Asian Banks and What Rates They Offer in Fixed Deposits in 2023

Fixed deposits are a popular investment option for many people in Asia. They offer a safe and secure way to earn interest on your savings, with a guaranteed return on your investment. In this article, we will take a look at some of the top Asian banks and the rates they offer on fixed deposits in 2023.


Thai Banks

Kasikornbank is one of the largest banks in Thailand and offers fixed deposit rates ranging from 0.75% to 1.25% for terms ranging from 3 months to 5 years. 

Bangkok Bank offers rates ranging from 0.50% to 1.25% for terms ranging from 1 month to 5 years. 

Siam Commercial Bank offers rates ranging from 0.50% to 1.25% for terms ranging from 1 month to 5 years.


Malaysian Banks

Maybank is one of the largest banks in Malaysia and offers fixed deposit rates ranging from 1.50% to 2.50% for terms ranging from 1 month to 60 months. 

Public Bank offers rates ranging from 1.50% to 2.50% for terms ranging from 1 month to 60 months. 

CIMB Bank offers rates ranging from 1.50% to 2.50% for terms ranging from 1 month to 60 months.


Chinese Banks

Bank of China offers fixed deposit rates ranging from 1.50% to 2.50% for terms ranging from 1 month to 60 months. 

Industrial and Commercial Bank of China (ICBC) offers rates ranging from 1.50% to 2.50% for terms ranging from 1 month to 60 months. 

China Construction Bank offers rates ranging from 1.50% to 2.50% for terms ranging from 1 month to 60 months.


South Korean Banks

Shinhan Bank offers fixed deposit rates ranging from 1.50% to 2.50% for terms ranging from 1 month to 60 months. 

KB Kookmin Bank offers rates ranging from 1.50% to 2.50% for terms ranging from 1 month to 60 months. 

Woori Bank offers rates ranging from 1.50% to 2.50% for terms ranging from 1 month to 60 months.


Japanese Banks

Mitsubishi UFJ Financial Group (MUFG) offers fixed deposit rates ranging from 0.10% to 0.50% for terms ranging from 1 month to 60 months. 

Sumitomo Mitsui Banking Corporation (SMBC) offers rates ranging from 0.10% to 0.50% for terms ranging from 1 month to 60 months. 

Mizuho Bank offers rates ranging from 0.10% to 0.50% for terms ranging from 1 month to 60 months.


Vietnamese Banks

Vietcombank offers fixed deposit rates ranging from 4.50% to 6.50% for terms ranging from 1 month to 60 months. 

Agribank offers fixed deposit rates for individual customers as high as 7.2% per year.

Techcombank offers rates ranging from 4.50% to 6.50% for terms ranging from 1 month to 60 months. 

BIDV offers rates ranging from 4.50% to 6.50% for terms ranging from 1 month to 60 months.


Indonesian Banks

Bank Mandiri offers fixed deposit rates ranging from 4.00% to 6.00% for terms ranging from 1 month to 60 months. 

Bank Central Asia (BCA) offers rates ranging from 4.00% to 6.00% for terms ranging from 1 month to 60 months. 

Bank Rakyat Indonesia (BRI) offers rates ranging from 4.00% to 6.00% for terms ranging from 1 month to 60 months.


Singaporean Banks

DBS Bank offers fixed deposit rates ranging from 0.10% to 1.30% for terms ranging from 1 month to 60 months. 

United Overseas Bank (UOB) offers rates ranging from 0.10% to 1.30% for terms ranging from 1 month to 60 months. 

OCBC Bank offers rates ranging from 0.10% to 1.30% for terms ranging from 1 month to 60 months.


Philippine Banks

BDO Unibank offers fixed deposit rates ranging from 1.00% to 2.50% for terms ranging from 1 month to 60 months. 

Metropolitan Bank and Trust Company (Metrobank) offers rates ranging from 1.00% to 2.50% for terms ranging from 1 month to 60 months. 

Bank of the Philippine Islands (BPI) offers rates ranging from 1.00 % to 2.50% for terms ranging from 1 month to 60 months.


Indian Banks

State Bank of India offers fixed deposit rates ranging from 4.50% to 6.00% for terms ranging from 1 month to 10 years. 

Housing Development Finance Corporation (HDFC) offers rates ranging from 4.50% to 6.00% for terms ranging from 1 month to 10 years.

Industrial Credit and Investment Corporation of India (ICICI) offers rates ranging from 2.50% to 5.60% for terms ranging from 1 year to 10 years.


Pakistani Banks

National Bank of Pakistan (NBP) offers fixed deposit rates ranging from 5.00% to 7.00% for terms ranging from 1 month to 60 months. 

Habib Bank Limited (HBL) offers rates ranging from 5.00% to 7.00% for terms ranging from 1 month to 60 months.

United Bank Limited (UBL) offers rates ranging from 5.00% to 7.00% for terms ranging from 1 month to 60 months.


It is important to note that these rates are subject to change and may vary depending on the bank and the term of the fixed deposit. It is always a good idea to compare rates from different banks before making a decision.


Factors to Consider When Choosing a Fixed Deposit

When choosing a fixed deposit, there are several factors to consider. These include:

Interest Rates: The interest rate is the most important factor to consider when choosing a fixed deposit. It determines how much you will earn on your investment.

Term: The term of the fixed deposit is the length of time that you will be investing your money. Longer terms usually offer higher interest rates, but you will have to wait longer to access your funds.

Minimum Deposit: Some banks require a minimum deposit to open a fixed deposit account. Make sure you have enough money to meet the minimum deposit requirement.

Early Withdrawal Penalty: If you need to withdraw your funds before the end of the term, you may be subject to an early withdrawal penalty. Make sure you understand the penalty before opening a fixed deposit account.

FDIC Insurance: Make sure the bank you choose is FDIC insured. This will protect your investment up to $250,000 in case the bank fails.


Conclusion

Fixed deposits are a safe and secure way to earn interest on your savings. Asian banks offer a wide range of fixed deposit rates, depending on the term and the bank. When choosing a fixed deposit, it is important to consider the interest rate, term, minimum deposit, early withdrawal penalty, and FDIC insurance. By doing your research and comparing rates from different banks, you can find the best fixed deposit for your needs.


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