Best Fixed Deposit Interest Rates by Malaysian Banks for January 2023

The below table consolidates the latest promotional interest rates (p.a.) for fixed deposit campaigns by our Malaysian banks in January 2023 for your quick and easy reference. Rates are valid as of 16th January 2023, and shows you the bank and product that has the highest interest rates from 2-month (4.0%) to 24-month tenures (4.8%):

Bank	Product	Tenure								Details
		2	3	4	6	9	12	18	24
Affin	eFD/eTD-i			3.85%	3.95%	4.00%	4.15%	4.2%		More Info
Alliance	ATD-i				4.08%		4.38%
AmBank	FD2*	4%								More Info
Hong Leong	eFD/eFD-i*				4.18%					More Info
Hong Leong	eFD/eFD-i		3.93%		4.13%					More Info
Bank Muamalat	FTD-i		4.00%							More Info
Public Bank	eFD FPX		3.45%		3.85%	4.05%	4.25%			More Info
Public Islamic	TD-i/eTD-i								4.8%	More Info
Public Islamic	TD-i/eTD-i							4.5%		More Info

* New to eFD customers only

Do take note of the requirements on minimum placements, campaign end dates, and whether these fixed deposits need to be placed over the counter at your bank branch, as well as require fresh funds (sourced from outside their bank):

Bank	Product	Interest Payout	Minimum Placement (RM)	Campaign End Date	Over The Counter	Fresh Fund
Affin	eFD/eTD-i	At Maturity	20,000	19-Jan
Alliance	ATD-i	At Maturity	5,000	28-Feb	Yes	Yes
AmBank	eFD/eTD-i	At Maturity	10,000	31-Jan		Yes
Hong Leong	eFD/eFD-i**	At Maturity	1,000	27-Jan		Yes
Hong Leong	eFD/eFD-i	At Maturity	10,000	27-Jan		Yes
Bank Mualamat	FTD-i	Monthly	5,000	31-Jan	Yes	Yes
Public Bank	eFD FPX	At Maturity	5,000	31-Mar		Yes
Public Islamic	TD-i/eTD-i	6-Monthly	5,000	28-Feb		Yes
Public Islamic	TD-i/eTD-i	6-Monthly	5,000	31-Mar	Yes	Yes

* New to eFD customers only

This list excludes all special rates offered to premier banking customers, combo products with bancassurance or investments, and term investment products. For preferential rates, you are advised to speak to your bank's relationship manager directly.

Verdict - Best short-term tenure is with AmBank at 4% for 2-months. Best long-term tenure at 24-months is with Public Islamic Bank at 4.8%, which pays out the interest earned every 6 months.