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What is Interest Rate on Fixed Deposit?

What is Interest Rate on Fixed Deposit?

Interest rate of a Fixed Deposit is a return for your investment. It is a percentage of your deposit amount that the NBFC or bank will pay you. Different financial institutions offer different interest rates for a Fixed Deposit. The rates can vary from 3% to 9%. Interest rate is considered the most important factor while choosing your FD, as it can directly affect your maturity amount. For example, if you deposit Rs.1,00,000 for one year at 5% interest rate, you will get Rs.1,05,000 at the end of the year as the maturity amount. You earned Rs.5,000 as the interest on your principal amount. Senior citizens get special interest rates of additional 0.35%. Bajaj Finserv is currently offering 7.85% interest on Fixed Deposits, which is one of the highest interest rate in the market. Factor : Cumulative : Non-Cumulative (monthly) FD amount : Rs.5,00,000 : Rs.5,00,000 Tenure : 5 years : 5 years Interest rate : 7.85% : 7.58% Interest earned : Rs. 2,29,576 : Rs. 1,90,750 Maturity amount : Rs. 7,29,576 : Rs. 6,90,750

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