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How is the interest on Fixed Deposit (FD) calculated?

Interest on Fixed Deposit is calculated on the basis of the tenure of FD and the prevailing interest rate applicable at the time of opening the FD. Interest is calculated as follows:

  • Cumulative FD: Interest is calculated for the quarter and compounded/reinvested to the principal amount. Interest for the next quarter is calculated on the accumulative amount.
  • Traditional FD with Quarterly interest payout option: Simple interest is calculated and paid at the end of each quarter
  • Traditional FD with Monthly interest payout option: Interest is paid at the discounted value and at the end of each month
  • Short Term FD: Interest is calculated on simple interest basis.