The account which is opened for a particular fixed period (time) by depositing particular amount (money) is known as Fixed (Term) Deposit Account. The term fixed depositmeans that the deposit is fixed and is repayable only after a specific period is over.
Under fixed deposit account, money is deposited for a fixed period say six months, one year, five years or even ten years. The money deposited in this account cannot be withdrawn before the expiry of period.
The maturity value offered on fixed deposits is generally based on the date of maturity selected by the depositor.
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