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Can a bank in India change the rate of interest during the currency of a term deposit with them?
Wiki User
∙ 13y ago
No. The rate of interest on a term deposit (Fixed Deposit) cannot be changed during the duration of the deposit. For Ex: you deposit Rs. 10000/- on Jan 1st 2011 with a bank in India at 8% rate of interest for a period of 1 year. Even if the deposit rates change to let's say 7.5% a few weeks after that, the bank has to honor the commitment it has given to you at the time of opening the term deposit and it cannot change the rate of interest.
Wiki User
∙ 13y ago
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What are the advantages and disadvantages of investing in a term deposit?
Advantages of a term deposit- - With a term deposit you receive a set rate of return/profit at the end of the period. - A term deposit is a secure investment the money is always returned at the end of the period no matter what. - If the interest rates of a bank fall you still receive the interest for the rate at which the investment was made. - You only need a small sum of money to invest in a term deposit, some terms range around only $1,000- $10,000. - You can pick how long you want to deposit your money so it best suites your needs. Disadvantages of a term deposit- - If interest rates go up during the term of the deposit you are locked to the rate at which you applied at - You are unable to get your money at during the term, if you do withdraw you money a large penalty is applied - You might miss an opportunity to make a big purchase on something or invest in a better deal, because your money will be non-withdrawable -
What is the term for a loan in which the interest rate does not change during the entire term of the loan?
a fixed rate loan.
What is the difference between fixed and adjustable interest rates?
Under a fixed rate, the rate does not change during the duration. An adjustable rate is one that can be changed. For instance, if I have 3% interest on something, it can be changed to, say, 3.4% under an adjustable rate.
What is refund of interest?
It is a refund of a percentage of interest one has paid during a particular period.
Does current portion of long term debt include interest?
No, only the principal to be paid during that year. Interest is separated and classified as Interest Expense.
Is there a need to open an account for issuing a certificate of deposit?
Yes. A "certificate of deposit" is a type of savings account where you deposit a minimum amount of money for a minimum amount of time (during which time you cannot make any withdrawals) to accrue a certain interest rate. Usually the higher the dollar amount and the longer the time period, the higher the interest rate.
Meaning of security deposit?
A security deposit is an advanced deposit that is generally retained by the landlord during your tenancy. The landlord is obligated to return such deposit within 30 days with interest earned, if any, and/or an itemized list of expenses for which the landlord is offsetting the deposit amount (for which he wants to keep some or all of the deposit). The laws regulating such deposit varies between states under the Landlord/Tenant laws of that state.
What are the advantages and disadvantages of investing in a term deposit?
Advantages of a term deposit- - With a term deposit you receive a set rate of return/profit at the end of the period. - A term deposit is a secure investment the money is always returned at the end of the period no matter what. - If the interest rates of a bank fall you still receive the interest for the rate at which the investment was made. - You only need a small sum of money to invest in a term deposit, some terms range around only $1,000- $10,000. - You can pick how long you want to deposit your money so it best suites your needs. Disadvantages of a term deposit- - If interest rates go up during the term of the deposit you are locked to the rate at which you applied at - You are unable to get your money at during the term, if you do withdraw you money a large penalty is applied - You might miss an opportunity to make a big purchase on something or invest in a better deal, because your money will be non-withdrawable -
What was currency in Britain during the 1700s?
What was currency in Britain during the 1700s?
What was the british currency during 1776?
the currency that was printed during the revolutionay war was the commodity money
When did France change its currency?
France introduced the Euro in Jan 2001 and phased out the French Franc during the same year. On Jan. 1, 2002, the Euro was the only legal currency.
What does a certificates of deposit represent?
Certificate of deposit or CD is a time deposit. This means it is a money deposit that can't be withdrawn during a certain period of time. They are commonly offered to consumers by banks, thrift instititions or credit bankers as an acting financial product. CD's are similar to savings accounts in that they are risk free and will never go anywhere but only have a fixed time that they can be held and have a fixed interest rate.
During the Renessance how did an interest in Ancient Rome and Greece change English?
Please specify. Changed English what?
What is the term for a loan in which the interest rate does not change during the entire term of the loan?
a fixed rate loan.
What was the currency in the ghettos during the holocaust?
usually the currency of the country that the ghetto was in.
What was the Philippine currency during the American period in the Philippines?
Philippine currency during the American period continued to be the Peso.
Can FD Interest rate be changed during the term?
No. While opening the deposit, the bank would give us a certificate which would contain the details of the date of maturity, the rate of interest and maturity value. The bank is entitled to pay us the exact amount mentioned in the certificate even if the prevailing rate of interest is different.
