3
Public Bank
Strong in fixed deposits, popular with MM2H and retiree communities
Major local bankFixed depositsEveryday bankingMany branches & ATMs
Banks in Malaysia for Fixed Deposits & Interest Rates
5 banks banks in Malaysia where you can open an account. Compare by bank type, eligible visa and features.
Fixed deposits in Malaysia offer higher interest rates than many countries and matter as the placement for MM2H visa deposit requirements. Strengths differ by bank — major local banks offer stability, foreign banks run promotional rates. Compare Malaysian banks strong in fixed deposits and savings rates by eligible visa, features and reviews.
4
RHB Bank
Bank with relatively high savings rates and user-friendly mobile app
Major local bankSavings ratesStrong mobile appEveryday banking
6
AmBank
The preferred local bank after the top 4 banks
Mid-size local bankEveryday bankingFixed deposits
9
UOB Malaysia
Fixed deposits, wealth management, and a bank of choice for education expat families
Foreign bankFixed depositsEducation familiesMulti-currency
GXBank
Mobile app-only digital bank (for Malaysian citizens)
Digital bankStrong mobile appSavings rates
FAQ
- Q. Which bank is recommended for the MM2H fixed deposit?
- A. Public Bank is often suggested as the placement for fixed deposits and is competitive on rates. Promotional rates at foreign banks such as UOB are also worth comparing. Since MM2H requires maintaining the deposit as a visa condition, choose by ease of procedures as well as rates.
- Q. How much is the minimum deposit?
- A. It depends on the bank and account type, but roughly RM250–RM3,000 for a savings account (non-residents tend to face higher amounts). Where a fixed deposit is required alongside, it can be RM5,000 or more. Premier accounts (e.g. HSBC Premier) require a separate, larger deposit balance.
- Q. How long does account opening take?
- A. With complete documents, one visit and same-day opening is the norm — the counter procedure takes about an hour. A second visit may be needed for identity verification after an online application or to collect your card. Missing documents or branch congestion can add time, so allow a generous schedule.
- Q. What visa do I need to open a fixed deposit account?
- A. Same as regular accounts: a long-term visa such as an Employment Pass (EP), student visa, guardian visa or MM2H. Tourist visas are generally not accepted. Check each bank's eligible visas on the listing and detail pages.
