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Home / Finance / Banking / What is a term deposit ?
Q.

What is a term deposit ?

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whatsapp [#222222128] Created with Sketch. Send
0 2022-07-26T18:28:22+00:00

Hey,

There are different types of accounts you can open in a bank. Savings account, current, term deposit, etc. The Saving account and current account are self-explanatory. I will tell you what is a term deposit. You can get this account opened by contacting the bank of your choice or simply visiting their official website online. 

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 What is a term deposit account?

It is a deposit account where investors agree to deposit money into an account for a fixed period. The catch is, that the deposited amount can only be withdrawn after the term ends. These accounts mature in the short term. The deposit period can range from one month to a few years. The minimum deposit amount is set by the bank itself. 

Keep reading what is a term deposit bank account. 

These bank accounts are locked for a set period, in case the account holder wishes to terminate or withdraw the amount, they have to give a notification. Banks will be charged a penalty for the termination. You might lose the interest earned as well. 

Advantages :

  • It might be a good financial move for you if you are unable to save up. 

  • Higher interest rates are offered in comparison to traditional liquid savings. You can earn more this way. 

  • Term deposit bank accounts are safe investments, and risk-free. 

  • They have a low minimum deposit amount.

I hope your doubts about what is a term deposit has been resolved completely.

Read more : What Is Floating Interest Rate? How much cash can be deposited in bank in India?   

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