Maybank Fixed Deposit Rate (Malaysia)

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

Rates are effective as of 7th November 2022.

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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):

*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)

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