New Delhi, Feb. 22 -- Before starting a fixed deposit (FD), it is common for depositors to compare the interest rates offered by different banks so that they can maximise the income earned on it.

Typically, banks offer high interest on their long term deposits and low when the deposit is made for a short period. A small difference of 50 basis points in interest income can made a considerable difference over a long period.

For instance, an extra income of 1 percent on Rs.5 lakh FD gives an income of 15,000 over three years and Rs.25,000 over five years. And if the deposit is Rs.10 lakh, this can rise to Rs.50,000 over a period of five years.

So, this is important to choose the bank offering highest interest rate.

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