Interest rates are applicable on any kind of borrowed or lent transactions whether they are to buy fund homes, fund projects, meet any personal requirement or maintain the savings. While making any such transactions, it becomes essential to know about the best interest rate available. This helps in making a profitable deal with the financial institution.
If one avails loans at a low interest rate, then repaying the loan could be done with a minimal spending of extra money i.e., interest. On the other hand, if one deposits money in a savings account on a high interest rate, then the profits earned on the same will be quite good.