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BANKING
Sujit Kumar Sharma
Jun 8 2021 10:38AM
What are the different types of ‘Fixed Deposits’?
Madhu Kapoor
Jun 11 2021 11:15AM
What are the different types of ‘Fixed Deposits’?
There are two different types of ‘Fixed Deposits’
Special Term Deposits: In this type of ‘Fixed Deposits’, the earned interest on the deposit is added to the principal amount and compounded quarterly. This amount is accumulated and repaid with the principal amount on maturity of the deposit.
Ordinary Term Deposits: In this type of ‘Fixed Deposits’, the earned credit is credited to the investor’s account, once in a quarter. In some cases, interest may be credited on a monthly basis.
The earned interest on fixed deposits is non-taxable. You can also take a loan against your fixed deposit.
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