What is a Fixed Deposit Rate?
A Fixed Deposit is an investment account where money is deposited for a fixed period and the interest rate does not change.
It offers higher interest rates than ordinary savings accounts and is ideal if you want to save for a specific goal, like a wedding or a holiday.
What Is The Best Fixed Deposit Rate In South Africa
The best 3-year fixed deposit interest rate is 10.75% offered by Sasfin. This is the effective annualized rate. You will need a minimum investment of R20,000 to get that interest rate.
Check out the fixed deposit calculator to see how much interest you will earn for your investment amount.
Which South African bank has the highest interest rate for fixed deposits?
Access Bank. The highest interest rate in South Africa for a fixed deposit account is the Access Bank 60 months fixed deposit account which offers an interest rate of 11.60% pa.
What is the formula for Fixed Deposit Rate In South Africa?
The formula for Fixed Deposit Interest CalculatorA = P(1 + rt). Where: A = Total Accrued Amount (principal + interest) P = Principal Amount.
How is interest calculated on a fixed deposit in South Africa?
The simple interest calculation is one that takes a sum of money (principal) and calculates regular interest on this amount only.
Suppose you invest R1 000 into a fixed deposit account for 1 year at an interest rate of 2% per annum. The interest you earn after 1 year would be R20 (R1 000 x 2% x 1).