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Can a bank in India change the rate of interest during the currency of a term deposit with them?
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.
What is the term deposit rate of interest for effective date?
It depends on the number of days you are willing to deposit your money. The average rate in India for a 1 year deposit is around 8% per annum.
What is meant in by term deposits in banking?
The meaning of a Term Deposit in banking is referring to a savings account or a certificate of deposit. This particular savings account or certificate of deposit pays at a fixed rate of interest until given a maturity date.
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 -
Can you explain how short term CDs work?
Short term CDs, or certificates of deposit, are a type of savings account with a fixed term and interest rate. You deposit money for a specific period, usually ranging from a few months to a few years, and in return, you earn interest. The longer the term, the higher the interest rate typically is. Once the term is up, you can withdraw your initial deposit plus the interest earned. If you withdraw before the term ends, you may incur a penalty.
What is the definition of a certificate of deposit?
An online certificate of deposit is a banking term referring to an online bank account. A certificate of deposit is a sum of money specified by the depositor at and interest rate offered by a banking establishment.
Can a bank in India change the rate of interest during the currency of a term deposit with them?
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.
What is the term deposit rate of interest for effective date?
It depends on the number of days you are willing to deposit your money. The average rate in India for a 1 year deposit is around 8% per annum.
Does CD Rate stand for Certificate of Deposit Rate?
Yes it does. It is the interest rate assigned to a certificate of deposit at the time it is purchased. They generally offer a fixed rate of return for a specified period, which then nominally increases with the amount or the term of the investment.
Where can someone find more information about a time deposit?
In the banking world, the term Time Deposit refers to a savings account or certificate of deposit that pays a fixed interest rate for a given period of time. In the United States, a time deposit is commonly referred to as a certificate of deposit, as a term deposit in Canada, Australia and New Zealand, a bond in England and a fixed deposit in India. One can find terms and interest rates at their local bank, or on internet comparison sites such as Bank Rate or Rate Brain.
What is meant in by term deposits in banking?
The meaning of a Term Deposit in banking is referring to a savings account or a certificate of deposit. This particular savings account or certificate of deposit pays at a fixed rate of interest until given a maturity date.
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 definition for a unit rate?
unit rate is a ratio between 2 measurements in which the second term is 1.
What is the definition for unit rate?
unit rate is a ratio between 2 measurements in which the second term is 1.
Can you explain how short term CDs work?
Short term CDs, or certificates of deposit, are a type of savings account with a fixed term and interest rate. You deposit money for a specific period, usually ranging from a few months to a few years, and in return, you earn interest. The longer the term, the higher the interest rate typically is. Once the term is up, you can withdraw your initial deposit plus the interest earned. If you withdraw before the term ends, you may incur a penalty.
Definition of science term rate?
rate you rate an objet w / the speed of an object to the time or distance. just like in math
How can you add money to a term deposit?
To add money to a term deposit, you can make a deposit at the bank or financial institution where the term deposit is held. You can do this by transferring funds from your savings or checking account into the term deposit account.
