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What Is A Term/fixed Deposit Account?

6 Answers

Anonymous Profile
Anonymous answered
In a fixed deposit account can money not be taken out and only be transfered to another account?
Muhammad Ali Profile
Muhammad Ali answered
Fixed deposit is the term used in banking sector. So you must understand it in respect of banking. When you deposit some amount in bank and it gives you regular fixed profit then it would be called as fixed deposit in the bank.

The bank will keep giving you a certain fixed amount as an interest on your amount. That fixed deposit would not increase and decrease with the passage of time. But your profit may increase or decrease in respect of time and bank conditions.
For example some banks first give a certain amount then they decrease after sometime and change the percentage of profit but it would be called as fixed deposit.
I think you can understand it now.

In some simple words, fixed deposit is the amount in the bank which does not change and gives you the profit on every month of same percentage. This is called fixed deposit. Today most of the banks used this fixed deposit.

I think it is very clear now and you can understand it properly.
If you have further queries about fixed deposit or any other sector relating to bank please feel free to ask it again on this forum.
thanked the writer.
Anonymous
Anonymous commented
There is a penalty if i cancel the condition
Anonymous
Anonymous commented
Most banks have their own rate card for fixed deposit rates which are dependent on the tenure of the deposit as well as the kind of fixed deposit you have set up. I have heard names of many banks Like DBS Bank which gives good fixed deposit interest rates.
Anonymous Profile
Anonymous answered

Fixed deposit allows you to enjoy a higher interest rate as compared to the regular savings accounts. However of course, the interest rates can only be given upon the date of the maturity. 

Anonymous Profile
Anonymous answered
fixed deposit means keeping a sum of money in the bank or to a money lender for a certain period and they ll give you interest on it and you ll get the money after the date means if you have kept money today only in the bank and you want to keep it for 1 yrs then todays date is 6.5.2009 then you ll receive your money on 6.5.1010.

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