FIXED DEPOSIT ACCOUNT
It is a time deposit with fixed terms where a certain amount of money is kept in the account for predetermined fixed time and interest rate.
Benefits:
- Funds are invested in fixed period
- Interest is paid on maturity
- Its duration is 3, 6, 12 or 24 months
- Fixed Deposit receipt is given to a customer as certificate of deposits which is presented for payment during maturity
- It can be renewed as per customer’s instructions
- It can be opened in either of BIF, USD or EURO
- Prematurely withdrawal attracts a penalty
Features:
- A customer knows in advance the interest he/she will earn
- A flexible maturity of 3, 6,12 and 24 months which enable a customer to choose a suitable investment plan
- Risk free investment with guaranteed return
- Easy to access an overdraft facility in case of need (It can be used as a lien/collateral for loan)
- Renewable investment enables customers to maximize his / her interest earning
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