fixed deposit A/c dr.
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Debit fixed assetdebit interest expenseCredit cash /bank
Fixed assets management is an accounting process that helps track fixed assests for financial accounting, preventative maintenance and to prevent theft.
Liability
A time deposit is an interest-bearing deposit held by a bank or financial institution for a fixed term. Time deposits usually refer to savings accounts, and are held by individuals.
debit donationcredit fixed asset
Debit fixed assetdebit interest expenseCredit cash /bank
Fixed deposits come in various types to cater to diverse financial needs: Regular Fixed Deposits: Standard fixed-term deposits with a predetermined interest rate. Senior Citizen Fixed Deposits: Tailored for elderly individuals, offering higher interest rates. Tax-Saving Fixed Deposits: Provide tax benefits under Section 80C of the Income Tax Act. Cumulative Fixed Deposits: Interest is compounded and paid along with the principal at maturity. Non-Cumulative Fixed Deposits: Interest is paid at regular intervals, providing a steady income stream. Special Fixed Deposits: Customized options with unique terms and conditions, often offered by specific banks. Each type serves specific financial objectives, allowing investors to choose based on their preferences and requirements. Shriram Finance offering flexible tenures and returns of up to 9.20%* p.a. (Including 0.50%* p.a. for Senior Citizens and 0.10%* p.a. for Women)
1. Increasing deposit rate of interest 2. Creating awareness among the public on the safety and use of fixed deposits 3. advertisements about the rate of interest and other schemes
Deposits offer only a fixed rate of interest. Though this rate of interest gets changed once in a while, a deposit which was opened before this interest rate change does not get altered. It will continue to earn the same rate of interest as was promised when the deposit was opened.
They both refer to the exact same thing. It is just two different terms by which we are referring to this deposit product. In this, a customer deposits a lump-sum amount with the bank for a fixed amount of time at a fixed rate of interest. In return, the bank gives a certificate to the customer which he/she can surrender after the stated time in return for the invested amount + interest. They are called Time Deposits, Certificate of Deposit, Fixed Deposits etc.
Debit Depreciation Expense Credit Accumulated Depreciation
12 .5 % for senior citizens
A deposit made by investors with corporations for a fixed time period, for a predetermined/agreed upon rate of interest is called a "Corporate Fixed Deposits"
Fixed deposits for 3-5 years, UCO, Oriental, etc
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Yes. Any action where our money earns us some more money is an investment. In case of fixed deposits, banks pay us a fixed rate of interest on our deposits which is an income that our money is earning for us. So, definitely it is an investment.
No. In most cases the rate of interest offered on fixed deposits and recurring deposits is different. Usually the rate of interest on a fixed deposit is much higher than a recurring deposit because you will be depositing the entire amount in one shot and leave it with the bank for the duration whereas in a recurring deposit you'll pay only the part of the money at a time. So the difference.