Maybank Fixed Deposit Rate (Malaysia)

Maybank Malaysia offers its customers the best FD interest rates of 3.10% annually with a minimum deposit of RM 1000 for a tenure of 5 years. The attractive FD rates are available for two types of FD schemes: Conventional Fixed Deposit Accounts (FDs) and Islamic Fixed Deposits-i (FDs-i).

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With Maybank, customers can enjoy higher rates with the Maybank2u app available at their fingertips. Online FDs can be bought for e-FDs (conventional) and IFDs-i (Islamic) schemes.

Maybank FD Rates 2022

TENURE Fixed Deposit Account Interest Rates Prosperous Now Account-i Interest Rates Islamic Fixed Deposit-i Interest Rates
1 Month 2.45% p.a. 2.35% p.a. 2.45% p.a.
2 Months 2.65% p.a. 2.55% p.a. 2.65% p.a.
3 Months 2.70% p.a. 2.60% p.a. 2.70% p.a.
4 Months 2.70% p.a. 2.60% p.a. 2.70% p.a.
5 Months 2.70% p.a. 2.60% p.a. 2.70% p.a.
6 Months 2.80% p.a. 2.70% p.a. 2.80% p.a.
7 Months 2.80% p.a. 2.70% p.a. 2.80% p.a.
8 Months 2.80% p.a. 2.70% p.a. 2.80% p.a.
9 Months 2.80% p.a. 2.70% p.a. 2.80% p.a.
10 Months 2.80% p.a. 2.70% p.a. 2.80% p.a.
11 Months 2.80% p.a. 2.70% p.a. 2.80% p.a.
1 Year 2.85% p.a. 2.70% p.a. 2.85% p.a.
13 Months- 35 Months 2.85% p.a. 2.85% p.a.
36 Months- 47 Months 2.90% p.a. 2.90% p.a.
48 Months- 59 Months 3.00% p.a. 3.00% p.a.
5 Years 3.10% p.a. 3.10% p.a.

Rates are effective as of 7th November 2022.

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular company or

product. The policyholder bears the investment risk in the investment portfolio.

About Maybank FD Interest Rates

For investors who seek fixed returns at regular intervals, Maybank offers its Fixed Deposits at competitive rates with guaranteed returns. 

These schemes offer the additional benefit of getting working capital instead of keeping the FDs as collateral with certain terms and conditions.

Maybank provides its clients with three types of FD Schemes with applicability to access them online with the Maybank2u app as e-Fixed Deposits (e-FDs) and e-Islamic Fixed Deposits-i (IFDs-i) as well.

Let us read about the schemes in detail in the following section.

Types of Maybank FD Schemes

  1. Fixed Deposit Account

    • The customer can gain interest at higher interest rates 

      Minimum Deposit: 
      • RM 1000 (for 2 months period and above)
      • RM 5000 (for 1 month period)
    • Earn high interest as compared to a simple savings account.

    • Gives protection against interest rate fluctuations in the banking market.

  2. Islamic Fixed Deposit-i (FD-i)

    • A customer can earn an Islamic Deposit Rate at predetermined profit rates.

    • The principle concept behind Islamic Term Deposit is based upon the Shariah concept of Commodity Murabahah (cost and sale) contract.

    • Under this contract, the bank uses an identified asset for sale and purchase transactions between the bank and the customer.

    • Offer high-profit rates than simple Islamic savings accounts.

      Minimum Deposit: 
      • RM 1000 (for 2 months period and above)
      • RM 5000 (for 1 month period)
      • RM 500 (for minors and in-trust customers applying for any tenure)
      Tenure Period: 1 month- 5 years.
    • Profits can be earned monthly, half-yearly, or upon maturity.

    • The Islamic FDs are also eligible as collateral for banking facilities with applicable terms and conditions.

  3. Prosperous Now Account-i

    • This FD Scheme is also based upon the Shariah concept of the Commodity Murabahah contract.

    • The customer is given some instant cash/security deposit (Hamish Jiddiyah) as upfront profit while placing the FD Scheme.

    • The bank pays the principal amount upon completion of the tenure period, and the profit gets adjusted in the upfront profit credited during the FD scheme placement.

      Minimum Deposit: RM 10000. Tenure Period: 1 month- 1 year.
    • Offers high profits as compared to the normal Islamic savings account.

    • Profit rates are fixed prior, so there are no interest rate fluctuations.

    • It also provides customers with free Personal Accident Takaful Coverage and Medical and Funeral Expenses (accident only).

    • This FD Scheme is also allowed for Banking facilities with applicable terms and conditions.

Features of Maybank FD Accounts

  • FD investments with Maybank make your money work for you.

  • The interest rate is computed based on the number of days under the term of the deposit.

  • Under the Unclaimed Moneys Act 1965, money deposited under Automatic Renewal in the FD is classified as Unclaimed Money if the FD account is continuously inoperable for 7 years. 

Features of Online Fixed Deposit Schemes (e-FDs and e-Islamic FDs): 

  • Maybank Malaysia also offers its customers to enjoy the convenience of managing their accounts from the ease of their homes

  • It also allows them to reap the benefits of fixed and higher interest rates compared to normal savings accounts.

  • Allows ease in placing new FD applications anytime and anywhere with Maybank2u.

How to invest in the Maybank FD Scheme

    1. For Buying the FD Schemes Offline

      Visit the nearest Maybank branch with all the essential documents.

    2. For Buying the FD Schemes Online

      Customers can avail of the benefits of Maybank FD Schemes by following the steps below:-

      If first-time e-FD placement:

      • Step 1: Log in to Maybank2u online.

      • Step 2: Click on "Apply" → Select "Apply Now" under the Fixed Deposit section.

      • Step 3: Select the favorable account type, i.e., Conventional or Islamic, under the drop-down options "product type" --> select account type as "Individual" or "Joint" as per choice.

      • Step 4: Fill in the Application form details carefully.

      • Step 5: Press the button "Make Placement."

      • Step 6: Revise the details on the form review page and click "Confirm" upon validating them. This completes the e-FD placement process successfully.

      Eligibility Criteria

      • Available for all individuals holding Maybank Accounts, Joint Accounts, and Sole Proprietors.

Documents Required

  1. Primary Documents

    • Malaysians must have a valid MyKad document.

    • Foreigners must hold a valid passport and other necessary evidential documents required by authorities while visiting/ staying in Malaysia.

  2. Secondary Supporting Documents (any one of them)

    • A Malaysian holding a valid passport (considering MyKad was the primary document).

    • A customer can also produce a valid driving license.

    • Utility bills, like water/electricity/ telephone bills, Quit rent Notices, and an Assessment Notice with the name and address of the respective customer can also be produced.

    • A letter of employment in the customer's name can also be a supporting document.

Premature Withdrawal

Effective from 1st January 2019, the updated premature withdrawal rules for the existing, renewed, and new conventional FD placements are as follows:

  1. Premature FD Withdrawal Without 31 days of Notice Period:

    For an immediate premature FD withdrawal without 31 day's notice period, no interest will be paid if the full tenure period of the FD is not fulfilled.

    For Example

    Principal FD Amount: RM 10000
    Start Date: 01/01/2023
    Premature Withdrawal Date: 1/03/2023
    Date of FD Maturity: 01/07/2023
    Computation of Premature FD Withdrawal Interest
    =Principal Amount ✖ Rate of Interest ✖ (No. of Days/ No. of Days in a Year)
    =RM 10000 ✖ 0% (59/365 )
    =RM 0
  2. Premature FD Withdrawal With 31 Days' of Notice Period:

    • The customer must possess a current/ savings account available with the bank.

    • If the notice period of 31 days is provided by the customer in writing, 50% of the interest is payable at the contracted interest rates.

    • The interest is calculated for the total days until the end of the Notice Period.

    • On the 32nd day from the notice, the computed interest with the principal amount gets deposited in the bank's desired current/ savings account.

    • The customer is not allowed to amend any instructions related to the FD until the Notice Period ends.

    For Example 

    Principal FD Amount: RM 10000
    FD Tenure Period: 12 Months
    FD Interest Rate: 3.35% p.a.
    Start of FD Date: 01/01/2023
    Notice Date (Notice given by the Customer): 04/02/2023
    Premature Withdrawal Date: 10/03/2023
    Date of Maturity of FD: 01/01/2023
    Total No. of days become= 68
    Computation of Premature FD Withdrawal Interest
    =Principal Amount ✖ 50% of Contracted Rate of Interest ✖ (No. of Days/ No. of Days in a Year)
    =RM 10000 ✖ (3.35%/2) ✖ (68/365)
    =RM 32.602

SME Fixed Deposit Extra/-i (Loans against Maybank FD/ Islamic FD-i)

Maybank also offers its customers to get a maximum working capital of 200% raised against their FDs or Islamic FDs as collateral.

This facility supports the customers with the daily operational needs of a business engaged in government contracts or import/export businesses.

  1. Who is Eligible for SME Fixed Deposit Extra/-i

    • Sole Proprietors, Partnership Businesses, Private Limited Companies, and Professionals are eligible for this working capital financing.

  2. Other Features of SME Fixed Deposit Extra/-i Facility: 

    • Financing is given only for Working Capital.

    • Maximum Loans Allowed: Up to RM 5 million

Types of SME Facility (with tenure):

SME Facility Type Tenure
Term Loan/ Commodity Murabahah Term Financing-i (CMTF-i) Maximum 5 years
Overdraft/ Cash Line-i (CL-i) It is subject to renewal
Tradelines/ -i* It is subject to the trade cycle

*These are provided in the form of Letters of Credit (LCs), Invoice Financing (IF), or Bank Guarantees (BGs)

Collaterals Eligible Under the Facility:

  • Fixed Deposits (FD)/ Islamic Fixed Deposits (IFD-i)

  • ASB

  • ASN

  • ASW2020 (only for Conventional)

FAQ's

  • Which bank in Malaysia has the highest FD interest rate?

    The banks offering attractive FD rates are as follows:
    • Affin Bank e-FDs/e-TDs-i: 4.15 % (for 12 months tenure)
    • Bank Rakyat: 4.05% p.a. (for 6 months tenure)
    • Maybank: 4.00% p.a. (for 3 months tenure)
    • Standard Chartered: 4.00% p.a. (for 6 months tenure)
  • Is Fixed Deposit worth in Malaysia?

    Fixed Deposits are still the best choice in Malaysia for investors with a low-risk appetite and preferring predictability and safety over high returns. The FDs offer the benefits of guaranteed returns with predetermined interest rates. In Malaysia, the amounts under FDs are protected by the Perbadanan Insurans Deposit Malaysia (PIDM).
  • Which bank is best for investment in Malaysia?

    As per the financial reports of Malaysia, the Maybank Investment Bank, CIMB Investment Bank, and AmInvestment Bank are some of the best and highly competitive banks offering excellent financial products and services to their customers.
  • What should I invest in Malaysia?

    The best investment products that one can opt for in Malaysia are as follows:
    • ASBs: Amanah Saham Bumiputera
    • ETFs: Exchange Traded Funds
    • PRS: Private Retirement Schemes
    • ETBs: Exchange Traded Bonds
    • FDs/IFDs-i: Fixed Deposits/ Islamic Fixed Deposits-i
    • REITs: Real Estate Investment Trust
  • What are the disadvantages of Fixed Deposits?

    The significant disadvantages of a Fixed Deposit scheme are mentioned below:
    • The interest gained is fully taxed under IT Act.
    • The interest earned under Fixed Deposits is also charged with TDS annually, which gets deducted by the banks.
    • The interest rates offered under FDs are comparatively lower than other investments like mutual funds, shares, and bonds.
    • Sometimes the interest rates can also be lower than the inflation rates.
  • Is Unit Trust better than Fixed Deposit?

    Unit trust products offer low returns on investment as compared to Fixed Deposits. But in the medium to long-term, the Unit Trust investment products offer more attractive returns at agreeable market risks.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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