Malaysia Bank Fixed Deposit Interest Rate
Sep 12th, 2006 by AhYap
A quick comparison table is available at BankingInfo. But this table is limited to the following tenure, 1, 3, 6, 9 and 12 months. More than 1 year is available here.
Direct links to the specific bank’s website to check for their current fixed deposit interest rate
Local Banks
MayBank (Winner of AhYap’s “THE SLOWEST MALAYSIAN BANK”. ATM, check deposit and cash deposit machines doesn’t seems to improve their counter services AT ALL)
AmBank
Public Bank
CIMB Bank (Previously Bumiputra Commerce & Southern Bank)
RHB Bank
Hong Leong Bank
EON Bank
Alliance Bank
Affin Bank (Winner of AhYap’s “THE MOST UGLY BANK’S WEBSITE”. I will never put money in a bank that can’t design a good website! BCB & Southern bank websites are also very ugly. No wonder they are taken over by CIMB now!)
Foreign Banks
UOB
OCBC
HSBC
Citibank
Standard Chartered
[Leave a comment if any link is broken]
AhYap’s Knowledge Zone
Why do some banks offer higher interest rate while some are lower (esp. foreign banks)? Higher interest rate means the bank need your money. Foreign banks are usually financially stronger and has strong backup from their mother company. So they are not worry about the money too much.
How do banks make money? Lim Goh Thong put $1,000,000 in the bank and the bank give him 4% interest. The bank then loan the money to Ananda Krishnan and charge him 7% interest. The bank make the difference 3%.
Let’s say now Ananda has a choice to get the loan from either AmBank or UOB. AmBank offer him 7% while UOB 6%, which loan do you think he will take? 
Foreign banks are smart, they want to get more customers. And customers are those who loan money and not those who deposit money! In order to lower the loan interest rate, the deposit rates must also be lower. Else they can’t make good money. This explains why foreign bank don’t offer good deposit rates but VERY GOOD loan rates.
So if you are smart, you will put your fixed deposit in 1 bank and get a loan from another.
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Useful link collection, it seems AmBank got a lot of ‘action’ in the market and provides lots of deals better than others…
by the way, there’s a broken link on HSBC one… fix it!
Thanks for the feedback. Link fixed now!
I also dunno what to say about AmBank, I like them in terms on Interest Rate, but their previous \’body\’ is Arab Malaysian Bank and MBF. The word \”Arab\” doesn\’t sound good to me. And MBF had a few rumours that it will go bankrupt and people queuing up whole night to withdraw their money from the bank! Terrible scene which I witness myself. And it is true that their financial at that time was not strong enough. And end up it is being eaten by Arab Bank and become the AmBank now. MBF always lead in interest rate because the need money badly. And I think AmBank is inheriting the \’high interest\’ tradition.
If I want to put my money in the bank for fixed deposit, which bank I should choose?
Any bank that is near to your house.
Interest rate is so low and similar to each bank that I really don’t bother the 0.1% differences. For me, I will use Maybank because Maybank2u now offer instand Fixed Deposit placement so you can do it online at your home! That really save a lot of time. You can also uplift your FD anytime online. Very convenient.
I want to deposit my money to AmBank FD call it Intrestplus FD, do you think it’s better ?
@bendigi, there is a catch with AmBank Interest Plus and MegaFD high interest rate. For Interest Plus, you need to buy mutual funds with them, something like if you want to put RM10k in Interest Plus, you also need to buy RM10k of mutual funds. For MegaFD, you need to buy their life insurance in a lump sump. Same like interest plus, you can place RM10k of MegaFD after you buy a RM10k insurance policy. I have researched MegaFD before and find that the policy is actually very good when compared to other insurance companies (given that you can pay a lump sump at once instead of yearly).
Wow.. great stuff here.. I came across this site by coincidence and I am glad i did. Can’t resist from asking if by any chance you can share your knowledge on Foreign Currency/Multi Currency Fixed Deposit.
I notice some banks do not offer such. While those banks which do, unlike the normal fixed deposit rate which has 0.1% differences, it vary fr one another. Any comment?
So is that better to save money in EPF instead of fixed deposit ?
where can i find the best investment rates that will give me around 20?
Nice one .. I am actually looking for FD rates …
Good info here ..
For Alex, best investment that can return >15% is actual your own business..
ahYap,
Any cooment on Foreign Currency/Multi Currency Fixed Deposit compared to local FD ?
hi, actually im looking for information about a fixed deposit account and what i get best intrest rate a year … reply me thanx
Links to BankingInfo.com comparison table updated. Please click on the link again to compare newest fixed deposit rates.
Ambank offer 13mths FD @ 3.88%p.a.? but it didnt seen in the website yet. huh???
how about the tax rate of the fixed deposit?
Any FD that is RM100,000 and above is subjected to 5% withholding tax (withhold directly by the bank). The loophole to avoid tax if you need to put more than RM100,000 FD is to place several FDs with smaller amount, for example, 5 x RM50,000 FD. So the tax is easily avoided.
hie there,
i’m just passed by at this site then i found that its interesting knowledge can be share together. Did u heard about MBSB? This is a well established company that operating around malaysia. Actually its a subsidiary of EPF and it is a also a financial Institution. One of the product that offer by this co is FIXED DEPOSIT. The rate was attractive.
its for corporate, individual and also for 49′ers club. for corporate & individual ,the rate given for 12mth are 4% and for 49′ers club, the rate is 4.15% upon maturity. To know much better about this co, You may visit their website at http://www.mbsb.com.my.
need to now wich bank of malaysia give saving account for best
interest….please send for my mail that all information
i need money
i want money
Ah Yap
Do you know that maybank2u can place FD, but if you cancel the saving account, maybank2u will automatic cancel and all your electronic FD will gone. is it true?
Atie, is true that mbsb is offer high rate but only few branches in nationwide. the cost of petrol, toll and time already eat up what you earn in FD. Is it worth it?
Do you know that PIDM only insure your account per bank to max RM60K only even you put in the same bank for RM100K (include of saving, FD, current, etc) in one bank. This mean the PIDM only paid you RM60K per name per bank. Therefore, do not put more then RM60K per bank per name.
Do you know that CIMB give 7% (for one time FD) if you renew car insurance at CIMB. This offer until Dec’08. Unmfortunately, all the branches counter (exclude HQ) tellers also don’t know this offer. The customer service know but they don’t know how to activate. CIMB good in web site and move very fast but internal communication breakdown. Shhhh…
alex, go to borrow from Ah long because they only mau tolong.
What about if the bank go bankrupt?
this web is very useful..tanx for ahyap…
Hi Ah Yap, I have friends working in New Zealand now. They keep their money in New Zealand. I am asking on behalf of my friends. If they come back to Malaysia they are intending to put money in malaysia bank foreign currency fix deposit. The question is, can they purchase international bank draft in New Zealand and go to a malaysia bank and deposit in foreign currency fix deposit? Or is there any other options?
Thank you in advance from Bill.
@Bill: That works but not efficient. The malaysia need to mail back the draft to New Zealand to cash it and it can take up to 1 month. The best way is to call the local bank (foreign bank like UOB is preferred) and have them open an account for you first while you are still in NZ. Then wired the money over and it takes only 1 day.
heY, mr aYap….
the fixed deposit for 1month is 3.0% …is it which means i put
RM 40,000 for 1month,den the 2nd month i will get rm41,200 ?? ??
regards_
ahbeh
@ahbeh,
You got to divide it by 12 leh, the rate you see is annual rate. So if 3 months is 3.1%, you got to divide by 12 and times 3.
That way you will be very rich is a few years! LOL.
heY, mR. ahyaP…
how can i earn extra $$ through ur site ? …. thanks a million !
wow..i just drop by and it sounds nice here…everyone seems busy earn money i various ways…erm..just a question here…wat’s the minumum placement for FD for 2 months?
i wanted to invest in FD. All this while i keep my money in ASB.
So what do u think with economic situation – should i maintain in ASB or change to FD. Advise whick bank if offering attractive rate. Do we need to consistently top up our FD-eg – initial investment rm 2000 and we take 6 months. Do i need to top up rm 2000 every month till the 6th month or it is 1 time payment for the duration? Pls clarify. Thanks!!
pls. inform me the latest FD comparison 4 December FD Investment.
MAA offer 5% with deposit at least RM 10,000 for at least a year with death insurance 125%
Wanted more return on interest rate over bank, go into your own business…Wanted to invest in Unit Trust or any other long term investment for better rates, consider Buying Stocks, coz KLSE is on ‘SALE’, with at least 30% discount to 75% discount, search for blue chip stocks. Buy when everyone is selling and sell when everyone buys. FD’s nowadays doesn’t attract much with average of 3.1% pa. RM100,000 for 3 mths, average at only RM25+ monthly, my bet is, if you can make or have that kind of money, RM25+ a month would not satisfy your thirst. I’m also lookin and searchin for months, last done with UOB was 3.42% pa for 3 month and then the rate dropped.
any idea in forEx ? isit can earn $$ through tis ?
thanks…
If I put RM1,000,000 in the bank and the bank goes bankrupt, how much will the bank give me back?
Full amount or a limited amount fixed by bank negara?
Hi, AhYap.
I am very new to financial market. Actually i wanted to know about FD. How they calculate? is it you keep ur money say 5K for 2 month then the bank will pay 2.5% interest
when u withdraw end of 2 month which is 125 + 5K = 5125
is it that the way to calculate??
From Inonncent
@AhChai
All FD is guaranteed by PIDM and the guaranteed amount has no limit.
this is the first time to chat here. i dun think that now is a good time put money to FD. because of the interest rate is a lower. why we dun try to doing some invertment product… may can get back more dividend
very nice site! guess all the banks are the same on FD rates
Qn: anyone knows how often or when was the last time our central bank revised their interest rates ? thx much!!!!
Sara
your principal = RM 5,000
Int Rate = 2.5% p.a.
Tenure = 2 years
your gain = 5000 * 2.5% * (2/12) = Rm 20.833333
so you’ll have RM 5,020.83
the key is the int rate is per annum and people tend to forget to factor that in when calculating their gains.
a previous user commented to invest in bluechip stocks, my humble opinion is that no stock can now be considered as bluechip stock anymore , to buy when everyone sell and sell when everyone buys requires extreme attention to stock market movements and financial background.. and take heed that when you are thinking of taking your chance to sell or buy something your confident that will improve, many other people will be thinking the same and that will completely overwrite your chances of gaining anything from it. I’ve read over quite some articles concerning this crisis and the best advice i found was that “if you can preserve your wealth now, then you are ahead”
(sry long post ><)
Hi Nethan,
I just browsed through this website when I am looking for best interest rate in Malaysia.
Some correction on your calculation… it should Tenure = 2 MONTHS…
Hi AhYap,
I read the article above and i am just wondering…what is the best way to save money? the best investment plan? i am a fresh graduate and currently trying to figure out the best way to manage my salary from my new job. can somebody help me with this….i am very confused about this. thank you.
Hi everyone helpfull people around this site,
I would like to know lets say i have save some $ in FD a few month before the % of FD goes down. When it auto update/ renew will it affect my old FD % rate? Example:
I save some sum in a few month back when it is 3% intress / annual, then now is 2%. when it auto update will the intress reduce to 2%? or still maintain 3%? If it reduce………..how about when the economy goes back up and the intress auto increase?
I have some strategy here for some reader, if you all plan to invest in FD better put 1month by 1month if lets say you wanted to take up the $ then you do not have to worry about the loss of intress, lets say you left 5K in FD for 1 year and the intress is 2.5% then you suddently need the sum of amount during 3month. Then no intress will be given by the bank. But if you put 1 month by 1 month the intress you gain lets say 2% you at lease can gain back 0.5% of the intress for 3 month…..It is better then nothing.
This site is very usefull for everyone thanks to AhYap!!!!
Regards
Did you consider ING direct bank, they have usually very good interest rates.
Thanks
learn alot at this site
nice post
thanks everyone
If i want to deposit my life saving of rm10k so far ,which is the best bank to do so..and which bank provides the best interest?
Thanks in Advance
Shashi
Best is still the AIA saving products. Now is really the countdown for those products before AIA withdraw them totally. Here are the plans that we offer:
8 years saving plan (higher premium)
- Guaranteed return or 5% return from year 9 until you reach age 88
- Non-Guaranteed return varies from 4% to 8% depends on the company performance (over last few years, we achieved double digits growth)
10 years saving plan (lower annual premium)
- Guaranteed return or 4% return from year 10 until you reach age 88
- Non-Guaranteed return varies from 4% to 8% depends on the company performance (over last few years, we achieved double digits growth)
Do give me a call so that I can show you how the plan works.
Thanks
Mr. Wong (012-3910954)
Dear AhYap d wise one_There are so many agencies offering solutions to making money via online currency trading ma, some even promote robots and some offer handholding till u make money, of course i’m kinda attracted to the simplest way of making money without staring pitifully into another soul’s pair of eyes ah. So, what’s ur best advise for my friends and me? Tx in advance
which website is for me to get information for malaysia fixed deposit rate from 1997 to 2009?
Very interesting topic…everyone is talking about how to make more money! Is FD the most secure way of saving money? Thanks
Hello AhYap,
I just withdrawn & closed my FD account with Maybank yeartesday. Noted that the interest calculation is not a straight calcaluation as what we think.
Eg. RM100,000 for 12 months FD with 3% annual interest, you will not get exact RM103,000 after 12 months maturity.
Asked the bank executives (2 brands), and the answer given was “system calulated” . What is calculation formula, don’t know ???
Actual MBB FD Records
Year Principal Months Interest % Due Date
0 64,526.47 12 3.70% 25-Apr-09
1 66,909.46 (withdrawn on 29 Apr 2009)
If computed manually, the principal balance after maturity should be ;
1. 66,913.95 (64,526.47 * 103.7%) Delta 4.49
Perhaps the discrepancy is related to number of days in a year (Feb Odd month). Just wonder if anyone know the exact FD interest computation formula ?
Thanks.
Sang
Thanks Ah Yap, this is a greate platform for people to share.
Hi Sang, FD interest computation is denpending on the bank policy.
Most bank are used total number of days for the period. Some compound the interest on quarterly, half yearly or yearly basis. Therefore, you may not get the interest amount straight from the inerest rate. In addition, if deposit amount is > RM100k, then the interest will subject to witholding tax…
Just to clarify, PIDM guarantee your FD deposit up to RM60k per name per bank and not unlimited amount, please take note.
To share with every one, it is not a good idea to save money in FD as the inflation is too high and the interest rate is not able to conter the inflation rate. Hence it is not able to grow your money. Plan wisely, invest into higher return investment to accumulate your wealth. Save regularly “sikit-sikit, lama-lama jadi bukit”. Let your hard earn money work harder for you….
Regards, Joyce
HI. everyone. Just to share few things with you guys. With the FD rate had been revised to 2% and history had shown that M’sia FD rate is rally up to 3.8% only. Very crusial stages. Deposit rate is very low and inflation rate is mostly 6% which has reducing the percentage of our saving. Saving deposit in Bank is very encourage, but we can also look for other option to diversify our saving / money in other plan to generate more income, do agree? CHEERS
Hai.. just want to share.. i heard about this bank .. Bank Persatuan.. http://www.bankpstn.com.my give the highest fd rates.. is it true?
For my opinion,I suggest u guys to save ur money in insurance saving plan,which give u a benefit and interest,of course it’s a long-term investment.But bare in mind,what wil it happen if anything happen in between of ur saving plan,bank won’t pay any money to support your living..
HI,
wonder why maybank int’l only one type of investment, whcih are FD only…
Thank you… Can anyone please give a comparision of reputable banks which offer the highest interest rates for 3mths, 6mths, 9mths and 1 year at this moment?
Hi,Just to give view..try to compare rate between FD and ASB.
“28AhYap
@ahbeh,
That way you will be very rich is a few years! LOL. You got to divide it by 12 leh, the rate you see is annual rate. So if 3 months is 3.1%, you got to divide by 12 and times 3.”
AhYap. You forgot one thing. The bank and customer will share the profit. It call Profit Sharing Ratio (PSR). Most likely the ratio will be 50:50 or 40:60 or 30:70, depends on bank PSR. If we take example 30(bank):70 (customer), the calculation should be:
your principal = RM 5,000
Int Rate = 2.5% p.a.
Tenure = 12 month
you gain per monthly:
5000 * 2.5% interest rate = 125
125 / 12 month = 10.416
10.416 * (70/100 (PSR)) = 7.29#
for 1 year:
7.29 * 12 month = 87.48
so you’ll have RM 5,087.48 in your account after 1 year.
Another thing, anyone get income (salary, dividen, interest, royalties, rent…bla..bla..bla) more than RM2501 per year, should pay individual tax. The percent ratio most likely:
RM2501 p.a = 1%
RM50,001 – RM70,000 p.a = 19%
Exceeding RM250,000 p.a = 27%
p/s: correct me if i’m wrong…
guys i think the best fd rate now is RHB bank MAx FD3, which gives u your int in 4 tiers , eg: first 2 months 2.1% , 3rd n 4th 2.3% , 5 n 6th 2.4%, and 7th n 8month is 3% .
Im Singaporean.Can I save M$1million in any bank in Malaysia?
Looking for higher interest rate, since all bank in Malaysia only able give 2.00% interest rate only. Please advice, Thank you
Hi fellow investor.
My name is Henry and i am an insurance agent representing Manulife.
Currently Manulife is offering a very interesting investment/saving plan known as The PremierSaver, which rewards investors with a higher return than any existing FDs (Since the company introduced it as a product to counter all existing FDs)
If any of you is interested to gain a higher return on a low risk investment, please feel free to contact me at 016-9298919
Remember, if we fail to plan for our finance/saving, then we plan to fail!
Thank you and best regards
Thanks
Hi ,
I have a relative with severe chronic illness , need long term medical care and nasal feeding for nutrition. Is there a possibility of setting up a Trust Fund that has high interest rate so that the intertest rate earned can be used to pay the feeding nutrition?
If so How much principle required and what % will it be?
Thank you
Joseph T
Hi
Saving in FD is good but please be aware that the inflation rate is so much higher than the FD rates. It would be advisable to diversify your investments into categories such as stocks, properties and perhaps ASM, ASB, ASW etc.
If you have a lot of money in FDs, maybe you can consider paying off a lump sum of your debts for your properties or credit card. I have done that for my apartment and save a lot of loan interest for it as compared to generating 2.5% with the same amount of money in FD. What do you think ?
i want to open fixed deposit account but i dont know the bank to open the account first i want to know the bank with the higest interest rate to determine which bank i will runing wit
Hi Mr Emanuel,
I am Investment Consultant from a Malaysian Bank. Email me @ joyce_28@streamyx.com if you need advise on banking matter.
Best regards
Joyce
Anyone out there know how Bank calculate the maturity date for FD deposit. Hong Leong Bank set their maturity date accordingly to working days so if there is a number of public holidays in a particular month the maturity period is extended accordingly. Is this method “legal” and is a bank practise? Example if you placed your FD starting on 15th of the month and the following month 15th and 16th is a public holiday the maturity period for a 1 month tenure is 17th and not 14th or 15th as it is the norm.
Feel Cheated
Don’t worry, they will add back that 1 day interest to you, but that would be enough to buy kacang puteh I think since FD interest rate is so low.
How right your are. So with such previaling situation whats your take on our economy and which investment instrument is most suitable and appropriate to given decent returns
Hi Ah Yap,
I notice from AmBank’s website that their interest rate for InterestPlus FD is 33.2% p.a. for 1 month tenure. So, does this mean that in 1 month I could get 2.76% in return? But the only catch is that I have to buy in equal amount of their Unit Trust. Is their Unit Trust perform as good, if not better, than other local banks? Thank you, Ah Yap.
Hi, can anyone comment abt Ambank’s top rate FD which divided by 3 type i.e. Weekend rate, week-days rate & senior citizen rate?
may i know do u know which website u get the information about interest rate and the saving account together in a same timetable in bank negara for monthly?
i try to get from bnm web but i didnt get much of it.
Hi guys, i am Derek from AXA AFFIN as a Financial Consultant.
Here are a better saving plan than Normal Bank FD.
Even Normal Bank FD cannot give you a guaranteed interest in 10years or longer. 1997 Malaysia interest rate are 9.33%p.a 2009(Jan) 3.00%p.a 2009(Apr) 2.50%p.a in this case do you think in future the interest rate will increase or decrease? Think wise and think about future.
2010 new saving plan (Maxxsaver)Plan Key Benefit at a glance
- This is a 6-year limited pay participating endowment
- Guaranteed cash endowment starting from end of 1st year
- Potential upsite from non-guaranteed cash dividend starting from
2nd year
- 3 option for cash endowment and cash dividend
- 4 plans to choose 15,20,25,30 years insurance coverage term
- Double your guaranteed income every 5th year
[Plan maxxsaver 30years term]
Lets say MR.A save RM14,220 get guarenteed cash RM1,800 on the 1st year.
1st year Save RM14,220 Get RM 1,800
5th year Save RM14,220 Get RM 3,600
6th year Save RM14,220 Get RM 1,800
Stop saving after 6th year but still enjoy the guarenteed cash RM1,800 and every 5th year RM 3,600
-Guaranteed income = RM64,800
-Cash dividend = RM35,400
-Maturity =RM 85,320
-Total return =RM185,520
-Total accumulated return =RM308,885
http://www.axa-affin.com/axa-affin/axa-affin.nsf/Content/Main
Min saving RM2,500 anually. Choose your own amount of saving.
For those interested feel free to email me or contact me. I will provide all information in black and white document with quotation. Email or sms me (AXA SAVING) derek_axa@hotmail.com Contact number 016-715 7150 DEREK EE
Dear Ahyap and all..
Nice to have this website..
I just heard about gold saving (like investment-May Bank did have)? Can anybody explain for me.
Many thanks.
dear yap,
if i would like to take up a house loan now, which bank should i take the loan from. which bank offer the best deal nowaday.
Hi all,
For your all information, I do provides Housing Loan, Personal Loan, & the Higher Return on Saving in terms of retirement or future capital growing with peace of mind, to meet your own needs, which is can custom made to your own personal needs.
Kindly drop me a mail at “lawrancehla@gmail.com” or “lawyms1@gmail.com”
you may MSN with me “lawyms@hotmail.com”
or contact me, +6012-4633467
Regards,
Lawrance, from Hong Leong Group
hahaha…typical. i clicked on Maybank link & was told the page don’t exist.
yknow MB website is so bad, that to find smthg on their page, it’s actually easier to Google it > get the MB page link > go to that page. Site Map also tak guna. wthell…
GREAT, I am just looking for FD rates …
Hi. I’m a fresh Grad.
I start working few months ago. I have savings of RM3000 now.
I am thinking of separate the “savings” account from the normal saving account that company used (they bank in salary for us). Ciz if the “savings” & expenses account in same account, i worried my money gone very fast.
I plan to open a new “savings” account in a new bank with highest interest rate, any suggestion?
Coz after open this new account, i will bank in RM500 into it every month after i got my salary.
ANyone to advise me? thank you very much.
The interest rate is too low today. Saving under the pillow is not much different than saving in the bank. Say you have RM6,000 in an FD. That RM6,000 will only give you RM150 interest at 2.5% (might as well save an extra Rm12.50 per month!). So it is more important that you save than to fixate at the interest rate. Any bank account will do the job well.
Hey there Ah Yap,
I’m currently looking for a bank for home loan. (urgent!) Right now I’ve shortlisted HSBC and AmBank in my list. Which one do you think is better? Do they provide fixed interest rate? Coz i heard that some home loan have their interest increase over years. (which i dont want)
Secondly, if my home loan is 230k and i need a bit of extra money for the renovation and furnishing (let say increase the loan to 270k), is there anyway that i can request the bank to top it up a little?
Hope you can assist me on this. Thanks!!!
@Fara, glad that you asked because from experience, HSBC and AmBank do not provide the most competitive loan package. When you need a home loan, do more homework and ask more banks like you are doing shopping! Shop with a few more banks. Usually the most competitive banks in interest rate and offers are Public Bank, Standard Chartered and UOB. Go shop at these banks. If you are hard working enough, ask Hong Leong and CIMB as well. You can forget about MayBank (lousy bank) and HSBC (expensive). When I refinance my house I really do ask almost all banks. Alliance, EON … all I asked.
Your payment per month is fixed but your interest rate is not. So if interest rate go up (which is guaranteed since interest rate is so low now), you still pay the same amount but you need to pay it more times (longer). But some foreign bank do increase your payment per month when interest rate go up. Islamic loan usually are fix rate but that rate is usually 2% higher than normal non-fixed rate. That means even those that are very faithful to Allah will still choose normal loan since no one what to argue with their wallet.
If you are great saver and have strong cashflow. Do look for a kind of loan account which is attached to a current account. When you have extra cash, you can put that money into the current account to offset the loan interest. Public Bank call it Home-Save, Alliance and EON bank also have.
You can usually fund your MRTA with the loan but for renovation and furnishing, sorry, no such deal unless you are buying a second hand house instead of a new house. But you still need to do it creatively. You will need to pakat with the seller to mark up the selling price to RM300 and borrow RM270. You may need to buy the seller KFC. The keyword “creativity”.
Hi leng lui, you mean u going to save rm500 every month?
2010 new saving plan (Maxxsaver)Plan Key Benefit at a glance
- This is a 6-year limited pay participating endowment
- Guaranteed cash endowment starting from end of 1st year
- Potential upsite from non-guaranteed cash dividend starting from
2nd year
- 3 option for cash endowment and cash dividend
- 4 plans to choose 15,20,25,30 years insurance coverage term
- Double your guaranteed income every 5th year
If every month u can save RM400 = 1 year RM4800
Normal bank F.D 2.5% x RM4800 =RM120 p.a
Maxxsaver Save RM4800 annually get guaranteed cash RM600
Every 5th year get double = RM1200
5th year save RM4800 get RM1200
If you need more information contact me or email me 016-7157150(Derek) derek_axa@hotmail.com. I will show you black and white document.
http://www.axa-affin.com/axa-affin/axa-affin.nsf/Content/Main
i put rm 5 k in fd in publicv bank for one mont.so,how much i l get by one year?very new in this….thanks
Yearly rate for 1 month = 2.25%
If you put only 1 month = 5,000 x 2.25% / 12 = RM9.375 interest
Not even enough to park at KLCC.
Hey there Ah Yap, thank you for the tips. It helped a lot. i scouted around for every bank near the city and found the best deal. In the end Public Bank wins with the best deal
Hey guys, current FD rate is too low to be considered as an investment vehicle. I suggest to look for other alternatives like, properties, gold, shares or mutual funds, foreign currency deposites, but definitely not insurance policies (even investment-link policies) which easily 30% or more of the our money is deducted as agents commissions. Cheers.
latest updated rates can be found in the top right corner at malpf.com they even give out a free widget that you can put at your own site/blog to show the latest rates.
fd maybe low but at least it is safe. other investment has risk and even though may generate more return but there is a possibility that you may also lose your capital. anyway bank negara is expected to raise the interest rate again.
FD also got risk…. the risk is the interest rate (2%) is not able to counter the inflation rate (>6%). So, your money dosn’t grow but it eat into your capital. Think about it and invest your money wisely ! Otherwise, your money is not working hard for you…. on the other hand you work very hard for money…
omg, then what should i do with my money? My fren who work in mutual fund company claims that MUTUAL FUND not really as “good” as what we think.
Perhaps i should go for share?
Mutual Fund and share are investment vehiche, the risk can be minimixe if you know how. Invest if you’re comfortable and expert in. I have been using mutual fund to grow my money in many years….. find an agent who can give you proper advise in entry and exit point while investing.
risk refers to losing your capital…so fd does not fall in this category. of course there is the issue of inflation which affects ALL investment irrespective of the type of product . the different is that with fd at least your capital is protected.
i hd bought an apartment at subang bestari.it cost me rm 120,000.
may i ask which bank hv the lowest housing loan?tanx a lot.
I heard there are some good investment plan from Hong Leong Bank. Deposit RM5k and get RM1k a year… but your money will kena locked in for some time(Unsure). Now all bank FD are inconsistent as the range are from 2.4-2.75% Then got so many bloody plans. Why they don’t make a single plan to be beneficial for citizen? Haih… ~.~
Does anyone know what kind of investment products do citibank, OCBC and Hong Leong are offering at the moment? Request for terms and condition and past annual performance of their products.
FD can loose out your capital if inflation is higher than interest rate. eg. RM100,000 in FD paying interest 2% p.a. and if inflation at 6%. after 1 year your RM100,000 can only buy RM96,000 worth of goods as inflation already eat into your capital. Think about it….
Hi there! Ah Yap,
Recently, I found out that EON Bank has this home loan package that is pegged to the fixed deposit rate, something that is unheard of. Any disadvantage or advantage of this type of home loan (FDR base) compare to BLR base home loan?
Hi Yap,
I’m a Singaporean and my wife is a Malaysian, have intention to deposit some cash in FD at any Malaysia’s Bank. Any idea how to send the cash over due to some restriction set by both countries for me to bring cash over to Malaysia.
Moreover, we also intend to buy a property in Malaysia, however, banks won’t loan to my wife. She is working with her family member for 1 year plus, with no EPF and Income Tax deduction. Please kindly enlighten us on the above. Thanks
Almost similar. Locked to FDR rate has advantage because bank can up the BLR a lot but keep FD very low. So if you have extra money you also can’t reduce your borrowing cost if that happens. On the other hand, if it is locked to FDR, whenever you have money, and put it into FD then your borrowing cost is reduced to 2% if you are taking FDR + 2%. But the best way is still to use a “current account linked” home loan. This way, you can offset it fully by putting extra money into the current account [but these account cost your extra RM120 fee each year].
@winson, hmm, I think if you are buying on a joint name basis with your name included, you can use your singapore tax return. But if you use only your wife name, it is almost impossible without tax return. Money can be bring in and out easily lar, Malaysia is bolehland, and I understand Singapore is kiasu land, when you are in Malaysia, think the Malaysian way. [All Singaporean pay saman in Singapore, they never pay in Malaysia].
There are restriction on cash that you can bring but I have never seen them check at all. But if the amount is too big, you just telegraphic transfer it and pay the bank some fees. Some money changer also do that but it is illegal.
Hi! Yap, thanks a lot for your tips.
Hi All,
First, please calm down and try to clear up your mind.
Second, please think about the following questions.
1) Are you looking for an easy and faster money income?
2) Are you looking for safety and high return financial plan?
3) Are you able to take the risk for any investment?
4) Are you able to plan the period or time for any type of investment?
5) Are you able to plan the saving fund or money for any investment?
6) Are you ever think about uncommon Freedom of life?
This is the key of Freedom!
Simple == complex, complex == Simple
This is the truth.
RM 1 == RM Rich
RM Rich == RM 1
If you want to get rich, please try to think simple as possible.
Just like LIM GOH TONG (No education).
As you know,
What you earn is not what you have!
What you save is what you gain!
Simple == Easy (No education, No Risk, No Skill, No Tactics, and etc.)
Easy == Faster (High and consistent return, Compounding interest, and etc.)
Faster == Safety (Guaranteed cash endowment and high interest return on time or plan)
Safety == Rich (Protection for education, family, car, house, retirement, and etc.)
Rich == Freedom
Let’s think about “How much and how long you want to be rich?”
Maxxsavver!
New era saving plan. Easy (Low risk like FD) and faster (High return) saving plan.
A good plan is the primary key of “Freedom”.
We would always assist you to plan your future and provide protection to your wealth and financial!
Contact me now should you need to further information
Thanks,
Warmest Regards,
CHUA ENG GHEE
AXA AFFIN Financial Consultant
HP: +60167110998 (Johor) / +656427660 (Singapore)
Email: chua.axa@gmail.com / egchua.axa@gmail.com
guys, what do you think about those income plan offer by insurance company? they offer guaranty returns of 4% cash payout & non-guaranty of 4% dividend + addition insurance cover protection.
Hi Willian,
I was approached by ING for the i-Income plan that guaranteed 4% interest but only payable after year 10th. Sounds too long but it helps you to save in the long run. For sure our FD interest rate would be on a downward trend, hence I am thinking of taking up with ING.
Dear william, for the income plan that offer by the insurance company is a long term saving. If you plan to save for long term(20years) and get a double of your capital then this plan suit you.
If u plan just to earn some interest then u better put at FD. Because FD give low return in short period , but our plan is give high return in long period. So is depends on you want high return or low return.
If you need any information i can provide you in full details(black and white document and quotation). Let me show you which type of you saving you need. Hope i can help you to solve your problem.
For more information you can email me (Age, Name, Location, Amount of saving, and Contact number) I will help you to do a quotation for you immediately.
Thanks
AXA AFFIN Financial Consultant http://www.axa-affin.com
HP: 016-715 7150 Email:derek_axa@hotmail.com
While I am not here to shoot down insurance savings plan but please remember that insurance return are calculated based on absolute terms. They calculate how much you get in total and divide by how much you pay so the return look big. Everyone in financial know that the way to calculate return taking into consideration of time is to use Net Present Value and Discounted Cash Flow, which take into consideration risk such as inflation and your future buying power.
But unfortunately, most people have time to work hard for a salary but no time to work hard on learning about money. So mutual fund managers and insurance agents will come make some money from you. They are also working hard for their salary. Some are good, some are bad, but since you know nothing, you got high chance on buying things that is not suitable for you.
@Lily, FD interest at downward trend? Do you homework! It is at historical bottom!
i passed by accidentally to this forum!!and i do agree that nowadays the FD is offering quite low rate..not sure about the insurance rate but i was approached by many..in this real world..to be honest,mutual fund manager is also not really useful if u know how to manage your own money..morever it is your hard earn money..is better that you survey the market..if u wanna be more rich,go into shares market esp the US,Oz..for the 1st timer,u continue working while u read some books..think big n grow big!!
if u r really keen on earning a lot but in legal way,i can suggest u read Azizi Ali’s book,donald trump,george soros n whittaker noel..
i started thru that struggle ^^ gd luck n all the best
Affin Bank (Winner of AhYap’s “THE MOST UGLY BANK’S WEBSITE”. I will never put money in a bank that can’t design a good website! BCB & Southern bank websites are also very ugly. No wonder they are taken over by CIMB now!)
hi all,
as i know affin bank.. the rate of SAVING ACCOUNT is arrive 2.25 % if u had reach the amount . the other juz 0.03% only. it count by daily interest what the amount you had put.
why bother invest in Fix Deposit. Mmg pulangan CIPUT. PNB product is more secure and can give better return than FD. bumi can go for ASB. Non bumi can go for ASW and AS1M
Hi Ah Yap,
I’m Singaporean n Australian, I find your site helpful and humourous… I like your style of response. Keep up your light hearted way to financial freedon advise… I love Malaysia!
Ah Rab (my chinese friends call me)
Hi we have a property in malaysia, we would like to apply for morgage loan (the property if fully paid)We applied but the bank processing is taking months to give approval.Any advice where i can get an immediate morgage load.
Tks
Hi guys out there, i accidentally jump in to this link and find it really interesting where i’m actually looking for good interest rate (probably FD) anyone can advice me where should i put in RM 100k and have some good return?
Hi Nanny,
You trying to get a short term good return or long term better return?
Hi all,
Good day to you.
Need some suggestion, I plan to purchase a condo amount RM380,000 (completed 2013). And the term will be 10/90. I will purchase it together with my young sister who just started working 1 yr, while me is 3 yrs. I’m so shy to say that my savings just around 10k even though i work for 3 years.
I guess the 90% loan from bank should’t be a problem, if i share with my sister & has father as my Guarantor. THE MAIN PROBLEM now is the 10% deposit = RM38,000…is there anyway i can borrow from bank (as personal loan)? or how? kindly suggest.
Im so desperate to purachse a condo because my younger sister & brother will come to KL very soon (they still in secondary school). Instead of all is us paying rental to 3rd party, its best i have my own condo and we all stay together. I dont wish to borrow from father as he still need to save for my younger siblings in hometown.
I feel so helpless now, kindly advise.
Hi Derek,
Definitely for long term, im looking at Rm 90k shop apartment with exisitng tenant renting for Rm800, i guess this will be a good investment in terms of good return (FD)
Hi Nanny,
Rm90k shop apartment? Sound interesting ~ Where is the location of the shop?
If the tenant renting is Rm800/month is quite good ^^
hi all,
i want to buy a house ,
can i get a housing loan from a bank (any bank) that can give me the money to put in FD first before they release it the developer.
so i can get an income from my FD interest and get to buy a house at the same time.
Hi Ah Yap,
what do you think of buying foreign currency in FD eg pound or euro? is it a good investment in long term? and will there be any govt tax if buy over RM1,000,000?
tks,
Lek
hi lek, i will never do that. You never know where a currency is headed in the future. At the end, it will be a zero sum game in the future OR if you are unlucky, worth a lot less in ringgit terms.
Dear all,
How about investment in gold? There are certain bank offer gold account? Is it good investment? Please advise.
Thanks
Gold is not a good and is not a bad investment. Gold won’t generate cashflow to you. What gold does is to maintain your buying power. If you owns gold today that can buy you 2,389 pieces of pop piah today, 10 years later your gold is still worth 2,389 pieces of pop piah. You are never richer, but at least it maintain your buying power after inflation. So I won’t call it an “investment”. Investment is suppose to make us richer over time, increasing our buying power in the future.
Then what investment is good? Can you shed some light?
People with limited time should spend some time evaluating REITs. Start with reading AXREIT and STAREIT annual and semi annual reports and see if your are comfortable with what they holds. Ask yourself, do you think the properties they have are good and will worth more in the future? Ask yourself if they are able to maintain the rental paid by the tenants? Ask yourself if something bad like a recession happen, how much will it affect the rental and your dividend. Then calculate the potential yield [Dividend divided by stock price]. Load in whenever it can give you 8% or more after tax (10% net for Malaysian, no income tax reporting required after that).
With that kind of investment, what you get is 8% cashflow each year plus appreciation of your properties value which will be reflected by the stock price [probably around inflation rate of 4%]. So total expected return is like 12% per year.
hi derek,
Is along Jln Jelatek, wangsa maju area. Just signed the S & P yesterday!
Hi Ah Yap,
Our company is in Malaysia, and we registrar the company at Labuan, so called a offshore company….
And we open a bank account in Labun which is in foreign currency,but we are restricted to the offshore act that we are not allowed to transfer back the money to earn interest in Malaysia domestic bank.
Can you share with me, how we are going to used the money to earn some extra income to the company , and we wish to transfer back the money to Malaysia instead nothing keeping money in Labuan..
Thanks
Hi!, Where can i find historical FD interest rate in Malaysia?
wow… nice area, many student at wangsa maju area.
I think is very easy to rent out ^^
So where do u live? i got few friends staying at wangsa maju.
I got the good deal i guess..80k Cash! Renting Rm 700-800 per month.
lending rates and FD rates are based on BLR. Use historical BLR rates as reference.
http://blr.my/Historical%20BLR%20Graph.htm
@Loh, USD rates now are 0% so you may need to live with that for the moment. Some banks are willing to give you 0.1% or something like that but who need 0.1%? I don’t think Labuan company allows you to use Ringgit so placing a ringgit FD is out of question. Just get your money back by dividend then if they are profits.
Once it goes lower than 4% as the minimum rate it is difficult . This is the minimum rate the government must set for every one no matter what amount the customers invest on term deposits. I am not happy to do
banking with such rates. For non investments accounts are not the problem.
I from another country dislike seeing the 3% interest rate
compare with 5% in foreign banks at present. The forex has to be !AUD = 3MR. If that fails the principal sum will gradually lessen by 50%. In the end it will be a massive reduction in business. I believe many investers will consider this idea of mine. Adjustments are very important to satisfy foreign investers with minimum satisfaction on the current situation.
halo, everyone, may i noe which bank offered the highest rate of FD nowsaday? Affin Bank??
hi nanny , if u want to rent i can help you find.
i got many friends staying at genting klang.. email me your contact number.
my email derek_axa@hotmail.com
hiii everybody,
I just need some advice..
i wanted to investment my money..but in a small amount of capital..which one is the the best..ASNB or FD or others?
Hi,Yap n everybody!
So glad to see this blog. May I know the calculation for a long term FD saving? Let say if I save total amount of RM4800 annually (with estimated interest rate 2.5% for 30 years, will I get RM31048 aft 30 years? Is it using the calculation formula as below:
FV = A * [(1+i)n - 1]/i
Actually, I’m considering about long term saving from a small fixed amount annually. My friends recommend lot of insurance saving plans with high interest rate 5-8%, but I think the way of their interest calculation is different from FD interest calculation. FD interest is rate at the compounded amount each period rather than fixed endowment annually. How do you think?
hello, ah yap
what d bes investment u think i can do for my money?
if i have 30k….
@sunny, yes, the way insurance plan “interest rate” is calculated to compare with FD is incorrect. We must use discounted cash flow to calculate the interest rate (discount rate) if we want to compare with FD. And then the rate won’t look so tempting anymore. Someone is not going to be happy after he read this again. haha.
hello Ah Yap, i am interested to know more on FD. well u see, i am new in this area but i have done several info check on FD, but i am still confused as in:;
a) how much can i get in return if i put in about 60k in FD?
b) how do they charge the interest rate yearly?
c)does 2.25% for month 1 means its 2.25% for the first month only or through out the first year?
thank u…….
lol… ah yap , u quite a funny guy leh ^^
@sunny if you want a long term saving i will re-recommend you agian to insurance saving plan. if you are interested i can show you the quotation of the saving plan.
I would like to join AMbank FD because the rate is high but i c ur comment like not encourage plp to put FD in ambank, is it because AMbank is become not stable in current situation? I want to invest the money in a bank with more stable n interest is high too. any suggestion? Please advise.
Hi, i would like to seek your advise, beside AXREIT and STAREIT, the new launching Sunway Reit..What you think about?
And the insurance plan interest rate, do it calculate on IRR basis? that what you said discounted cash flow?
hi,may i know how to check all the bank in malaysia’s interest rate of fixed deposit account?
Hi there,
Currently, I m going to take a house loan.
Eon bank offer me fd+1%, Public n Maybank offer me BLR-1.9%,
All 3 bank also offer the type of current account some body mention earlier,
can u advise on which bank I should borrow money from them.
Thanks in advance.
@Yuki, without looking at the price now, I like AXREIT and STARREIT because of their portfolio (the properties they have). For Sunway REIT, I didn’t research it at all so I have no idea. But since it is IPO, I am assume it won’t be cheap. And yes, IRR is discounted cash flow.
@Vincent, my post has direct link to each bank’s website for you to check the fixed deposit rate.
@Leong, BLR now is 6.05. BLR-1.90 = 4.15. FD is 2.8, FD + 1 = 3.8%, of course take EON bank!!! Don’t argue with money. But even if Maybank can offer me good rate I will never take it, they are lousy bank with lousy service (same quality as Streamyx). Do not support lousy business.
Ah Yap,
I m buying a property in Penang for RM$1,000,000. I plan to put down 40% and loan the RM$600,000. Planning to pay the loan off in about 5 to 6 years based on my upcoming cashflow. Based on 19 years loan of RM$600000, no penalty if paid off early, minimum 3 years holding on to the loan, HSBC offers me BLR-2.1% whereas OCBC offers 3 years fixed at 4.1% interest rate and then BLR – 1.9%, and also 5 years fixed at 4.9% and then BLR -1.9%. What do you think would be a better loan based on my intention to pay of the loan within 5 to 6 years time. Your opinion is highly appreciated as this is my first time doing a housing loan in Malaysia. I am a Malaysian working in US and planning to return to Penang for early retirement soon. Cheers!
try affin bank they give good rates
Is it FD and BLR rate also fix by Bank Negara?
1 banker told me FD control by individual bank while BLR control by Bank Negara, is it true?
If economy good, which 1 will go up 1st?
If economy down, which 1 will go down 1st?
@Bonanza, if it is long term like 30 years, decision is easy, take HSBC. But if 6 years, then both are almost the same taken into consideration we really don’t know how BLR will move. But I *guess* BLR will move up back to old level of 6.5, 6.75, so OCBC is a better bet. If I am you and I have the ability to pay off housing loan in 6 years, I still won’t pay it off. I will get a current account linked housing loan where is I have extra cash, I can put the cash into the current account and offset my housing loan interest! The different is that I have the flexibility with my cash, I can move my cash out and in easily. If there is no good use of the cash, put all of them in the current account and housing loan interest = 0!
@Leong, FD and BLR is not fixed by Bank Negara but “guided” by bank negara. The bank make the exact decision. Because BLR is loan rate and FD is deposit rate, BLR is always higher than FD. So BLR will move in bigger range (in absolute terms) than FD when interest change. The range is closer if it is in percentage term. FD drop from 3.7 to 3.0, absolute 0.7%, percentage 19%. BLR drop from 6.5 to 5.5, absolute 1.0%, percentage 15%.
A question bout loan… can i possibly get a personal loan without EPF and income tax statement?
hi guys…..fantastic issues…..money money money….not only how to get it but to grow it……im new here….looks like ah yap is the sifu…..hello sifu…..
–kieran–
hello Ah Yap
May I ask if I inherited 10k Euro, wanna put into bank for FD, which bank is the most suitable in Malaysia or Singapore which the highest interest rates per annum?
I am newbie in banking and finance..
Thanks for the advice.
Also, how is the current strength of Euro? I heard from friends that it’s falling and becoming unstable. Is it better to change it to another currency before placing them into FD?
@Rhuobhe, you can get one without EPF but you can’t get one without tax return. You must have paid tax before to prove your income. Every other income proven method will be meet with scrutiny from the bank staff (who just want to cover their ass).
@cuz, I think the interest rate is almost the same. The differences you can check between banks are – interest rate, currency conversion rate, bank charges, service quality (!). Banks such as Maybank provide lousy service, so why consider them? Interest rate are published on all websites so you can check. But most are similar. Bank charges can be very different, some banks charge RM10 per month. For banks don’t have monthly charge but US2 per transaction charge. Currency conversion is almost the same, but some bank will give slightly higher conversion rate if conversion amount big (like over RM50k). It is very hard to predict forex movement. The tread is of course no one like Euro now, but no one know if 1 year from now Euro will be higher or lower. All are speculation. You also need to consider the trend of RM, which is going up (another speculation). The logic thinking, do you ever need to use Euro? If you are staying in Malaysia and you are dealing with RM all the time, why would you want to spend extra money maintaining your Euro? Just convert everything back to RM.
Hi all, I already booked a condo which will complete in 2013. Once i receive the offer letter, i need to start searching BANK for loan comparison.
In order to receive offer by developer, there are only 3 panel banks offer:
1. MAYBANK (which is always a NONO for me)
2.Affin Bank
3.Ambank
Any of you try affin bank or ambank before? which one better in terms of services? quality of work? most important is loan approve process FAST…
kindly revert.
Thank you everyone.
Hi Ah Yap,
Is it true that interest earned from fixed deposits for whatever amount is tax-exempt as of 2008?
Interest earned from fixed deposit is always free of tax as long as the amount is less than RM100,000. If it is above, the bank will withhold 5% tax on the interest (this include all other accounts such as savings account). You do not need to report fixed deposit interest income to Tax Revenue Board. So? Always put FD below RM100,000!!!
Hi Ah Yap,
That’s what’s confusing me – I’ve read that even if the deposit amount is more than RM100,000 there is also no tax. I got my information from the LHDN website itself. Maybe you can clarify if what I understand is correct. The link is http://www.hasil.gov.my/lhdnv3e/individuIndex.jsp?process=21000&menu=2&expandable=1&pg_title=Tax Exemptions
“Income in respect of interest received by individuals resident in Malaysia from money deposited with the following institutions is tax exempt with effect from 30 August 2008:
1. A bank or a finance company licensed or deemed to be licensed under the Banking and Financial Institutions Act 1989;
2. A bank licensed under the Islamic Banking Act 1983;
3. A development financial institution prescribed under the Development Financial Institutions Act 2002;
4. The Lembaga Tabung Haji established under the Tabung Haji Act 1995;
5. The Malaysia Building Society Berhad incorporated under the Companies Act 1965;
6. The Borneo Housing Finance Berhad incorporated under the Companies Act 1965.”
Oh good info your have. I just call Public Bank and they confirm to me that in 2010, it is tax exempt (as budget planning). But 2011 not confirm yet.
Hi Ah Yap,
What is your comment about Public Bank’s PB Step Up Rate? 1st mth 2.88% p.a and 10th mth is 4.88%p.a. Looks appealing to me.
Thanks.
Lilly
hi may i knw, how many years usually ppl invest on FD? n the interest gain from FD is added in the amount n continue gain interest or the interest is in a separate account?
Eg: i put 5k FD, 2%, then 2nd year is 5100? 3rd year’s interest = 5100×2%?
plz clarify me~ thx~
Hi Ah Yap, good day,
Currently I’m looking for a Housing Loan (property is RM250K) and read about the “Current Account linked housing loan” that you mension. So, do you know any bank that do have offer this type of loan?
Thanks.
All banks can link your housing loan with current account. Just request for this facilities. By the way this Blog is set for issues related to Fixed Deposit not House loan.
Good News to all FD savers…Bank Agro is offering 3.60% per annum.
This is for Senior Citizen 50 years and above , the interest is giving out monthly. Best offer in town
Hi Ah Yap,
Currently I’m looking for personal loan.Can you advice me regarding this matter..I’m already working for two years and my basic salary just increase last month to rm1300 and my salary per month including overtime is average rm2000…I really need money around 15k-20k…
1)exact tha fixed deposit rate is automatic renewal? what is the minimum amount?
2)what is repo rate? is it daily or weekly? and what is the minimum amout? its repo rate is fixed?
3) is the FD rate and repo rate have tax exempted?
After reading the above queries and comments, I am still in the dark which bank have the best scheme for deposit income. I have RM 200K in a bank FD, matured in a few months time, the interest rate is low approx 2.5%. I have to think seriously the best income return for the little 200K plus, I am now 60 year young.
Thank You for comments
Go for Agro Bank…Best offer in town
If u have 100k cash in hand; what will u do at this moment ?
My thinking is `money in my pocket is better than putting in others people’s pocket’ so, i only go for 1 mth FD or buy share in short term; am i correct ?
Pls advice & tq
Put it on 1 month FD while you THINK about it. Put in 2 separate FD 50k, 50k each because future might need to tax the interest income if single FD over 100k.
Ah Yap
Shall i go for std chart with 5% FD rate; the best in town right? regards & tq
Standard Chart 5 % rate is for Saving account not to be mistaken for FD
( Fixed deposit). For savings account Standard chartered apparently is the Best offer. However note that Savings account rate can CHANGE any time. For the Best FD rate in town…try AGRO Bank …3.60% per annum. It is applicable only for Senior Citizen ( 50 years and above)
I was googling for best malaysian bank fixed deposit rates and found your web-site.I find this web-site very much in lay-man terns,in other word’s easier to understand.
i am singaporeon,looking to open a fixed deposit account in a malaysian bank.
The investment amount,which i have in mind is more than two million ringgat.
1)As a foreigner,am I subjected any form of tax?
2)I am willing to consider other option’s,if it is safe (just as fixed desposit rates) meaning I would not lose my capital.care to recommed some?
3)For the amount of 2 million rinngat,which bank’s offer the best monthly fixed deposit rates?
4) If you are investing a large amount of money in any bank in fixed deposit account, can the interest rate be negioated with the bank?
Thank’s in advance.
Mr ahyap,
I have left out one question,i was told that Islamic banking products’s yield a high rate of return’s.could you care to recomend some or atleast explain in simple term’s of how the interest or return’s are compounded.
Thank’s again
@Thomas, if you are a Singaporean, what is the reason you want to open FD account in Malaysian? If you deposit in SGD, the interest won’t be better in Singapore. If you deposit in Ringgit, you need to suffer conversion loses and subject to future forex fluctuation. I am not sure about the tax and best guess is no tax. The only tax is 5% withhold by the bank if amount of deposit over RM100k but which is currently waived for the year. I am not familiar with other capital safe investment. You can negotiate very slightly better rate with banks BUT the more doesn’t mean the better, some banks like maybank will actually offer you a lower rate if you have FD over 1 million, say 2.85% for your first million and maybe just 2.3% for your 2nd million. You you may need to put it in several banks. And last, if you have RM2 million, you should spend more time on how to manage your money! And Islamic interest can be higher or lower in short term but in long term, it will be the same as fixed rate investment so it really make no significant differences.
@ah yap
Thank’s for your swift reponse.The reason,for me to conisder opening FD in account,I was assuming it had higher interest rate,when it is compare to sg.
I guess I didn’t consider the following factor’s conversion rates and future fluctations.
I am still at loss,what to do with it. Thank’s anyway
Hi Yap,
I’ve cross checked the FD among several banks and AmBank is providing higher interest than the others. May I know why is this so? Does it indicate something?
Also, regarding Ambank’s product as below, I’m confusing why is the Rates p.a for 1 month Tenure is higher than 3 months & so forth. It shouldn’t be the interest rates in return, is it? Can you pls explain in details how can i get the return by deposit my money into InterestPlus?
InterestPlus Fixed Deposit Rates
Effective Date: 21 June 2010
Tenure Rates Per Annum
1 month 33.73%
3 months 12.91%
6 months 7.81%
9 months 6.09%
12 months 5.61%
Thank you in advance.
Hi Yap, I’ve got some advices from mutual fund agents, regarding unit trust. Is it true that unit trust is a tool to hedge against inflation? If it’s true, how does it work?
As per my understanding, the unit price for unit trust fund will rise because of inflation, and that’s how the theory works(unavoidable, there must be some fluctuation over the period of time but inflation will cause the price per unit to be increased). Also, for long-term investment, it will reduce the risk.
What’s your opinion?
Unit trust IS NOT a tool to hedge against inflation because it will go up and down, up and down. Unit Trust are a basket of stocks. Since stocks are not a tool to hedge against inflation, so how can unit trust be? They are simply “investment”. Good investment make money, bad investment suck your money. There is no guarantee. The only thing that can hedge against inflation is GOLD. But unfortunately, gold is not an investment, it merely maintain your buying power, it won’t make you richer or poorer, a good investment will make you richer (bad investment make your poorer). Stock price will rise up and down for many reason (depending on which school you are in) but CERTAINLY will not increase just because there are more inflation!!! But one thing is CERTAIN is that the unit trust seller will make commission selling unit trust to you.
There are always many frogs lying under the rocks. The FD rate you see can only be obtained if you know what is the frog. The frog is that you need to invest in their Unit Trust before you can put the FD (that’s AmBank InterestPlus). There is another one call MegaFD, that one you need to buy life insurance before you can invest in that FD. They are not conventional FD. Conventional FD rate won’t differ too much between banks, mostly 0.1%!!! Yes, 0.1%!!! When you see something like 5%, that means there are hidden frogs under the rock. The same apply to Hong Leong 5% FD and the Standard Chartered FD, what is the frog? Go ask and find out yourself. There are many funny “cute” frogs depending on how creative the marketing team of the bank is.
Thanks for your sharing, it helps a lot to clear my doubts. =)
hi, i put rm 80 k in FD in public bank for 12 months but i withdraw te money 20 days before maturity. How much interest i hv to get for that?
Hi lini,
Just FYI & sharing from my experience at other banks than PBB, for normal/conventional 12 months placement in Fixed Deposit, withdrawal before maturity date — if you’ve placed a minimum(must at least)of 3 months, they’ll paid you half of the promised interest (Eg. PBB current FD-12mths-2.85% p.a., so they’ll pay about 1.425%).
It’s better to check up with the bank.