Give reasons "Rate of interest on fixed deposit is high".
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Give reasons "Rate of interest on fixed deposit is high"
Rate of interest on fixed deposit is high because amount is secured with Bank for a defined period and they can use the amount .
Even in case you break the fixed deposit , penalty is levied by bank on interest rate .
But in Saving account person can withdraw amount at any time so Amount is not secured with bank to use it.
Thats why interest rate is less.
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