If you having tough time to make decision on which bank should you put your money into fixed deposit account to earn better interest rates, then you have come to the right place as you can see a list of comparison among all Malaysia banks here.
Since now is year 2010, perhaps it is a great time for me to review the latest Malaysia fixed deposit rates of banks this January 2010. But, please bare in mind that the rates may go up and down at any time. You are advised to confirm the latest fixed deposit rates with the respective banks concerned.
Last time the FD rate for 1 month is about 3.0%, but now become 2.0% only. I can feel that the decreasing interest rate is making the value of the money in bank become smaller. So, it’s not a good idea if continue to do put your money into fixed deposit account as it may easily wipe out millions of profit or loss.
Latest Malaysia Fixed Deposit Rates:
I heard my uncle said that Ambank inherit ‘high’ FD rates in tradition. Last time Ambank is MBF and now become Arab Malaysian Bank(please correct me if i’m wrong) after few rumours that MBF it will go bankrupt and people queuing up to withdraw their money from the bank. And it is true that their financial was not strong enough at that moment.
Which Malaysia Bank Offer Better Benefits?
I can see that nowadays more and more people like to put their money into Maybank fixed deposit because Maybank2u can 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 with just few clicks.
Malaysia Fixed Deposit (FD) Withholding Tax
Any FD that is RM100,000 and above is subjected to 5% withholding tax. The loophole to avoid tax if you need to put more than RM100,000 FD is to place several FD with smaller amount, e.g, 2 x RM50,000 FD. So the tax is easily avoided.