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Compounding means earning returns on your returns. How often that compounding happens changes the outcome more than most people expect — quarterly compounding beats annual on the same nominal rate. Use this for fixed deposits, recurring deposits and any savings product.
Yes. On a long deposit, quarterly compounding produces noticeably more than annual at the same rate. Always check the frequency before comparing two offers.
Simple interest is earned only on the original amount. Compound interest is earned on the accumulated total, so it accelerates over time.
Interest from fixed deposits is added to your income and taxed at your slab rate. TDS applies above certain thresholds.