Best Fixed Deposit Malaysia

Best Fixed Deposit Malaysia

So this time I want to share with you is the best fixed deposit Malaysia banks or the savings packages we are used to call "FD". Time deposits are not a portfolio. If you want to rely on time deposits to develop, it is impossible, but storing time deposits allows us to cultivate good habits of saving.

General banks such as Maybank, CIMB Bank, Public Bank, HongLeong Bank, Affin Bank, RHB Bank, Ambank, etc. all have time deposit accounts.

In order to allow everyone to compare the FDs of Malaysian banks, I have prepared the following charts for your reference and comparison. (Compare Bank Fixed Deposit). 1M is 1 Month or 1 month, and so on.

From the above chart, we can see that the bank with the highest interest rate for one year is Affin Bank (3.90%), and the interest rates of time deposits granted by other banks are about 3.10%. However, some banks will give special offers at a specific time, and the interest will be a little higher than the above interest.

In addition, Bank Rakyat's interest rate is also very good, but Bank Rakyat is not a member of PIDM.

In general, Commercial Bank and Islamic Bank are members of PIDM, so we can get back our deposits in the event of a bank failure.

How to calculate interest on time deposits?

Many people don't understand why the one-month interest on time deposits is not far from the one-year interest rate, which is more than 3%. If you put it for a month and then update it every month (Renew), is there 3% x 12 = 36% after one year?

In fact, it is wrong, because the bank's interest algorithm is annual interest (p.a.). If you put it for one month, the interest is divided by 12 months.

Example 1:

We put RM 10,000 on a regular basis for 1 month with an interest rate of 3.00%. Then the interest per month is RM 10,000 X 3.00% ÷ 12 months = RM 25.00

There will be approximately RM 25.00 X 12 months = RM 300 interest after one year.

Example 2:

We put RM 10,000 on a regular basis for 1 year with an interest rate of 3.45%. Then the interest for one year is RM 10,000 X 3.45% = RM 345