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Depositors are looking for a little more profit if they keep their hard-earned money in a bank. There is the opportunity to hold deposits in banks for a minimum period of three months to three years or more. The interest paid against the deposit is called the fixed deposit rate or interest rate on fixed deposit (FDR).
According to data from the Bangladesh Bank last September, the interest rates of 59 banks are not the same. Banks pay interest on FDRs from a minimum of 2 percent to a maximum of 9 percent for different periods.
According to the Bank of Bangladesh, there are a total of 9 government banks in the country, including three specialized ones. Banks offer 4 to 6 percent interest on various deposits. Of these, Rajshahi Krishi Unnayan Bank (Rakab) pays a maximum interest of 9% to depositors. The bank offers interest rates of 4.50 to 5.50 percent for three months to less than one year, 5.75 to 8 percent for more than one year, and 6 to 9 percent for three years or more .
Additionally, Sonali, Janata, Agrani, Rupali, Basic, Bangladesh Development Bank Limited (BDBL), Bangladesh Krishi Bank (BKB) and Prabasi Kalyan Bank (PKB) have interest rates ranging from 5.50 to 6 percent.
According to the Bank of Bangladesh, the fourth generation Padma (formerly Farmers Bank) is paying the highest interest rate among the private commercial banks in the country. The bank offers 6 percent interest for less than three to six months, 7.25 percent for less than six months to a year, and 7.5 percent for deposits over a year.
Dhaka Bank pays the highest interest on long-term deposits. The bank is paying 7.24 percent interest on deposits for three years or more. The bank’s interest rate on FDRs for less than three years is 5.5 to 7.50 percent.
The South Bangladesh Agriculture and Commerce Bank (SABC) offers interest rates ranging from 5.50% to 6.5% for three months to three years or more. Pubali Bank offers 6 to 7 percent interest on deposits over two years. Meghna Bank pays 8.5 percent interest on FDR for one year.
Islami Bank Bangladesh Limited is making a profit of between 5 and a half and 6 percent on the deposit. City Bank offers a maximum 6 percent interest on long-term deposits.
Also, most private banks have an interest rate of 5 to 6 percent on FDR. According to the Bangladesh Bank, the National Bank of Pakistan has been paying the highest interest rate of 9 percent among foreign banks for more than three years.
Commercial Bank of Ceylon’s maximum interest rate is 6 percent. And the lowest interest is HSBC. The interest rate on bank deposits is less than one percent. Habib Bank offers a maximum interest of 6 percent on one-year term deposits. However, the bank’s interest rate on FDR for one year is 6 percent. In addition, the interest rates of Al Falah, Standard Chartered, Uri and State Bank of India range from 1.20 to 6 percent.
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