How to Use This FDR Comparison Tool
Finding the most profitable FDR rate is simple. Follow these three easy steps:
- Choose Your Tenure: Select how long you want to deposit your money for, from 3 months to 5 years, using the buttons above.
- View Instant Results: The list will automatically update and sort the banks, showing you the highest interest rate at the top.
- Make an Informed Decision: The bank with the 'Best Rate' tag offers the most profitable return for your chosen period in Bangladesh.
Understanding Fixed Deposit Receipts (FDR) in Bangladesh
A Fixed Deposit Receipt, commonly known as FDR, is a secure investment instrument offered by banks and financial institutions in Bangladesh. It allows you to deposit a lump sum of money (e.g., BDT 100,000) for a fixed period (tenure) at a predetermined, guaranteed interest rate. At the end of the tenure, you receive your principal amount plus the accumulated interest. FDRs are popular for their safety, predictable returns, and for being a cornerstone of financial planning for many in Dhaka, Chittagong, and across the country.
Why Comparing FDR Rates is Crucial
Interest rates on FDRs are not standardized; they vary significantly from bank to bank and are influenced by factors like the Bangladesh Bank's policy rate, the deposit amount, and the tenure. A small difference in the interest rate can lead to a large difference in your final returns. Our tool solves this problem by aggregating the rates from major banks, allowing you to easily find the most profitable option without visiting multiple bank websites.
Frequently Asked Questions (FAQ)
1. Which bank gives the highest FDR rate in Bangladesh?
FDR rates change frequently based on economic factors. Our tool provides updated rankings, so the bank with the "Best Rate" tag at the top of the list is currently offering the highest rate for the tenure you selected.
2. What is the minimum amount for an FDR in Bangladesh?
The minimum deposit amount varies by bank but typically starts from BDT 25,000 or BDT 50,000. Some banks may have higher minimums for premium rates.
3. Is the interest earned from an FDR taxable?
Yes, the interest earned from an FDR is considered income and is subject to Tax Deducted at Source (TDS) as per the income tax laws of Bangladesh. The tax rate can vary based on whether you have a TIN certificate.
4. Can I withdraw my FDR before the tenure ends?
Yes, premature encashment is usually possible, but it comes with a penalty. The bank will likely pay a lower interest rate than the one originally agreed upon, often the rate applicable to a regular savings account.
5. How is FDR interest calculated?
FDR interest is typically calculated using the formula A = P(1 + r/n)^(nt), where P is principal, r is rate, n is compounding frequency, and t is time. However, our tool simplifies this by allowing you to compare the annual percentage rates directly.
Disclaimer and Important Note
This is an informational tool and provides estimates based on publicly available interest rates. Rates are subject to change by the respective banks at any time. This tool is not affiliated with, endorsed, or sponsored by any bank mentioned. We aim to provide accurate data but cannot guarantee it.
For our Muslim users, it is important to note that accepting interest (riba) is forbidden (haram) in Islam. The Prophet Muhammad (ﷺ) cursed those who deal with interest. This tool is for informational and comparative purposes only, which may include comparing rates for Islamic banking products that operate on profit-sharing principles. We advise consulting with a religious scholar for guidance. You can refer to the Hadith at Sunnah.com (Sahih Muslim 1598).