Deep, deep dive
- Before you invest, check that your FD is insured by PIDM
- Check terms and conditions before agreeing to promotional rates
- Split your FD savings into a few smaller accounts
- Make sure you know the penalty of withdrawing funds before the end of the term (prematurely)
- Understand requirements to partially withdraw funds from your FD
Before you invest, check that your FD is insured by PIDM
As long as you see the PIDM logo at your bank (like the one above), any money you place in your FD totaling up to RM250,000 per account and per bank is protected.
PIDM or Perbadanan Insurans Deposit Malaysia is a government body that reimburses depositors like you in the event that a bank is unable to do so. Check out the list of PIDM members (https://www.pidm.gov.my/en/for-public/deposit-insurance-system-dis/member-banks/ ) to see which banks protect your deposits.
If you would like to place more than RM250,000 in fixed deposits, what you can do is have multiple FD accounts across different banks and each of them will be eligible for the RM250,000 protection.