Top 10 Banks in Bangladesh for FDR
10 Best Banks in Bangladesh for FDR
If you ask that what are the top 10 banks in Bangladesh for FDR then you should know what FDR is at first. It’s a term deposit and until the given maturity date, a fixed deposit receipt, FDR is a financial instrument provided by banks which provides investors a higher rate of interest than a regular savings account. In this case, you have options to may or may not create a separate account.
As it’s considered to be very safe investments, term deposit in Bangladesh is used to denote a larger class of investment with varying levels of liquidity. Also, as compared to a recurring deposit or a demand deposit before maturity, the defining criteria for a fixed deposit is that the money cannot be withdrawn from the FDR.
Benefits of FDR in the Top 10 Banks in Bangladesh
Against FDR, customers can avail loans up to 80% to 90% of the value of deposits. And the rate of interest on the loan could be 1% to 2% over the rate offered on the deposit for the residents of Bangladesh and they can open these accounts for a minimum of 3 months.
Although some banks may offer additional services to FD holders such as loans against FD certificates at competitive interest rates, it’s important to note that banks may offer lesser interest rates under uncertain economic conditions. But, if interest paid to a customer at any bank exceeds BDT.10, 000 in a financial year, the tax is deducted by the banks on FDR.
How Does FDR Rates Vary in the Top 10 Banks in Bangladesh?
As it hikes the interest rates at which it lends to banks in certain macroeconomic conditions when a central bank adopts a tight monetary policy. Also, since they offer good returns and are almost completely secure with no risk, banks hike both their lending as well as deposit (FDR) rates under such conditions. When these happen, these can be checked with the excess rates in the country.
What are the Top 10 Banks in Bangladesh for FDR?
The growth of banks in Bangladesh took a leap in the post-independence time. Today the banking service in Bangladesh has become a hallmark with the entry of overseas and local private banks. Now, let’s know what the top 10 banks in Bangladesh for FDR. You may like also – Best Bank List in Bangladesh to Open Savings Account
1. HSBC Bank
HSBC is the short form of Hong Kong Shanghai Banking Corporation Limited, which is a multinational banking and financial agency with its headquarters in London. The bank is one of the top choices of Bangladeshi people in terms of banking services with the experts in financial management, modern technologies, banking experts and with its large financial assets. As it has branches all across the world, there are branches in Bangladesh as well.
2. Sonali Bank
As a nationalized commercial bank, Sonali Bank is considered to be the largest bank of Bangladesh. It’s one of the top choices of the people of Bangladesh that provides a long range of financial services. Among 1201 branches, it has 854 branches in urban and 345 rural branches. This is the best among the top 10 banks in Bangladesh for FDR.
3. Islami Bank Bangladesh Limited IBBL
This is one of the leading commercial banks, the Islami Bank Bangladesh Limited, which is managed by the private players. It was awarded the Best Bank of the Country by London based prestigious magazine named Global Finance in the year 1999. Moreover, in the year 2000, the same magazine again awarded IBBL the same award. As it’s rendering excellent banking solutions and services to the people of Bangladesh, it gained popularity.
4. Dutch Bangla Bank Limited DBBL
Not only for the renowned for technologically being an advanced bank, Dutch Bangla Bank Limited, it also has the innovation is one of its most salient features. It’s a joint venture and briefly known as DDBL. Led by M Sahabuddin Ahmed, this joint venture was brought into existence by the efforts of Dutch company FMO and the shareholders of Bangladesh.
5. State Bank of India
At present, the State Bank of India is rendering banking services in 32 countries and Bangladesh is one of them. It’s a commercial bank with the Government of India as its major shareholder and it’s one of the fortune five hundred companies. Apart from these, it provides high standard banking services in Bangladesh.
6. Habib Bank Limited
Running by the private players, Habib Bank Limited is a commercial bank of Pakistan. It has kept opening new branches since it has started functioning in Bangladesh in 1976. The bank offers several banking services under individual banking services, including-
- Car loan,
- Home loan,
- Credit card,
- Debit card,
- Fast transfer
- Phone banking
7. Janata Bank Limited
It operates all over Bangladesh as the second largest commercial bank of Bangladesh. One of the great best banks in Bangladesh for FDR offers different services for the people of Bangladesh. Although Janata Bank was established in 1971, it has more than 844 branches all over the country. Besides, as the bank has a huge demand for the bank, this made it one of the most popular banks in Bangladesh.
8. Standard Chartered Bank
As it has employed more than 1,300 employees and operates through 26 branches, it’s one of the largest international banks in Bangladesh. Although Standard Chartered Bank is a British transnational banking and money services company headquartered in London, it’s successfully operating its operations in Bangladesh for many years.
9. Prime Bank Limited
Prime Bank Limited is a commercial bank and is managed privately, which was established in the year 1995. With more than 60 branches, it has achieved the National Awards for Best Published Accounts and Reports in 2002. This is because the bank not only follows the international stander finance but banking system as well.