Define fixed deposits.
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A fixed deposit or a FD is a bank or a NBF'C financial tool that provides creditors with a higher interest rate than a regular savings account.
- A fixed deposit is a form of savings or an investment account offering a fixed interest rate to the borrower.
- The lender promises, in exchange, not to withdraw or use their assets for a fixed time frame.
- The compensation is only charged in a fixed deposit portfolio at the very end of the loan term.
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Fixed deposits:
- Fixed deposit is an investment tool offered by non-banking and banks financial corporations, where you can deposit your money for a high rate of interest compared with savings accounts.
- We can deposit a high amount of money in (FD) fixed deposit for a particular time, which varies for each and every financier.
- Once the money is invested with a trusty financier, it starts receiving an interest based on the time of the deposit.
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