Highest dan the best fd Rate Malaysia: Maybank FD rate Promotion CIMB Public Bank Offer in 2024
A fixed deposit (FD Malaysia) is one of the investment instruments offered by banking institutions. It allows the investors to earn a fixed interest rate or profit rate over a period of time, depending on their investment amount. A fixed deposit is a fixed-term investment where the investor can choose the investment tenure from short-term, i.e., 3 months, up to long-term, i.e., 5 years.
As a general rule, deposits made by investors cannot be withdrawn until they reach maturity period. Along the way, investors need to repay the principal deposits, and interest will be earned from those investment activities.
In addition, a fixed deposit is a safe and low-risk investment instrument that offers a better return to investors within a period of time. It can be considered a piggy bank where the individual needs to place their money in a fixed amount monthly, and withdrawals can be made within a certain period of time. For example, investors may choose to invest RM10000 within a year.
Within that period of time, an investor needs to allocate their savings for a fixed amount in an FD account, and they will earn the Malaysia fd fixed interest rate promotion 2024, which means their savings will be compounded. Thus, this financial activity can be a great option for the investor to grow their money as it offers a high return and low-risk security in order to achieve financial goals.
Highest & Best FD Rate Malaysia 2024 Promotion
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A fixed deposit is the best choice for first-time investors to grow their financial.
Every banking institution offers varying FD rates. Therefore, investors need to make a comparison among all banking institutions in Malaysia before starting to invest in FD malaysia.
They need to choose the best FB rates guaranteed by the banking institutions for them to gain great profit returns annually.
Hence, the best FD rate malaysia promotion for 2024 is 3.5%, which means that the higher the FB rates, the higher the profit gained by the investors.
Indirectly, the savings of the investors in the FD account will be compounded and increase.
Best fd Rate Malaysia 2024 in January
The fixed deposit rate in Malaysia varies depending on the monetary policy implemented by the banking institutions.
However, other factors such as economic conditions, the internal liquidity position of banks, the base interest rate, and the level of credit demand will influence the fixed deposit rate imposed by the banks.
Below are the best fd interest rate malaysia imposed by all banking institutions in Malaysia;
| BANKING INSTITUTIONS | INTEREST RATE |
|---|---|
| Affin bank fd promotion 2024 | 13.38-28.88 |
| Alliance bank fd promotion 2024 | 4.10-9.50 |
| Ambank fd rate 2024 | 4.10 |
| Bank Islam | 5.90 |
| Bank of China | 4.68 |
| Bank Muamalat | 4.05 |
| Bank Simpanan Nasional | 5.88 |
| Cimb fd rate 2024 | 3.75 |
| Bank Hong Leong fd rate 2024 Malaysia | 3.75-4.08 |
| HSBC Bank fd rate malaysia 2024 | 7.00 |
| Maybank fd rate malaysia 2024 | 3.85 |
| OCBC Bank | 4.18 |
| Public Bank fd rate promotion 2024 | 3.80-3.90 |
| Rhb fd promotion 2024 malaysia | 3.95-10.88 |
| Bank UOB fd rate promotion 2024 | 2.4-2.7 |
How To Open Fixed Deposit Account in Malaysia
Individuals who are interested in fixed deposit investments can make an application to open a fixed deposit account.
The application can be made online through the online banking website of the particular bank.
Below are the steps to open a fixed deposit account;
- Go to the official website of the chosen bank.
- Search for fixed deposit and click on “Apply”.
- Then, fill up all the required information about the applicant completely.
- Last but not least, click on the “Submit” button to send the application.
- Finally, the applicants need to go to the nearest bank branch to verify the application
Link To Open Fixed Deposit Online in Malaysia
Every opening fixed deposit account can be made online through the online banking website of the bank.
Below is the link that can be accessed by the applicant to do so;
| BANK | LINK ACCESS |
|---|---|
| Affin Bank | https://www.affinalways.com |
| Alliance Bank | https://www.alliancebank.com.my |
| Ambank fixed deposit rate 2024 | https://www.ambank.com.my |
| Bank Islam fixed deposit rate malaysia 2024 | https://www.bankislam.com |
| Bank of China | https://www.bankofchina.com.my |
| Bank Muamalat | https://www.muamalat.com.my |
| Bsn fixed deposit rate 2024 Malaysia | https://www.bsn.com.my |
| Bank CIMB fd promotion 2024 | https://www.cimb.com.my |
| FD Hong Leong fixed deposit rate 2024 | https://www.hlb.com.my |
| HSBC Bank | https://www.hsbc.com.my |
| Maybank fd promotion 2024 | https://www.maybank2u.com.my |
| OCBC Bank | https://www.ocbc.com.my |
| Pbb fd rate promotion 2024 | https://www.pbebank.com |
| RHB Bank FD promotion 2024 | https://www.rhbgroup.com |
What Are The Requirements To Open A Fixed Deposit Account
There are several requirements to be fulfilled by the applicants to open a fixed deposit account, and the below are;
- The applicants must be 18 years old and above.
- The applicants need to deposit the minimum initial deposit in order to open the fixed deposit account.
- Prepare the documents for proof of identity and address, such as a copy of MyKad.
How Do I Convert My savings Account To Fixed Deposit Malaysia
Individuals who are interested in making an investment with the intention of growing their finances can open a fixed deposit account and invest in it.
Meanwhile, those who already have a savings account may convert their savings to a fixed deposit account.
The process is called “reverse sweep.” This means that when the savings account reaches a certain savings limit, the savings might be transferred to the FD malaysia. By means, it is automatically converted with an auto sweep facility.
Is Best FD Rate in Malaysia Better Than Savings Account
A savings account and a fixed deposit are two different financial instruments.
Both have their pros and cons. Savings accounts are accounts where an individual can place their savings or fund in one place safely and ready to make a transaction.
There was no tenure in placing the fund. Individuals who want to save their money can open a savings account where they can access their fund limitless and the interest rate imposed on the account is lower.
Meanwhile, a fixed deposit is an account where an individual, called an investor, places a certain amount of money in the FD Malaysia account and earns the profit throughout the savings, depending on the FD interest rate.
There will be a certain tenure for the investment. Investors can only withdraw their money once the tenure has matured.
Therefore, FD malaysia is a part of the investment where the investor can gain and develop their savings for a short-term and long-term period.
As a conclusion, FD Malaysia is better and much more favourable than savings accounts as it offers various incentives for investors to achieve their long-term financial goals.
The higher interest rate imposed on FD makes the savings compounded and profitable. Thus, FD Malaysia is a better option for beginners to develop their money for the future.
FAQ FD RATE Malaysia
1. Can I Open A FD Without A Bank Account
In order to have FD, an individual need to have a bank account.
They need to make an application to open the fixed deposit account.
Once the FD account is registered, they can start to deposit their money in the account fixed for a certain period.
2. Can Withdraw Money From A Fixed Deposit Account
An investor who has a fixed deposit account is eligible to withdraw money from their FD account.
However, investors need to know that withdrawals can only be made once the FD reaches maturity.
If they fail to do so, the bank can impose a penalty on the fixed deposit holders for the pre-mature withdrawal.
Thus, it is advisable for investors to read the terms and conditions of the FD Malaysia first before the withdrawal is made.
3) Can I Have Multiple FD Malaysia Account
An individual may have more than one fixed deposit account under the same banking institution.
As long as they meet the requirements set by those banks, they may open the FD account at any time.