What is a Fixed Deposit Account?
Arrow Right
A fixed deposit account is a type of savings account where your money is kept in a bank for a fixed amount of time.
This is usually a one-time deal, where you deposit a money into the account and earn interest on that amount
You may incur a penalty if you need that money before the end of the term.
Fixed deposit accounts are helpful for people looking for a guaranteed return on investment or who want a large amount of money saved.
Advantages of FD Account
Guaranteed return
Flexible tenure
No Tax
Disadvantages of FD Account
Limited access to funds
Low rate of return
Penalty on premature withdrawal
FOR MORE STOIRES CLICK HERE
Learn more