Public Bank’s 2024 fixed deposit (FD) promotions offer savers in Malaysia an appealing opportunity to earn higher interest on their savings, especially when compared to regular FD rates from other financial institutions. These promotional campaigns, which include eFixed Deposit (eFD) via FPX and Special FD deals, target fresh funds and offer enhanced yields across tenures from three to twelve months. Savvy savers looking to optimize returns and diversify savings will find these offers noteworthy.
Overview of Public Bank’s FD Promotions
Public Bank recently launched two key FD campaigns:
- Public Bank eFixed Deposit via FPX Campaign: Higher-than-usual rates for eFD placements through online transfers (FPX).
- Public Bank Special Fixed Deposit Campaign: Attractive campaign rates for both conventional and Islamic customers placing new funds.
Both promotions are valid for fresh funds only and intended to encourage digital banking usage. The campaign runs until 30 September 2025.
Public Bank eFD via FPX Campaign
This campaign lets customers place funds via FPX into eFD accounts, with the following promotional interest rates:
- 3month: 3.80% p.a.
- 6month: 3.60% p.a.
- 9month: 3.50% p.a.
- 12month: 3.55% p.a.
Minimum placement is RM5,000 per transaction, capped at RM2 million per eFD account. Interest is calculated daily and credited either into the eFD or the linked current/savings account at maturity. Early withdrawal forfeits interest.
Special Fixed Deposit Campaign
In parallel, Public Bank’s Special Fixed Deposit Campaign extends the same promotional rates for fresh funds via both conventional FD and eFD accounts:
- 3month: up to 3.60% p.a.
- 6month: up to 3.70% p.a.
- 9month: up to 3.50% p.a.
- 12month: up to 3.55% p.a.
Like the FPX eFD campaign, minimum deposit is RM5,000, and funds must be new to qualify. The campaign also runs through 30 September 2025.
How These Rates Compare
Compared to standard FD rates which typically range between 2.10% and 2.40% p.a. these campaign yields significantly higher returns:
- 3month standard eFD: around 2.30% p.a.
- 12month standard eFD: around 2.40% p.a.
The promotional rates thus offer up to 1.3 percentage points more interest, making them very competitive, especially for short- to medium-term savings. Analysts expect these rates to taper as monetary policy evolves, making early placement an attractive option.
Advantages of Public Bank FD Promotions
- Higher earnings: Locks in superior interest compared to prevailing rates.
- Convenience: Online placement via FPX eliminates branch visits.
- Flexible tenures: Choose terms from 3 to 12 months to suit liquidity plans.
- Safety: FD accounts are protected by PIDM up to RM250,000 per depositor.
Points to Consider Before Placing
Fresh Funds Requirement
Only new money not currently held with Public Bank qualifies for the promotional rates. Top-ups from existing accounts are often excluded.
No Early Withdrawal
Premature withdrawals result in zero interest earned, reinforcing the need to match deposit duration with cash flow requirements.
Renewal Terms
Upon maturity, FDs auto-renew at prevailing board rates unless instructed otherwise. Renewals at standard rates may reduce returns.
Deposit Caps
eFD via FPX caps at RM2 million per account, though the Special FD campaign may allow higher aggregate placements (up to RM10 million total).
How to Apply
- Ensure you have fresh funds in another bank account.
- Log in to Public Bank’s online banking or mobile app.
- Select the relevant FD campaign and tenure.
- Transfer via FPX or place funds directly (for conventional FD).
- Confirm placement and review interest terms.
- Track maturity date to reinvest or withdraw.
Maximizing Return Strategy
To make the most of these FD promotions, consider laddering placements across different tenures. For example, split RM100,000 into two FDs: RM50,000 in a 6month FD at 3.70% and another RM50,000 in a 12month FD at 3.55%. Laddering helps balance liquidity and yield while locking in attractive rates.
Stay alert for similar campaigns at other banks offering rates up to 3.90% or higher for select tenures some competitors also bundle FD placements with other banking products. Always compare rate, term, and conditions.
Public Bank’s 2024 FD promotions deliver compelling yields 3.60% to 3.80% p.a. for fresh funds in 3, 6, 9, and 12-month tenures. These rates are among the top in Malaysia and significantly exceed standard FD returns. While early liquidity is restricted, the ease of online placement and safety of deposit protection make these offers appealing for individuals seeking predictable, enhanced returns. By tailoring placements to financial needs and renewing strategically, savers can meaningfully boost their investment outcomes. Be sure to monitor the campaign end date and any new offers to maintain optimal returns.