Besides, the longer you fix your money, the higher the interest rate the banks will offer.
Using the FD calculator as an FD rate calculator by inputting different interest rate values shows that the longer the term, the more accruing interest. Although the interest rates on fixed deposits are low compared to most investment vehicles, the returns are almost risk-free and much better than a regular savings account.
The term or period for a fixed deposit can vary between 30 days and 10 years, with interest rates ranging between 3% and 11%.
