what is the difference between saving account and fixed deposit account?
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Fixed Deposit Account is a kind of investment, where the money is deposited for a particular period of time (tenor) and the bank/financial institution pays interest on the money deposited. But unlike a savings account, the money cannot be withdrawn before the fixed tenure, or rather it should not.
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Interest rates are not fixed for the duration the Savings Account is held for. All term deposits come with a fixed rate of interest that is specific to the duration of the FD. ... Most banks will offer senior citizens a higher rate of interest. There is no TDS charged on interest earned on a Savings Account
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