A bank's ' fixed deposit' is also referred to as a
Created: 5 years ago |
Updated: 1 year ago
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A fixed deposit (FD) is a financial instrument provided by banks or NBFCs which provides investors a higher rate of interest than a regular savings account, until the given maturity date.
It may or may not require the creation of a separate account. It is known as a term deposit or time deposit in Canada, Australia, New Zealand, India and The United States, and as a bond in the United Kingdom and for a fixed deposit is that the money cannot be withdrawn from the FD as compared to a recurring deposit or a demand deposit before maturity.
Some banks may offer additional services to FD holders such as loans against FD certificates at competitive interest rates.
Md Azizur Rahman
Founder of Satt
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