According to Trading Economics and Bank Negara Malaysia, the average overnight policy rate in Malaysia is 1.75%. This means, most of the regular fixed deposit rates in Malaysia would be 1.75% and below. This is a 1.5% drop from the recent high average fixed deposit rate of 3.25% in 2019.
Don’t worry, there are FD promo rates this Chinese New Year!
Here's an overview of the rates:
1) Affin Bank
For this promo, the customer is required to open and maintain a current or savings account to qualify for the special rates.
Minimum deposit: RM10,000 (RM9,000 in FD and RM1,000 in current or savings account)
Maximum deposit: – RM1 million (RM900,000 in FD and RM100,000 in current or savings account)
More details here: Affin Bank
2) Alliance Bank
To qualify for the special rates of up to 20.21% for the first month of deposit, one has to maintain an investment in selected unit trust funds or purchase Banca Regular Premium products.
Minimum deposit: RM1,000
Maximum deposit: None
More details here: Alliance Bank
3) CIMB eFixed Deposit
The campaign is only available on Clicks web/desktop view.
More info: CIMB eFixed Deposit
4) HSBC Premier
Enjoy special rates of up to 6.38% per annum on Term Deposit-i with a minimum placement of RM50,000.
More info: HSBC Premier
5) Hong Leong
The FD could be placed online, so you can enjoy the special rate without going out!
More info: Hong Leong FD Promotion
6) Public Bank eFD
More info: PB eFD via FPX Campaign
Share with your friends and family to make extra risk-free returns this Chinese New Year!
Disclaimer: The information stated is not intended to be and does not constitute financial advice, investment advice, or trading advice.