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What Is “fixed Deposit Account”? |
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Answer» This facility allows us to save money for long time. In saving accounts the rate of interest is less, but in FIXED deposit account the rate of interest is higher. It is also known as term deposit account. The depositor can deposit the money for long periods like 7 to 10 years. During this period withdrawal is not ALLOWED however the depositor can ENCASH the money before the maturity period but at that time the rate of interest will be less. This facility allows us to save money for long time. In saving accounts the rate of interest is less, but in fixed deposit account the rate of interest is higher. It is also known as term deposit account. The depositor can deposit the money for long periods like 7 to 10 years. During this period withdrawal is not allowed however the depositor can encash the money before the maturity period but at that time the rate of interest will be less. |
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