Malaysia Best Fixed Deposit Rates [October 2026]

Still weighing up fixed deposits to grow your savings? Here is our fully refreshed guide to the best fixed deposit rates in Malaysia for October 2026 — with current promotional rates, what they really pay after the promo ends, and how to choose the right one for your goals. (Rates verified October 2026; always confirm with the issuer before you place, as promotions change frequently.)

Why Fixed Deposits Still Matter in 2026

With so many ways to grow your savings today, the fixed deposit (FD) remains the default safe choice for most Malaysians — and for good reason. Your principal is guaranteed, returns are fixed regardless of what markets do, and your money is protected by PIDM up to RM250,000 per depositor per bank.

The rate backdrop has shifted since the last cycle. Bank Negara Malaysia cut the Overnight Policy Rate (OPR) from 3.00% to 2.75% in July 2025, and has held it at 2.75% throughout 2026 — most recently at the 3 September 2026 MPC meeting, where BNM kept the OPR unchanged and lifted its 2026 growth forecast to around 5%. The next and final MPC decision of the year is due on 5 November 2026. A lower OPR generally pulls deposit rates down too, which is why standard board rates now sit around just 2.00% – 2.50% p.a. at most banks. The good news: banks are still fighting hard for new deposits, so promotional rates of roughly 3.7% – 4.4% p.a. remain available if you know where to look.

Newer digital banks — GXBank, AEON Bank, Boost Bank and Ryt Bank — have also reshaped the picture, typically offering more than traditional banks’ board rates through a hassle-free mobile app, though the very top promotional rates this month still sit with the incumbents. For a fuller view of where to keep cash, see our guide to the best savings accounts in Malaysia.

Pros & Cons at a Glance

Latest Best Fixed Deposit Rates in Malaysia (October 2026)

The table below shows the leading promotional FD rates we could verify as live in October 2026. Most of these campaigns require fresh funds (money brought in from outside the bank), and standard counter rates are typically much lower. October starts thin: the 30 September cliff-edge we flagged last month took out most of September’s offers — Maybank, AmBank, OCBC, Hong Leong, Public Bank, Standard Chartered, UOB and Alliance Privilege all ended that day — and most had not posted an October successor when we checked on 1 October. The offers still standing are CIMB’s new October campaign, RHB’s extended 7/9-month FD, Bank Muamalat’s Elevate campaign, alrajhi’s upfront-profit TD-i and Alliance’s Sri Petaling branch offer.

*Alliance’s 4.38% p.a. is a branch-opening offer: you must be new-to-bank (or have no existing CASA-i) and open the account at the Sri Petaling branch in Kuala Lumpur. The top tier requires Alliance Privilege or Alliance Personal status — mass-market customers are quoted a lower rate. It is a genuine PIDM-protected term deposit, and it runs to 31 October or until the bank’s threshold is reached, whichever comes first.

†Bank Muamalat’s TIA-i and CIMB’s TIA-i are Term Investment Accounts-i, not deposits — the quoted figures are expected/indicative profit rates and they are not PIDM-protected. Bank Muamalat’s 3.88% needs Affluent status and a RM300,000 single placement (3.85% at RM50,000); from RM5,000 it pays 3.80% for 9 months and 3.75% for 12 months, over the counter with fresh funds only.

‡Bank Muamalat’s Fixed Term Account-i is the PIDM-protected sibling of its TIA-i: 3.75% for 9 months and 3.70% for 12 months from RM5,000, rising to 3.80% (RM50,000) and 3.83% (RM300,000) for Affluent customers. Fresh funds, branch counter only.

Other tenures worth knowing: RHB also pays 3.70% p.a. for 7 months on the same RM5,000 minimum, online or over the counter. CIMB’s eFD/-i campaign advertises “up to 3.83% p.a.” from RM1,000 via CIMB Clicks, OCTO or FPX; comparison sites list the ladder as 3.40% (3 months), 3.70% (7), 3.80% (12) and 3.83% (15), but CIMB’s tenure table was not readable when we checked, so confirm the exact tenure in-app before you place. alrajhi’s upfront-profit TD-i credits your profit the day after placement rather than at maturity, and is placed through the MY alrajhi app.

Reported but not yet confirmed by us: RinggitPlus reports that MBSB Bank revised its TD-i campaign on 22 September (running to 31 October) to 3.80% for 6 months and up to 3.83% for 12 months from RM1,000, with the TIA-i at up to 3.85%. We could not load MBSB’s own campaign page, and another listing suggests the top 12-month tier needs a much larger placement, so we have left MBSB out of the table this month — check the minimum with MBSB before relying on the 3.83%. alrajhi has also launched a fresh MY alrajhi TD-i Advantage campaign (1 October – 31 December) with revised rates we had not been able to confirm at the time of writing.

Campaigns that closed on 30 September and had not relaunched when we checked (1 October): Maybank eIFD-i (3.70%), AmBank eFD/eTD-i (3.80% on 12 months with code MAJU12), OCBC FD-i (3.75%) and its 4.28% Wealth Bundle, Hong Leong eFD (3.70% on 6 months), Public Bank’s Special FD and eFD via FPX (up to 3.70%), Standard Chartered FD/TD-i (3.60% – 3.75%), UOB FD Plus (4.10%, new-to-bank), Alliance Privilege / Personal Term Deposit-i (3.85%) and HSBC Premier Time Deposit. These banks usually roll out a new cycle within days to a few weeks, so if one of them is your main bank, check its promotions page again mid-October.

Important PIDM note: several headline “FD” products — including Bank Muamalat TIA-i, CIMB TIA-i, MBSB TIA-i, AmBank MTIA-i and RHB CMD-i — are commodity-linked investment accounts, not fixed deposits. This month they hold two of the top three spots on our table. They are not PIDM-protected, and principal is not guaranteed. If safety is your priority, stick to genuine PIDM-protected fixed deposits — the best of which this month is CIMB’s eFD/-i at up to 3.83% from RM1,000.

1‑Month & 3‑Month Tenures

If you only have a quarter before you need the cash, short tenures keep you flexible. Promotional rates on 1–3 month placements sit below the 12-month headline numbers — CIMB’s October campaign is listed at 3.40% p.a. for 3 months, and alrajhi’s upfront-profit TD-i also covers short tenures from RM500 — but they let you re-shop quickly if rates move. With most of September’s 3-month promos gone, it may be worth waiting a week or two for Maybank, AmBank and Hong Leong to relaunch. Useful for parking a bonus or a property deposit you will need soon.

6‑Month Tenures

Six months is the sweet spot for many savers — a solid yield without locking money away for too long. The single best rate this month, Alliance’s 4.38% at Sri Petaling, is a 6-month placement, but it needs a branch visit and new-to-bank status. With UOB, OCBC, Hong Leong and Maybank’s 6-month promos all ending on 30 September, the broadly-available 6-month field is thin at the start of October; if you want a no-lock-in alternative, GXBank’s Bonus Pocket pays 3.80% p.a. if you complete a 6-month pocket (see below). RHB’s 7-month FD at 3.70% from RM5,000 is the nearest conventional option.

12‑Month & 24‑Month Tenures

For a year or so, CIMB’s eFD/-i leads the PIDM-protected field this month at up to 3.83% — and it accepts just RM1,000 online, which makes it the best combination of rate and accessibility (aggregators list 3.80% for 12 months and 3.83% for 15). If a 9-month lock suits you better, RHB pays 3.80% from RM5,000 and Bank Muamalat’s FTA-i pays 3.75% from RM5,000 at the counter, with its Elevate campaign running all the way to 31 December. Before committing, make sure you can comfortably leave the money untouched; set aside an emergency buffer first (our emergency fund guide walks through how much).

Limited‑Time Promotional Campaigns

Promotional rates are the whole game with FDs in 2026. The gap between a promo rate (around 3.6% – 4.4%) and the standard renewal board rate (around 2.00% – 2.50%) is enormous — often more than 1.5 percentage points. Treat every maturity as a fresh decision and chase the next promotion rather than letting your money auto-roll at the board rate. Note too how many campaigns expire on the last day of a month or quarter: the 30 September cliff-edge removed most of last month’s table in one day. The next dates to watch are 31 October (Alliance Sri Petaling and RHB) and 3 November (CIMB), just before BNM’s 5 November MPC decision.

Fixed Deposit Rate Trends (2025 → 2026)

After peaking alongside the 3.00% OPR, deposit rates eased once BNM cut to 2.75% in July 2025. Through 2026 the OPR has stayed at 2.75% — held again on 3 September 2026, with one more MPC decision left this year on 5 November — so promotional FD rates have settled into a 3.5% – 3.8% band for widely-available offers, with a handful of conditional campaigns (branch-opening, priority-banking or investment-account products) reaching above 4%.

Competition has also shifted where the best rates come from. Rather than a single dominant player, the leaders rotate month to month as banks time campaigns around festive periods — September’s crop was built around Merdeka and Malaysia Day. The pattern is clear from the last three months: a thin month (August) was followed by a crowded one (September), and the end-of-quarter expiry has made early October thin again. CIMB moved first with an October campaign that lifts its 12-month rate and adds a 15-month tier; expect other banks to follow during the month.

OPR Holds vs. Bank Spreads

When the OPR is cut or held steady, banks’ loan earnings adjust, and that filters through to the deposit rates they offer. But not every bank reacts the same way. Larger banks with millions of customers and strong loan books feel little pressure to pay up for deposits, so they pass on less of the benefit — hence the wide spread between what they earn and what they pay depositors. Smaller banks and those chasing new customers close that gap with sharper promotions, which is exactly why a new branch opening or a priority-banking sign-up can carry the month’s best rate.

How to Choose the Right FD for You

The “best” FD is not simply the one with the highest rate. The right choice depends on when you will need the money, how much you are placing, and how much access you want. Use this quick framework.

A Simple Decision Framework

• Need the cash within 3 months? Choose a short tenure or a no-lock-in option (digital savings or a money-market fund) rather than a 12-month FD.
• Have a lump sum you won’t touch for a year? Go for the highest 12-month promotional rate you qualify for — currently CIMB’s eFD/-i at up to 3.83% (from RM1,000), or RHB at 3.80% if a 9-month lock works for you (from RM5,000).
• Chasing the very top rate? Check the conditions first. The offers above 3.83% this month all come with a catch: a specific branch visit and new-to-bank status (Alliance), or an investment account that is not PIDM-protected (Bank Muamalat and CIMB TIA-i).
• Placing above RM250,000? Split across two banks so every ringgit stays within PIDM coverage.
• Want zero app friction? A branch-based bank may suit you better than an online-only campaign, even at a slightly lower rate.

Worked Example: RM20,000 for 12 Months

Place RM20,000 in a 12-month FD at a 3.80% p.a. promotional rate and you earn roughly RM760 in interest over the year (RM20,000 × 3.80%). Leave the same RM20,000 to auto-renew at a 2.20% board rate and you would earn only about RM440 — a difference of around RM320 for the sake of a five-minute re-application. That gap is exactly why re-shopping at maturity matters.

Tenure vs. Cash‑Flow Needs

Think of the tenure as a lock-in period. Shorter tenures mean easier access if you might need the cash; longer tenures reward you with higher rates if you are confident you can leave the money alone.

Early Withdrawal & Partial Uplift Rules

Rules differ by bank. Some (such as certain Public Bank and RHB products) forfeit all interest on early withdrawal; others allow partial uplift with pro-rated interest on the amount withdrawn. Check the specific terms before you place, and match the tenure to your real cash-flow needs to avoid penalties.

PIDM Coverage & Bank Credit Ratings

Genuine fixed deposits are protected by PIDM up to RM250,000 per depositor per member bank. Amounts above that, or products that are investment accounts rather than FDs, fall outside this cover — so verify both the product type and your total exposure per bank.

Online‑Only vs. Branch‑Based Accounts

Branch-based accounts offer face-to-face support, which can be reassuring for large placements — and this month the single highest rate is still branch-only. Online and app-based FDs offer instant approval, 24/7 access and the most widely-available promotions; the trade-off is relying on a hotline rather than a banker across the counter. A few products sit in between: RHB’s campaign rate can be placed online or at a branch, while Bank Muamalat’s Elevate rates are counter-only and alrajhi’s are app-only.

Smart Ways to Maximise Your FD Returns

Once you know your needs, a few tactics can squeeze more out of the same money.

Laddering Strategy

Split your capital across several tenures — for example RM5,000 each into 3, 6, 9 and 12-month FDs. One matures every quarter, giving you regular access and the chance to re-deploy into the best current promotion, while still capturing longer-tenure rates.

Rate Watch & Auto‑Rollover Tips

This is the single biggest mistake savers make: letting an FD auto-renew at the standard board rate (around 2.00% – 2.50% p.a.) instead of re-applying for a promotion. Set a calendar reminder for the maturity date, compare current offers, and place into the best new promo rather than rolling over by default.

Combining FD with High‑Yield Cash Accounts

No-lock-in digital options can complement an FD ladder. GXBank’s app-based Bonus Pocket now pays 3.80% p.a. if you complete a 6-month pocket (3.18% for 3 months), inclusive of its 2.00% base rate; withdraw early and you keep only the base interest. Each pocket holds up to RM12,500, with up to four pockets, and it is PIDM-protected. Platforms like Versa and StashAway Simple offer money-market returns of roughly 3.5% – 4.0% p.a. They are ideal for parking cash between promotions, though unit-trust-based options are not PIDM-protected.

Alternatives to Traditional Fixed Deposits

FDs are not the only low-risk way to grow savings. A few worth comparing:

• Money-market & short-duration bond funds: funds such as Kenanga Money or Principal money-market funds yield a little above FDs (~3.5% – 4.0%) with daily liquidity, though capital is not guaranteed. See our roundup of the best low-risk investments in Malaysia.
• Islamic Term Deposit-i: Shariah-compliant placements pay competitive, profit-sharing-based returns and are widely available across both conventional and Islamic banks — this month they again hold most of the top spots, including the leading 4.38%. Just check whether the product is a Term Deposit-i or Fixed Term Account-i (PIDM-protected) or a Term Investment Account-i (not protected); Bank Muamalat, CIMB and MBSB all offer both, and the higher advertised number is usually the unprotected one.
• Digital bank “save” accounts: GXBank, AEON Bank and Boost Bank offer near-FD rates with no lock-in — a flexible alternative for emergency funds. If you are just getting started, our guide on how to start investing with RM1,000 covers the basics. You can also compare the best banks in Malaysia before opening a new account.

Tax on Fixed Deposit Interest in Malaysia

Good news for individuals: interest earned on fixed deposits placed with licensed Malaysian banks is fully tax-exempt for individual residents, regardless of the amount or tenure — you do not need to declare it. This is a correction to a common misconception; there is no RM-threshold at which individual FD interest becomes taxable. (Note: FD interest earned by companies or businesses is taxable as part of their assessable income.) See PwC’s Malaysia tax summary for the statutory basis.

Frequently Asked Questions

Rates verified October 2026; always confirm the latest rate on the bank’s official website before placing a deposit.

Disclaimer: This article is provided by KayaToday for general information only and is not financial advice. Fixed deposit rates, minimums and promotional dates change frequently — all figures were verified in October 2026, but please confirm the latest terms directly with the issuing bank before placing a deposit.