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PNB raised the interest rate from 6.25 percent to 7.05 percent on deposits of 300 days with effect from Jan 8, 2024. We showcase the latest FD rates of major banks here.
The rate of interest plays a significant role in determining the return on investment.
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.”
Most small finance banks offer an interest of 8-9 percent per annum on their long duration fixed deposits. Utkarsh Small Bank offers 9.10 percent on term deposits of 2-3 years tenure to senior citizens
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