Fixed Deposit Rate Comparator

A fixed deposit (also called term deposit or time deposit) is a savings product where you lock in a lump sum with a bank for a fixed period at a guaranteed interest rate. Your money is not accessible until maturity (or subject to early withdrawal penalties).

Nigeria (18-22%), Ghana (25-30%), and Egypt (18-24%) typically offer the highest nominal rates, reflecting their higher inflation environments. However, your real return (after inflation) may be lower than lower-inflation countries like Rwanda or Kenya.

Yes, in most African countries a withholding tax of 10-15% is deducted on interest earned. Nigeria: 10%, Kenya: 15%, South Africa: 0% (but interest income included in tax return), Ghana: 8%, Egypt: 0% for personal accounts. Tax rates shown are indicative — consult a tax advisor for your situation.

Most African banks calculate fixed deposit interest using simple interest (interest only on principal). Some offer compound options for longer tenors. For 12 months, simple and compound give the same result. Compound becomes advantageous for 24+ month deposits.

Early withdrawal typically attracts a penalty of 1-3% on the earned interest or a reduction to the savings rate (lower than the FD rate). Some banks require 30-day notice. Always confirm the early withdrawal policy before committing.