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A Fixed Deposit Account is one in which the customer deposits a big sum of money (Usually a few thousands and upwards. There is actually no limit to the amount of money you can deposit in a FD) for a fixed duration of time (Atleast 3 months or higher). Since you agree to keep the money deposited with the bank for a fixed/agreed upon duration, the bank gives you a very good interest as payment for keeping the deposit
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Difference between deposit account and call account?
Fixed Deposit Call Account -There is a fix Maturity -There is no Fix Maturity -Terms of Deposit are generally fixed -Terms Generally Varies -Deposit and withdrals can not be made at - Deposit and Withdrals can be made Any Time at any time
What is a fixed deposit?
A fixed deposit is a financial instrument provided by banks or NBFC's which provides investors with a higher rate of interest than a regular savings account.
What types of accounts are offered at Bangkok Bank?
There are many types of account which you can open via the Bangkok Bank. Some are Savings accounts, Current accounts, Deposit account and Fixed Deposit account.
How do certificates of deposit differ from other types of bank account?
A Fixed Deposit (also called a Certificate of Deposit) is the bank account that has the highest effective annual return. A FD Account is one in which the customer deposits a big sum of money (Usually a few thousands and upwards. There is actually no limit to the amount of money you can deposit in a FD) for a fixed duration of time (Atleast 3 months or higher). Since you agree to keep the money deposited with the bank for a fixed/agreed upon duration, the bank gives you a very good interest as payment for keeping the deposit
What is the disadvantage of a fixed deposit account?
The only disadvantage I can think of, is the fact that the money put into a fixed deposit is not much liquid. You need to terminate the deposit in order to get that cash. This way you may lose some interest rate or have some penalty charges charged by the bank.
How do you write a letter to bank manager for closing fixed deposit?
To Manager Subject: Closing Fixed deposit account. This is to inform you that, My Fixed deposit will mature on 01/12/2012, Kindly request you to transfer the fixed deposit to my Saving account, details are mention below. Name: Saving bank account: your faithfully *****
How do you withdraw from a fixed deposit account?
You cannot withdraw from a fixed deposit account without cancelling the note, which will likely incur a cancellation fee...
Difference between deposit account and call account?
Fixed Deposit Call Account -There is a fix Maturity -There is no Fix Maturity -Terms of Deposit are generally fixed -Terms Generally Varies -Deposit and withdrals can not be made at - Deposit and Withdrals can be made Any Time at any time
What are thebasic requirements for a fixed deposit account?
The basic requirements for opening a fixed deposit account are: a. Amount to deposit b. Existing relation with bank (You need to hold some sort of account with the bank. Else, you will be asked to open one) c. Source/Proof of legal income If you have these, any bank will be willing to open an fixed deposit account for you.
What are the types of deposits in SBI bank?
State Bank of India offers different types of accounts. They are: a. Savings Account b. Current Account c. Fixed Deposit Account d. Recurring Deposit Account e. Senior Citizen Deposit Account f. Senior Citizen Pension Account g. Etc.
What is the definition of a term deposit rate?
The definition of term deposit rate is a deposit held in a financial institute at a fixed rate. Such as a cd that banks offer or bonds.
How can you close a fixed deposit account?
In order to close a fixed deposit account, one must contact their financial advisor and request the required form to close an account, and upon filling it out, it must be turned into the local teller.
Is the fixed deposit and term deposit same?
Yes. Fixed Deposit and Term Deposit both refer to the same thing. A deposit account is one in which you keep a fixed sum of money for a specific duration (Usually atleast a few months) based on an agreement with the bank. The bank does not expect you to withdraw funds regularly from this account and hence gives you a better interest rate.
Are Fixed Deposits Bought?
No FD's are not bought. They are types of deposit account which are opened in banks for a fixed period....
What is a fixed deposit?
A fixed deposit is a financial instrument provided by banks or NBFC's which provides investors with a higher rate of interest than a regular savings account.
What is meant when one says the are making a fixed deposit?
A fixed deposit is a loan arrangement where you place a specified amount of money into the name of the account holder. A fixed deposit generates a fixed amount of interest over a period of time and cannot be withdrawn for a specified period of time.
What are fixed deposit accounts?
A Fixed deposit account is one in which you deposit a specific amount of money with a bank for a specified duration of time. you cannot withdraw that money before its maturity date. if you do you would have to pay a penalty for doing the same. usually fixed deposits offers us a higher rate of interest than normal bank accounts
