Treasury Bonds vs FDR vs Sanchayapatra vs Shares: Where Should Your Money Go?
If you have savings in Bangladesh, you have probably asked this question: should the money go into a bank FDR, Sanchayapatra, treasury bonds or the stock market? Each option has its supporters, and each has trade-offs that are easy to miss.
This guide compares them in plain terms: what you can earn, what can go wrong, how quickly you can get your money back, and how each is taxed. There is no single right answer.
First, the inflation test
Before comparing returns, remember what your money is up against. According to the Bangladesh Bureau of Statistics, point-to-point inflation was 8.34% in September 2026. Food inflation was 7.22% and non-food inflation was 9.30%.
In simple terms, if your savings earn less than about 8.3% after tax, their buying power is probably shrinking. So the real question is not just “what rate do I get?” but “what do I keep after tax and inflation?”
Option 1: Bank FDR and DPS
A fixed deposit receipt (FDR) locks your money with a bank for a set term at a fixed rate. A deposit pension scheme (DPS) does the same for monthly instalments.
Returns
Deposit rates have been falling. After Bangladesh Bank cut its policy rate from 10% to 9.5% in August 2026, many large banks cut deposit rates by 0.5 to 1 percentage point. News reports put typical deposit returns at roughly 8.5% to 9% after these cuts, down from 9% to 10% or more earlier in the year. Some weaker banks offer more, but a higher rate often signals higher risk.
Tax
Banks deduct tax at source on interest. For individuals, the base rate is 10%. If you are required to file a tax return but cannot show proof of submission, an extra 50% is added to the deduction. After tax, an FDR at around 9% leaves you with roughly 8.1%, which is about level with current inflation.
Risk
An FDR has no market price risk, but it does carry bank risk. Some Bangladeshi banks have faced serious liquidity problems in recent years, and depositors have had trouble withdrawing money. Under the Deposit Protection Ordinance 2025, the deposit protection limit was raised from Tk 1 lakh to Tk 2 lakh per depositor. Anything above that depends on the health of the bank. If you hold a large FDR, the strength of the bank matters as much as the rate it offers.
Breaking an FDR early is usually possible, but you will normally get a lower rate.
Option 2: Sanchayapatra (National Savings Certificates)
Sanchayapatra are savings certificates issued by the government through the Department of National Savings. They are sold through banks, post offices and national savings offices.
Current rates
A planned rate cut for January 2026 was withdrawn after public criticism. In July 2026 the government kept rates unchanged for July to December 2026. The rates at maturity are:
- Paribar (Family) Sanchayapatra, 5 years: 11.93% (first slab), 11.80% (above)
- Pensioner Sanchayapatra, 5 years: 11.98% (first slab), 11.80% (above)
- 5-year Bangladesh Sanchayapatra: 11.83% (first slab), 11.80% (above)
- 3-monthly profit-based Sanchayapatra, 3 years: 11.82% (first slab), 11.77% (above)
The higher “first slab” rate applies to investments up to Tk 7.5 lakh. Rates are reviewed every six months, so they can change.
Limits and eligibility
- The 5-year Bangladesh Sanchayapatra is open to all Bangladeshi citizens, with a limit of Tk 30 lakh in a single name or Tk 60 lakh jointly.
- Paribar Sanchayapatra is for women aged 18 or over, people with physical disabilities, and anyone aged 65 or over. It has a limit of Tk 45 lakh per person, and Tk 50 lakh across the main schemes combined.
- A TIN is needed for larger purchases. Reports in 2026 cite purchases above Tk 10 lakh.
Tax and early encashment
Tax is deducted at source from profit. The rate has been 5% on smaller holdings up to Tk 5 lakh and 10% above that. From FY2026-27, this deduction is no longer a final tax. Profit is added to your total income and taxed at your normal rate. Lower-income savers can claim a refund of excess tax by filing a return, while higher earners may owe more.
If you cash in before maturity, you get a lower rate for each completed year instead of the full maturity rate. Sanchayapatra work best for money you can leave alone for the full term.
Bottom line: Today, Sanchayapatra offer the highest guaranteed rate of the four options, backed by the government. The catch is the investment ceiling, the eligibility rules for some schemes and the penalty for early encashment.
Option 3: Bangladesh Government Treasury Bonds
Bangladesh Government Treasury Bonds (BGTBs) are issued by Bangladesh Bank for the government in 2, 5, 10, 15 and 20-year terms. They pay a fixed coupon every six months, and you get the face value back at maturity. Because the government is the borrower, the risk of default is very low.
Returns
Yields are set at regular auctions and have fallen sharply this year. In early 2026, 10-year bonds cleared above 10%, and in August reports put bond yields slightly above 10%. Since then, surplus bank liquidity has pushed yields down. The latest cut-off yields as of 1 October 2026 were about 8.87% for 2 years, 8.65% for 5 years, 8.54% for 10 years and 9.34% for 15 and 20 years. These yields change with every auction.
Why investors choose them
- No upper limit. Unlike Sanchayapatra, there is no ceiling on how much you can invest.
- Long lock-in of today’s rate. A 10 or 20-year bond keeps its coupon even if rates fall further.
- Regular income. Coupons are paid every six months.
- Tradable. Bonds are listed and can be sold before maturity through a broker.
The risk to understand
If you hold a bond to maturity, you get the full face value back. If you sell early, you get the market price, which can be higher or lower than what you paid. Bond prices move opposite to interest rates: when market rates rise, older bonds with lower coupons lose value. The government does not offer early encashment, so a bond is liquid only if a buyer is available.
Coupon income is taxed at source, typically at 10%.
How to buy
Individuals can buy treasury bonds through a stockbroker using a Beneficiary Owner (BO) account. At Mika Securities, the minimum bid is Tk 1 lakh, and you can bid in multiples of that amount. Mika handles the auction bid and settlement into your BO account, and you can also buy and sell listed bonds in the Amar Biniyog app. You can find the full process and auction schedule on our treasury bond service page.
Option 4: Listed shares
Shares are fundamentally different from the other three options. When you buy a share on the Dhaka Stock Exchange, you own part of a business. There is no fixed return. You earn from dividends and from any rise in the share price as the company grows.
Over long periods, shares of well-run companies have the highest growth potential of any of these options, and they are the main way to build wealth that grows faster than inflation. But shares are also the most volatile. Prices can fall sharply and stay down for months or years. Unlike an FDR or a bond held to maturity, nothing guarantees your capital back.
Shares are liquid, but selling in a downturn locks in losses. They suit money you won’t need for at least five years, spread across several sound companies. If you are new to the market, start with our guide to the basics of the Bangladesh stock market.
Side-by-side comparison
| Bank FDR / DPS | Sanchayapatra | Treasury bonds | Listed shares | |
|---|---|---|---|---|
| Expected return | About 8.5%–9% (varies by bank) | 11.77%–11.98% at maturity | About 8.5%–9.3% (Oct 2026 auctions) | Not fixed; highest long-run potential |
| Risk to principal | Bank risk; protected up to Tk 2 lakh | Very low (government) | Very low at maturity; price risk if sold early | High; prices can fall sharply |
| Liquidity | Can break early at a lower rate | Early encashment at lower rates | Sell on the market at the going price | High; sell on any trading day |
| Tax | 10% at source (more without return proof) | 5%–10% at source, adjusted in annual return | About 10% at source on coupons | Tax on dividends; rules vary |
| Investment limit | No limit | Tk 30 lakh single / Tk 60 lakh joint (5-year scheme) | No upper limit; Tk 1 lakh minimum via Mika | No limit |
| Best for | Short-term parking and emergency funds | Eligible savers wanting fixed income | Large or long-term fixed income | Long-term growth (5+ years) |
Emergency fund first
Before investing in anything, set aside three to six months of household expenses in a savings account or short FDR at a sound bank, ideally within the deposit protection limit. This keeps you from selling shares or breaking a Sanchayapatra at a bad moment.
Example portfolio splits
The splits below show how different savers might think about a mix. They are illustrations, not recommendations. Your own split should reflect your age, income, goals and comfort with risk.
Conservative: “I can’t afford to lose capital”
- Sanchayapatra (up to your eligible limit): 40%
- Treasury bonds: 35%
- FDR at strong banks: 15%
- Shares: 10%
This might suit retirees or anyone who relies on regular income. A small share allocation still gives some protection against inflation.
Balanced: “Steady income plus some growth”
- Sanchayapatra and treasury bonds: 50%
- FDR: 10%
- Shares: 40%
This might suit mid-career savers with stable income and goals 5 to 10 years away.
Growth: “I’m investing for the long term”
- Shares: 65%
- Treasury bonds and Sanchayapatra: 30%
- FDR: 5%
This might suit younger investors with time to recover from market downturns. It needs patience: there will be years when the share portion falls.
The bottom line
- Sanchayapatra currently offer the best guaranteed rate, but only up to a limit and with conditions.
- Treasury bonds have no ceiling, are government-backed and pay steady six-monthly income. They are a strong choice for amounts above your Sanchayapatra limit, as long as you can hold to maturity.
- FDRs are convenient for short-term money, but returns are now close to inflation and bank risk matters.
- Shares are the main route to long-term growth above inflation, with real ups and downs along the way.
For most savers, the answer is not one option but a mix. A BO account lets you hold both treasury bonds and shares in one place. You can open a BO account online with Mika Securities and manage both through the Amar Biniyog app.
This article is for general education only and is not investment advice. Investment carries risk; past performance does not guarantee future returns. Figures cited are from public sources as of October 2026.