write the different between savings and fixed diposit
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Explanation:
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Answer:
A saving bank account is continuous in nature. Deposits into this account can be made for any number of years. A fixed deposit account, on the other hand, is a onetime investment for a fixed amount of time.The big difference between savings account and fixed deposit is that fixed deposit is a term deposit where the tenure, amount of deposit and interest rate is pre-fixed. Opening a savings account gives you access to a host of banking facilities such as internet banking, ATM/debit card, cheque book.Term deposit is often used when the deposit is extended for a certain term say 3 months, 6 months etc. while fixed deposit or FD is used when the deposit is for a period of six months or more. The deposit account offers a higher rate of return than savings bank account.A savings account generally offers the same rate of interest for everyone, irrespective of their age. However, when it comes to a fixed deposit, senior citizens get higher interest of anywhere between 0.25% to 1% per annum.