EPF rate is always better than FD rate.

You father can do a partial withdrawal from his EPF account and deposit it in FD.
And keep the remaining of fund in EPF until your father needs to use the money again.

If I am not mistaken, your father can park his fund in his EPF account to enjoy high interest rate until he reach 75 years old or 78 years old.

You can contact EPF for more info:
http://www.kwsp.gov.my/portal/ms/reach-us/...ffices-location

What FD rate is Affin offering now? I doubt Affin's FD rate is the best, but this depends on the tenure.

Whether is it necessary to open a saving account for FD, it depends on the bank's FD plan.

Affin Bank - 3.05%, 3.1%, 3.25% and 3.6%

Different person has different thinking, there is no right and wrong.

Maybe you can call EPF to see if your father can re-deposit back the money into EPF account?
But since your father think this way, then go for FD now, no choice.

By the way, government and political party are 2 different things, don't mess-up.

How long do you want to put your FD?

For 1 year tenure, you can consider the followings:

(1) Kuwait Finance House  -- 3.88%
(2) OCBC  -- 3.7%
(3) UOB -- 3.68% (can negotiate a bit if your fund is big or moderate)
(4) Bank Rakyat --  4.01%, can get interest monthly if the deposit amount is RM 20K and above (but no PIDM protection). Rate can negotiate.
                            Some of our member here can get 4.2%

But your father may not like to deposit in Bank Rakyat due to his thought.

dun mean no disrespect but if it's 50-60k, best to keep in epf, withdraw as and when he needs.

commercial banks have this priority banking status for those who come with a certain amt. varies - some 300k, some 500k.
with that status, can get some privileges, incl slightly better rates for fd. if >1mil, sure better rates.

i know people who withdraw all from epf because they either dun trust epf or have disdain for the perception of how epf "play" with their blood and sweat money. not without reason, though.

besides fd, a retiree can think of other rather hassle free low risk vehicles - blue chip stocks, reits, structured deposits.

normal stocks and gold carry much higher risks, think not suitable for him.

read the various threads - there is some good info here.

Then no need to think too much, just deposit it in OCBC for 1 year to get 3.7% first to avoid losing
daily interest.

After deposit this money while earning 1 year interest, you and your father can take this 1 year
time to think what you should do next with this money in 1 year later.

I am afraid 50-60K is hard to negotiate.

Or you can consider OCBC's 3 months FD at around 3.96% rate

2/3 of fund put in 3 months FD at 4.5%
1/3 of fund put in Smart Savers account for 3 months at 2.9% (need to deposit RM 1000 in Smart Savers in 2nd and 3rd month to get 2.9%)

Average is approximately 3.96%

No... 
Let's say if deposit RM 50 in total:
(1) 2/3 of fund from RM 50K = RM 33333.34
This RM 33333.34 will put in 3 month FD at 4.5%
(2) 1/3 of fund from RM 50K = RM 16666.66
This RM 16666.66 will put in Smart Savers account for 3 months tenure at 2.9%
In order to get 2.9% for RM 16666.66 in your Smart Savers, you have to deposit
at least each RM 1000 during any working day of the second and third month in your
Smart Savers account, upon open your Smart Savers account.
Please look at this Smart Savers Interest Table - Only look at Revised Interest Rate with Yellow Background:
[attachmentid=3475187]
You cannot withdraw your money from Smart Savers until your FD is matured
in 3 months later.

If your father is above 60 then the chances of government changing any withdrawal ruling may not affect him. Since government has changed the retirement age to 60 yrs old, people are concern that EPF may follow and change the full withdrawal age limit.
You father can still deposit back to EPF and the limit is RM60k per year.
I deposited into EPF since the rate is high. In case I need to withdraw, EPF will prorate based on this year dividend announcement. Most likely next year rate will be lower as this year high dividend rate is due to election.
Split the fund into two or three groups, example 20k for 1 year, 20 k for 3 months, 20 k for 6 months. The good thing is flexibility but the bad thing, those promotion rate need fresh fund which may be troublesome to him to play the musical chair when FD mature.
Most banks do not require saving account for FD placement. But some banks which have promotion rate required opening of saving account to deposit the interest rate..most banks provides a very slightly higher rate for senior citizen. Am bank provide free insurance for senior citizen FD placement but the rate is lower than that of banks which have promotion now.