Vijai Mantri says: “People do not understand the difference between coupon rate and compound rate. So I will just take a very simple illustration. I was part of the HDFC Mutual Fund team when we launched HDFC liquid fund in October 2020. In October 2000, that fund completed 23 years. In a 23-year period the fund generated 6.9% CAGR. If I convert them into simple rates of interest, it is close to 15% per annum.”