Fixed Deposits

Fixed deposit accounts are for saving money for a pre-defined short-term period, typically less than a year (but it can be for more than a year). Interest earned on a fixed investment is determined at the time of inception of the fixed deposit. The shortest period for a fixed deposit account is 90 days.

Interest earned on fixed deposits is dependent on the amount, as well as the tenure (duration) of the deposit. You will need to get information on the prevailing rates, as well as the rates that can be applied to your particular fixed deposit, at the time of inception.

Note that breaking a fixed deposit prior to maturity will be subject to availability of funds at that point, and penalties will be charged.

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