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@adriana144 Wow this was extremely helpful. Thank you for putting in your time and effort. I think it's pretty clear now. I guess I have to be wary of advertised interest rates and actually do the calculations myself.

I opened a recurring deposit with Axis Bank for monthly installments of 10,000. The interest rates that was displayed initially was 6.60%. But the maturity amount after the 1 year period is only 124,350. When I calculated the yield it seems to be only half the interest rate. What is the logic...