regular savings account, FDs offer higher interest rates, but your money is locked in for a specific duration.
Benefits of Fixed Deposits
- Guaranteed returns with no risk.
- Higher interest rates compared to savings accounts.
- Flexible tenures from 1 month to 5 years.
- Option to receive monthly interest payouts.
Best Fixed Deposit Accounts in Malaysia (2024)
| Bank | Interest Rate (p.a.) | Min Deposit | Tenure |
| CIMB Unfixed Deposit | Up to 4.30% | RM1,000 | 3 – 12 months |
| Maybank Conventional FD | Up to 4.15% | RM1,000 | 6 – 60 months |
| RHB Ordinary FD | Up to 4.10% | RM5,000 | 3 – 12 months |
| Hong Leong Bank FD | Up to 4.20% | RM5,000 | 3 – 24 months |
| Public Bank FD PLUS | Up to 4.05% | RM10,000 | 1 – 60 months |
Interest rates are subject to change. Always check with the bank for the latest rates and promotions.
Best Fixed Deposits by Category
1. Best FD for High Returns – CIMB Unfixed Deposit
- Interest Rate: Up to 4.30%
- Why? Offers the highest rate for shorter tenures.
- Best For: Short-term investors who want quick returns.
2. Best FD for Long-Term Savings – Maybank Conventional FD
- Interest Rate: Up to 4.15%
- Why? Competitive rates for longer-term deposits.
- Best For: People looking for stable, guaranteed returns.
3. Best FD for Flexibility – RHB Ordinary FD
- Interest Rate: Up to 4.10%
- Why? Low minimum deposit and multiple tenure options.
- Best For: Those who want an FD with flexible withdrawal.
4. Best FD for Large Deposits – Public Bank FD PLUS
- Interest Rate: Up to 4.05%
- Why? Higher rates for deposits above RM10,000.
- Best For: Investors with larger sums to lock in.
How to Choose the Best Fixed Deposit in Malaysia
1. Compare Interest Rates
Higher rates mean better returns. Always check if the rate is promotional or permanent.
2. Consider the Tenure
Shorter tenures (3–6 months) allow more liquidity, while longer tenures (1–5 years) offer higher returns.
3. Look at the Minimum Deposit Requirement
Some FDs start from RM500–RM1,000, while premium accounts require RM10,000 or more.
4. Check Withdrawal Rules
Some banks penalize early withdrawals. Choose one that allows partial withdrawals if needed.
How to Open a Fixed Deposit Account in Malaysia
- Choose Your Bank: Compare interest rates and select the best FD for your needs.
- Prepare Documents: Bring your IC, proof of income, and initial deposit.
- Deposit Your Funds: Transfer money from your savings account.
- Lock in the Interest Rate: Confirm the FD tenure and receive your FD certificate.
Final Thoughts – Which FD Should You Choose?
If you want the highest interest rate, CIMB Unfixed Deposit offers up to 4.30% p.a.. If you prefer long-term stability, Maybank and Public Bank provide competitive rates for up to 5 years.
Fixed deposits are a safe, low-risk way to grow your money in Malaysia. Compare the options, choose wisely, and start earning passive income today.
Disclaimer: Interest rates change frequently. Always check with the bank for the latest updates before opening an FD account.
