0
How does a certificate of deposit work and what amts can you purchase?
Wiki User
∙ 12y ago
A Fixed Deposit or a Certificate of Deposit is a special type of deposit account that can be opened by any customer. The customer will deposit a large sum of money with the bank for a predetermined period of time (Usually in months or years). The bank will offer a good interest rate to the customer for parking his/her money long-term with them. The customer wouldn't break his deposit mid term and keep it until maturity because if he does so, he will be charged a penalty for doing so.
In terms of amount - you can purchase any amount you want. The only thing the bank might ask if you deposit huge sums of money is "source of income" and if you provide that, the bank will be willing to accept a deposit of any amount.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
How do you cash in a Certificate of Deposit if you have lost the paper work?
You should be able to go into the bank and they can look up the information for you if you provide photo i.d.
What does high yield certificates of deposit do to a savings account?
High yield certificates of deposit on saving accounts work very similar to regular savings accounts, except they offer a high return on your deposit. This happens because you are allowing the bank to invest a portion of your money, for a set period of time, any way the bank wishes. The bank guarantees your money with an insured certificate.
What is a debit card and how does it work?
Debit card works like a credit card, the only difference is that when you make a purchase, the transaction is charged to your deposit with the bank who issued your debit card.
A person gave me a 200 deposit on my car and asked me to get an exhaust gasket fixed which i did. he said the bank denied his loan Is a deposit on a private sale refundable?
In the circumstances I would say not (especially as you did work he asked to be done) - I believe you can actually force him to purchase the car - unless he made it clear that the purchase was dependent on him getting the lone, then a contract for the sale was made in law.
Work experience certificate format for fitter?
please give me an experience certificate of pipe fitter
What can one do with a Certificate of Deposit calculator?
One can use this to help decide whether to invest. This calculator helps one to work out the interest which will be payable on a Certificate of Deposit.
How do you cash in a Certificate of Deposit if you have lost the paper work?
You should be able to go into the bank and they can look up the information for you if you provide photo i.d.
What colours do you mix to get brown?
Darker Blue and Darker Orange will probably work!
Are you entitled to your deposit back no paper work has been signed?
Where I live a deposit is a payment to hold the vehicle.Please note I said paymentSo no, if you put down a deposit, you are paying us to not sell the car for a period of time.This payment is credited against your purchase but not refundable if decide not to buy.
How do discount gift certificates work?
A Discount Gift Certificate is a normal Gift Certificate that you purchase at a discount to its full value, and works like any other Gift Certificates. Also be sure to check any Gift Certificate expiration dates or usage restrictions.
What is a strata bound deposit?
bound deposit can cause very long time of work to you and others in the work yord...
What does high yield certificates of deposit do to a savings account?
High yield certificates of deposit on saving accounts work very similar to regular savings accounts, except they offer a high return on your deposit. This happens because you are allowing the bank to invest a portion of your money, for a set period of time, any way the bank wishes. The bank guarantees your money with an insured certificate.
What is a debit card and how does it work?
Debit card works like a credit card, the only difference is that when you make a purchase, the transaction is charged to your deposit with the bank who issued your debit card.
A person gave me a 200 deposit on my car and asked me to get an exhaust gasket fixed which i did. he said the bank denied his loan Is a deposit on a private sale refundable?
In the circumstances I would say not (especially as you did work he asked to be done) - I believe you can actually force him to purchase the car - unless he made it clear that the purchase was dependent on him getting the lone, then a contract for the sale was made in law.
Do you have to pay a deposit when hiring an air conditioning contractor?
A deposit is up to the individual contractor. Sme contractors may start the work with no deposit.
What are the different types of deposit account?
The most common and basic types of deposit accounts are checking and savings accounts. These are both used to deposit money into if your place of work has direct deposit.
Where will a pediatric nurse certificate allow me to work?
A pediatric nurse certificate will allow you to work in a clinic or hospital that specializes in pediatrics.
