The different rates

Banking 1562 times1 answer1 follower
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hadeel 9 Rep. lubaydrakib answered

The difference between Flat rate, Reducing rate, and Profit/Interest rate.

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lubaydrakib 81 Rep. lubaydrakib edited answer

A flat rate is where your rate doesn’t change – it stays the same not going higher nor lower. A reducing rate is where your rates slowly decrease. Profit and Interest rates are when you are rewarded for your service. E.g getting paid 3% cashback on your inflows that year. That would typically be your interest.

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