The word fixed being the operative word, when a fixed amount of money is invested for a fixed period of time with a fixed rate of interest in a bank or a financial institution, it becomes fixed deposit.
The investor voluntarily orders the bank or financial institution to lock away their funds in the safety of fixed deposit for a determinate period of time and the deposited money is then paid fixed interest which does not change until maturity. Fixed deposits are available for as low as 7 days and as high as 10 years.
Anyone regardless of their age and income can invest in fixed deposit. Opening a fixed deposit is easier than ever with us. You can find out the monthly interest you will earn while investing in fixed deposit.
Benefits of Fixed Deposits
- Assured Return
- Benefits of compounding
- Variety of choices
- Safety
- No need to open savings bank account
- Higher rates for Senior citizens