How much interest rate do you get in your fixed deposit account?

[Kane]

Until recently, the interest rate for fixed deposit accounts from commercial banks was around 12 percent and it was 13 percent in development banks. But in the last monetary policy, the central bank in the country reduced the interest rate and you can get just a 10 percent interest rate on fixed deposits from commercial banks and 11 percent from development banks.

 

[Debashis]

We only get about 7% interest on FDs. It's not at all useful these days when inflation rate itself is 6%. It used to be a good investment/saving tool for our parents' generation, but not for ours.

 

[Good-Person]

Until recently, the interest rate for fixed deposit accounts from commercial banks was around 12 percent and it was 13 percent in development banks. But in the last monetary policy, the central bank in the country reduced the interest rate and you can get just a 10 percent interest rate on fixed deposits from commercial banks and 11 percent from development banks.

I think that the interest rates may depend on different banks and each bank may offer a slightly different interest rate in here. Some banks may offer up to 2 percent interest rates per month. Interest rates have declined a lot as economy is in a bad condition.

 

[Kane]

I think that the interest rates may depend on different banks and each bank may offer a slightly different interest rate in here. Some banks may offer up to 2 percent interest rates per month. Interest rates have declined a lot as economy is in a bad condition.

I cannot say about other countries, however, in my home country, the central banks control how much interest banks can charge on loans or give on deposits. The banks can only make small changes, they cannot have interest rates that do not match with the policy of the central bank.

 

[Heatman]

There are so many banks in my country and all of them doesn't have a uniform interest rate when it comes to your fixed deposit account.

The bank which I am currently using now is Stanbic IBTC Bank and their fixed deposit interest rate is 7% and your money must stay in the bank for a minimum of four months.

 

[Good-Person]

I cannot say about other countries, however, in my home country, the central banks control how much interest banks can charge on loans or give on deposits. The banks can only make small changes, they cannot have interest rates that do not match with the policy of the central bank.

The state bank in here is the central bank of the country. In my country, the state bank (central bank) also control the interest rates. However, it cannot offer a specific amount of interest percentage until or unless it is approved by the ministry of finance.

 

[Heatman]

We only get about 7% interest on FDs. It's not at all useful these days when inflation rate itself is 6%. It used to be a good investment/saving tool for our parents' generation, but not for ours.

Our generation now look for better investment opportunities where we are going to get better payment and not wait for months only to get either 6% or 7% of the money you put in the bank.

The only difference is that the money you have in your bank account won't be facing any risk of losing the money.

 

[Good-Person]

Our generation now look for better investment opportunities where we are going to get better payment and not wait for months only to get either 6% or 7% of the money you put in the bank.

The only difference is that the money you have in your bank account won't be facing any risk of losing the money.

Even if they get that much return on investment and if they earn interest, they will never be able to deal with the inflation. Earning interest is not the answer at all. There are many other ways you can deal with inflation and investing money in gold is also one of them.