ECONOMICS
FINANCIAL MARKETS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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14.28
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14.00
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7
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15.28
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Detailed explanation-1: -Among scheduled private sector banks, SBM Bank offers the best FD interest rates of up to 8.40% p.a for a tenure of 2 years 3 days. Among scheduled public sector banks, highest FD rate is offered by Union Bank of India of up to 7.30% p.a for a tenure of 800 days and 3 years.
Detailed explanation-2: -Earn 7.3%* Interest on FD Rates are subject to change as per the bank’s discretion. SBI offers FD interest rates of 3.00%-7.10% p.a. to the general public and 3.50%-7.50% p.a. to senior citizens for tenures ranging from 7 days to 10 years. The interest rate of SBI Tax Saving FD is 6.50% p.a.
Detailed explanation-3: -You can calculate your total interest by using this formula: Principal loan amount x interest rate x loan term = interest.
Detailed explanation-4: -There are two types of FD that you may avail of – simple interest FD and compound interest FD. M = P + (P x r x t/100), where – For example, if you deposit a sum of Rs. M= Rs. = Rs. M= P + P (1 + i/100) t – 1, where – More items