Scheduled reserved instance: Scheduled Reserved Instances are available to launch within the specified time window you reserve.It provides the feature that has the capability to change the attributes of RI as long as the exchange results in the creation of Reserved Instances of equal or greater value. Convertible reserved instance: It provides a discount of up to 54% off on demand.
The more you pay upfront and larger the duration of contract the larger the discount.
Standard reserved instance: It provides a discount of up to 75% off on demand. There are three types of Reserved Instances: It is useful for applications with steady state or predictable usage. Upfront cost is involved when selecting this type of EC2 instance. The contract for the reserved compute capacity could be anywhere between 1-3 years. Reserved instances involve making a compute capacity reservation with AWS on contractual basis. Dedicated hosts can be purchased hourly. It can be purchased as a Reservation for up to 70% off On-Demand price. Dedicated hosts are used to address compliance requirements and reduces host by allowing to use your existing server-bound server licenses. Dedicated Instances are physical EC2 servers that are dedicated for your use. If a spot instance is terminated by Amazon EC2, you won’t be charged for the particular hour of usage but if its terminated by you, then you will be charged for any hour in which the instance ran. Useful for urgent computing needs that may require large capacity. Primarily useful for the applications that have the flexible start & end times. Spot EC2 Instance lets bid for the spare compute capacity from Amazon at heavy discounts of up to 90% of the On-Demand price. It is suitable for the applications with short term, spiky or unpredictable workloads that cannot be interrupted. On Demand is perfect for the users who want low cost and flexibility of Amazon EC2 without any up-front investment or long-term commitment. You can increase/decrease the compute capacity needs depending on your applications requirement. 
There are no long term commitments with this instance type and also no upfront costs are involved.
EC2 INSTANCE PRICING WINDOWS
For Linux instance is by the second and windows instance is by the hour.With on demand EC2 instances you only pay for compute capacity you use by hours or by seconds depending on the instance types.We have mainly four types of EC2 pricing models listed in the table below In this post we will see what the Amazon’s Pricing Models for EC2 instances are. Amazon’s pricing principle for most of the services:
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