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Is the fixed deposit and term deposit same?

In: Certificates of Deposit [Edit categories]

Answer:

Yes. Fixed Deposit and Term Deposit both refer to the same thing. A deposit account is one in which you keep a fixed sum of money for a specific duration (Usually atleast a few months) based on an agreement with the bank. The bank does not expect you to withdraw funds regularly from this account and hence gives you a better interest rate.

First answer by Anandvijayakumar. Last edit by Anandvijayakumar. Contributor trust: 782 [recommend contributor ]. Question popularity: 22 [recommend question].

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