A fixed deposit is a term deposit offered by banks letting people collect fixed sums of money in fixed terms like 1 month, 6 months, every year or even 5 years. The interest rates on fixed deposits persist to be higher than that on a savings account. The FDs are further the safest mode of investments letting people grow their financial value of money with time. The interest rates deviate from bank to bank with the interest rates also depending on the tenure of the deposit.
The tenure can range from 7 days short to a 10-year long time period. There is numerous tax benefits too offered to the fixed deposit customers.
Make sure you present the fixed deposit receipt while claiming for deductions.
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