Yes every bank offer different interest rate for their customers and it vary from one bank to another. They determine interest on fixed deposit by calculating percentage on specific amount.
How Banks Determine The Interest Paid On Fixed Deposit?
The interest paid on fixed deposit varies. It is different in different banks and depends upon the policies of the bank. A progressive bank can always offer more to his customers than a newly opened less known bank. The bank normally offers from 4 to 11 per cent on fixed deposits. The interest rate also increases with the number of years you are going to deposit your money.
