Is there any bank that pays monthly interest with normal interest rate?

POSTED BY heartshacker ON March 17, 2014 8:18 am COMMENTS (3)

Is there any bank that pays monthly interest with normal interest rate? I see HDFC/SBI have option for monthly interest pay but they say discounted rate. What is the rate?

Alternative is MIS but would like to check monthly interest pay for FD.

3 replies on this article “Is there any bank that pays monthly interest with normal interest rate?”

  1. ashalanshu says:

    Dear Heartshacker, the mly pay out ‘ll be a bit less than 750 Rs. How much? Please contact your bank to know the answer. if the Rate of interest in Bank FD is higher than POMIS, where should you put your money?

    thanks

    Ashal

  2. heartshacker says:

    Thanks for clarifying my question.

    I was assuming that if I want monthly interest payout, interest rate will be less. Need to visit bank if I want monthly interest payout.

    For example, for RS 100000 if FD interest rate is 9% then yearly interest will be RS 9000. Shall I get RS 750 for monthly interest payout Or it will be less?

    Can you let us know what will be profitable between MIS and monthly interest payout from FD?

  3. ashalanshu says:

    Dear Heartshacjer, as the interest pay out is mly basis, the compounding interest should be equal to or little less than the yly interest rate. That’s what this discounted interest means. Now where is the problem in this situation?

    Thanks

    Ashal

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today