About Fixed Deposits in Malaysia

In Malaysia fixed interest savings products issued by most banks are most commonly called fixed deposit accounts. However occasionally they may also be called time deposit accounts as well depending on the bank. Across the Asian region some countries call similar bank issued products time deposits (China) or fixed deposits (India).

This product earns you interest at an agreed rate depending on tenure or term which can range from short term to a longer term time frame. Rates can fluctuate depending on various factors including monetary policy by the Portal Rasmi Bank Negara Malaysia (bnm.gov.my). Local deposits are denominated in the national currency, the Malaysian ringgit RM (MYR).

There are many different types account options available including Malaysia Shariah-compliant deposit accounts. These may also be covered and eligible for protection of depositors by PIDM (Perbadanan Insurans Deposit Malaysia).

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