Fixed Deposit Calculator

A fixed deposit (FD) is a financial instrument where you deposit a sum of money with a bank for a fixed period at a fixed interest rate. The money cannot be withdrawn before the maturity date without incurring penalties.

Fixed deposit interest is typically calculated using simple interest or compound interest, depending on the bank's policy. Simple interest is calculated on the principal amount only, while compound interest is calculated on both the principal and accumulated interest.

The minimum deposit amount varies by bank, but typically ranges from RM1,000 to RM5,000. Some banks may offer special promotions with lower minimum deposits.

Early withdrawal of fixed deposits usually results in a penalty, which may include losing the interest earned or paying a fee. The exact penalty depends on the bank's policy and the time remaining until maturity.

Interest payment frequency varies by bank and deposit type. Common options include monthly, quarterly, semi-annually, or at maturity. Some banks also offer daily interest crediting for certain products.