How Banks Determine The Interest Paid On Fixed Deposit?
Do interest rates vary among banks for fixed deposits?
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Yes every bank offer different interest rate for their customers and it vary from one bank to another. They determine interest on fixed deposit by calculating percentage on specific amount.
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The interest paid on fixed deposit varies. It is different in different banks and depends upon the policies of the bank. A progressive bank can always offer more to his customers than a newly opened less known bank. The bank normally offers from 4 to 11 per cent on fixed deposits. The interest rate also increases with the number of years you are going to deposit your money.
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