Financial Glossary

Interest Rate

Money deposited and borrowed from banks with specific interest rates determines economies of countries. Borrowing and depositing cash at a particular interest rate is happening for centuries, and its most significant players are the banks. They give a specific rate for the deposits and charge differently for borrowers. The difference is the profits for the banks after their operational costs.  Banks offer simple, compound, fixed, and variable interest rates for different types of deposits by customers. Also, they charge interest rates for the money they lend to their customers depending on the kind of loans they take like home, vehicle, property, business development, and others.

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