If your savings have been sitting in a regular account earning next to nothing, you’re leaving money on the table. Fixed deposits are one of the safest ways to grow your money in Malaysia, and right now some banks are still offering promotional rates above 3% p.a. That’s worth acting on.
This post covers the best fixed deposit rates in Malaysia for 2026, the top promotional deals available right now, and what to watch out for before locking in your money.
What Is a Fixed Deposit and Is It Still Worth It in 2026?
A fixed deposit is pretty simple: you lock a lump sum with a bank for a set period (anywhere from 1 to 60 months) and get a guaranteed interest rate in return. There’s no market exposure and your principal is protected, making it one of the more predictable savings tools out there.
All fixed deposits at licensed Malaysian banks are insured by PIDM up to RM250,000 per depositor per bank. Bank Rakyat deposits carry a full Malaysian Government guarantee.
With Bank Negara cutting the OPR to 2.75%, standard board rates have come down. Promotional rates are still decent though, especially if you move before they expire.
Best Fixed Deposit Rates in Malaysia: March 2026
Here’s a look at standard board rates across major banks. These are available to regular customers with no extra conditions:
| Bank | Rate Range (p.a.) | Tenure | Min. Deposit | Insured By |
|---|---|---|---|---|
| Alliance Bank | 1.90% – 2.45% | 1–60 months | RM500 | PIDM |
| UOB | 2.15% – 2.45% | 1–12 months | RM500 | PIDM |
| Bank Rakyat | 2.10% – 2.40% | 1–60 months | RM500 | Gov’t Guarantee |
| HSBC | 1.95% – 2.15% | 1–60 months | RM1,000 | PIDM |
| Maybank | 1.80% – 2.15% | 1–60 months | RM1,000 | PIDM |
| CIMB | 1.75% – 2.15% | 1–60 months | RM1,000 | PIDM |
| OCBC | 1.85% – 2.10% | 1–60 months | RM1,000 | PIDM |
| AmBank | 1.75% – 2.15% | 1–60 months | RM500 | PIDM |
| AFFIN Bank | 1.00% – 2.10% | 1–60 months | RM500 | PIDM |
| Hong Leong Bank | 1.75% – 2.10% | 1–60 months | RM500 | PIDM |
| RHB | 1.75% – 2.05% | 1–60 months | RM500 | PIDM |
| Public Bank | 1.75% – 2.05% | 1–60 months | RM1,000 | PIDM |
Rates are indicative board rates as of March 2026. Verify directly with the bank before placing your deposit.
Top Promotional FD Rates to Grab Right Now
Promotional rates are where you’ll find the real value. Banks run time-limited campaigns tied to online placements or specific tenures, so it pays to check what’s on before committing. Here’s what stands out:
CIMB eFD-i Raya Bonus Campaign
CIMB is offering 3.55% p.a. for 6-month and 12-month placements, available until 31 March 2026. You need to place via CIMB Clicks or online banking, with a minimum of RM1,000. Lock it in before the deadline and the rate holds for the full tenure.
Alliance Bank FD Gold
Up to 2.55% p.a. for 12 months with a minimum of RM500. One of the better standard rates available to regular (non-priority) customers in Malaysia right now.
BSN Senior Citizen FD
Malaysians aged 60 and above get a preferential rate of up to 2.80% p.a. for 12-month placements at BSN. Hard to beat for that age group.
Hong Leong Priority Banking Premium FD
Priority banking customers can access up to 2.50% p.a. with some flexibility on early withdrawals. Worth a look if you have a larger sum and want to stay with a well-established bank.
The Headline Rate Trap
Some banks advertise rates of 5% or even 6% p.a. Read the fine print before getting excited. A lot of these are bundled products that require you to buy an insurance or investment product at the same time. Once you factor that in, the effective return on your total placement often falls to 3% or lower.
Always ask for the effective interest rate (EIR) on the full amount you’re placing. If the banker can’t give you a straight answer, walk away.
Should You Consider a Money Market Fund Instead?
FDs lock your money in for the full tenure. If you want the option to pull out whenever you need to, a money market fund gives you that flexibility. Apps like Versa offer competitive cash management returns with no lock-in period at all.
The trade-off is that money market fund returns can shift when the OPR changes, while your FD rate stays fixed once you’ve locked in. If you’re comfortable leaving your money alone for 6 to 12 months, a good FD will typically edge out a money market fund over the same period.
If you’d like to give Versa a try, you can sign up here and get RM10 when you join.
Our Pick: Best FD for Each Situation
- Best promo rate right now: CIMB eFD-i at 3.55% p.a. (expires 31 March 2026)
- Best standard rate for regular customers: Alliance Bank FD Gold at up to 2.55% p.a.
- Best for short tenures: UOB, with solid rates for 1 to 3 months and a low RM500 minimum
- Best for senior citizens: BSN at 2.80% p.a. for 12 months
- Best government-backed option: Bank Rakyat at up to 2.40% p.a. with a full government guarantee
How to Open a Fixed Deposit in Malaysia
Step 1: Compare rates first. iMoney, RinggitPlus, and Versa’s FD tracker are good starting points to see what’s available across banks.
Step 2: Match the tenure to your plans. Only lock in for as long as you’re comfortable leaving the money. Breaking an FD early usually means losing the interest.
Step 3: Check the minimum deposit. Most banks start at RM500 to RM1,000. Some online promos have higher minimums, so read the details first.
Step 4: Place it online. Most banks let you open an FD through their app or internet banking in a few minutes. No branch visit needed.
Step 5: Set a reminder near maturity. When your FD matures, shop around again before letting it auto-renew at the current board rate. A better promo might be waiting.
Final Thoughts
Fixed deposits won’t make you rich, but they do a solid job of protecting your money and giving you a guaranteed return. With OPR cuts making savings accounts even less appealing, putting a portion of your cash into an FD is a sensible move.
If you have money sitting idle for the next 6 to 12 months, the CIMB eFD promo at 3.55% p.a. is the strongest deal available right now. It expires on 31 March 2026, so time is short. Alliance Bank FD Gold and UOB are good alternatives if you miss it.
This article contains affiliate links. If you sign up or make a purchase through our links, we may earn a commission at no extra cost to you.
This article is for informational purposes only and does not constitute financial advice. Always verify rates directly with banks before making any financial decisions.
Related Articles
- Best Savings Account in Malaysia (2026): High-Interest Options Ranked
- Where to Park Your Emergency Fund in Malaysia: 3 Best Options Compared
- Best Digital Bank in Malaysia (2026): All 5 Licensed Banks Ranked
- ASB Loan vs Cash Investment Malaysia 2026: Is Borrowing to Invest Still Worth It?
Want to understand how the OPR shifts FD rates and other returns? Read: Bank Negara OPR Malaysia 2026: How Interest Rate Changes Affect Your Savings, Loans & Investments.
