“Management of money is an important aspect of home science”. In

1.	“Management of money is an important aspect of home science”. In this context explain A fixed deposite account and its advantages.
Answer» Fixed Deposit Account: Deposits which are made for a specified period and whose amount cannot be withdrawn before the expiry. These deposits are repayble, but only after the expiry of a fixed period such as one year, 5 year etc. Fixed deposits are also known as long-term deposits. For such long-term investment, higher rate of interest is offered. Large the time period of the deposits higher will be the rate of interest. Importance: 1. These are very flexible in nature. 2. Fixed deposits offers guaranteed returns. The interest rate is also higher.

“Management of money is an important aspect of home science”. In this context explain A fixed deposite account and its advantages.

Answer»

Fixed Deposit Account: Deposits which are made for a specified period and whose amount cannot be withdrawn before the expiry. These deposits are repayble, but only after the expiry of a fixed period such as one year, 5 year etc. Fixed deposits are also known as long-term deposits. For such long-term investment, higher rate of interest is offered. Large the time period of the deposits higher will be the rate of interest.

Importance:

1. These are very flexible in nature.

2. Fixed deposits offers guaranteed returns. The interest rate is also higher.

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