Daily One Banking Term : ( 03 Sep 17 )

✔️ Annual Percentage Yield (APY):
▪️A percentage rate reflecting the total amount of interest paid on a deposit account based on the interest rate and the frequency of compounding for a 365-day year.

✔️ Annuity
▪️A life insurance product which pays income over the course of a set period. Deferred annuities allow assets to grow before the income is received and immediate annuities (usually taken from a year after purchase) allow payments to start from about a year after purchase.

Join @DailyGKZone