The Power of Compound Interest: Growing Your Money Over Time with FDs

Compound interest acts as a magic multiplier for savings, accelerating your money's growth over time

FDs benefit from compound interest, earning interest not just on the principal but also on the interest accumulated from previous periods

Key factors include the initial investment, fixed interest rate, and compounding frequency, often quarterly for major banks in India

The compounding effect increases your interest pay-outs as your investment grows, leading to accelerated returns

Choosing the right FD with a competitive interest rate and compounding frequency maximises the benefits of compound interest

Starting early and being patient are crucial in leveraging the power of compound interest to achieve financial goals

Time is your ally in growing money through the magic of compound interest