How is FD interest calculated?

FD interest uses compound interest: A = P(1 + r/n)^(nt), where P is principal, r is annual rate, n is compounding frequency per year, and t is tenure in years. Monthly compounding gives slightly more than quarterly or annual.

What is the effective annual rate of an FD?

The effective annual rate (EAR) accounts for compounding: EAR = (1 + r/n)^n − 1. It is always equal to or higher than the nominal rate. More frequent compounding means a higher effective rate.

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