8/28/2016

FixedDepositAccountofBankMeaning,Features,Advantages

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FixedDepositAccountofBank
Meaning,Features,Advantages
Post:GauravAkrani.
Date:2/07/201108:13:00AMIST.
Comments(2)
Label:Banking.

MeaningofFixedDepositAccountBank
Theaccountwhichisopenedforaparticularfixedperiod(time)bydepositing
particularamount(money)isknownasFixed(Term)DepositAccount.
Theterm'fixeddeposit'meansthatthedepositisfixedandisrepayableonly
afteraspecificperiodisover.

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Under fixed deposit account, money is deposited for a fixed period say six
months,oneyear,fiveyearsoreventenyears.Themoneydepositedinthis
accountcannotbewithdrawnbeforetheexpiryofperiod.
Therateofinterestpaidforfixeddepositvary(changes)accordingtoamount,

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periodandfrombanktobank.

FeaturesofFixedDepositAccount
Themainfeaturesoffixeddepositaccountareasfollows:
1.Themainpurposeoffixeddepositaccountistoenabletheindividualsto
earnahigherrateofinterestontheirsurplusfunds(extramoney).
2.Theamountcanbedepositedonlyonce.Forfurthersuchdeposits,
separateaccountsneedtobeopened.
3.Theperiodoffixeddepositsrangebetween15daysto10years.
4.Ahighinterestrateispaidonfixeddeposits.Therateofinterestmayvary
asperamount,periodandfrombanktobank.
5.Withdrawalsarenotallowed.However,incaseofemergency,banks
allowtoclosethefixedaccountpriortomaturitydate.Insuchcases,the
bankdeducts1%(deductionpercentagemanyvary)fromtheinterest
payableasonthatdate.

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6.Thedepositorisgivenafixeddepositreceipt,whichdepositorhasto
produceatthetimeofmaturity.Thedepositcanberenewedforafurther
period.

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AdvantagesofFixedDepositAccount
Theadvantagesoffixeddepositaccountareasfollows:
1.Fixeddepositencouragessavingshabitforalongerperiodoftime..
2.Fixeddepositaccountenablesthedepositortoearnahighinterestrate.
3.Thedepositorcangetloanfacilityfromthebank.
4.Onmaturitytheamountcanbeusedtomakepurchasesofassets.

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5.Thebankcangetthefundsforalongerperiodoftime.
6.Thebankcanlendsuchfundsforshorttermloanstobusinessmen.

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7.Fixeddepositsindirectlyboosteconomicdevelopmentofthecountry.
8.Thebankcanalsoinvestsuchfundsinprofitableareas.

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5.WhataretheMainAdvantagesofOpeningaBankAccount?

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2Comments:

RecurringDepositAccountIn
BankMeaningandFeatures

NagarjunReddysaid...
January7,2014at10:55AM

Yes,FDisbestforsavings.Thefixeddepositisonesuchinvestmentthat
willoffertheinvestmentoptionforthefixedterm.

dhruvtrivedisaid...
December27,2014at12:56PM

yourblogisjustexcellentithelpedtodomyprojecton:differenttypesof
bankaccountswithfeatures

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