Fixed Deposits (also called as FD or Term Deposit) are the savings schemes provided by bank. Fixed deposits in Banks are considered as the safest saving methods in India. FD provides much higher interest rates than savings account. You have to pay additional charges if you want to close FD before the maturity date. But some banks offer additional services to FD holders such as loans against FD. The tenure of an FD can vary from 7, 15 or 45 days to 1.5 years and can be as high as 10 years. DICGC guarantees amount up to Rs 500000 per depositor per bank.
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