A fixed deposit is called a pledge, because it is an agreement that is made. The agreement is a certain amount of money will be deposited on a regular basis. It is a promise or pledge to make the deposit.
I want letter for bank fixed deposit
how to calculate Recurring deposit interest ?
Fixed Deposit also called as term deposit in many countries works in a very simple manner as decided by Financial institutions. You have to deposit your money for a fixed tenure and you get a legitimate interest on that amount. Once the tenure is completed, you get your money after maturity. The final amount contains Principal amount Plus Interest Rate.
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 *****
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
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"
what is the disadvantages of fixed deposit
A fixed deposit in the name of a firm is not a fixed asset.
fixed deposit A/c dr. to int on fixed deposit
I want letter for bank fixed deposit
fixed deposit has its fixed term, but debenture does not have any term. fixed deposit can be invested in eqty,debt or any other , but the debenture is debt only.
time deposit means payable at specified time same is the case with bank deposit ie. fixed deposit that is payable after certain period means not less than 7 days to earn interest so fds are called as time deposit
Yes of course, the interest on a fixed deposit is revenue because revenue is something owed but not yet paid. Hence, we can call it as revenue. Many Banks such as Axis, ICICI, IDBI and NBFCs like Bajaj Finserv are offering good interest on fixed deposit which can be called as revenue.
how to calculate Recurring deposit interest ?
fixed deposit
Every Fixed Deposit will have a certificate linked to it. The bank would issue you a certificate that is the proof that you have a fixed deposit with the bank that is worth 'n' rupees and matures on 'x' date. You need to carry this back to the bank and submit it and ask for cashing your fixed deposit. The bank will accept the certificate and pay you the cash that is due for the deposit.
Fixed Deposit also called as term deposit in many countries works in a very simple manner as decided by Financial institutions. You have to deposit your money for a fixed tenure and you get a legitimate interest on that amount. Once the tenure is completed, you get your money after maturity. The final amount contains Principal amount Plus Interest Rate.