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Term deposits are also called certificates of deposits. Customers can view the conditions of the term deposit via a paper statement. This statement includes the required minimum principal amount, the interest rate paid, and the duration (or time to maturity), as agreed by the bank and the depositor.
There are two types of deposits: demand and time. A demand deposit is a conventional bank and savings account. You can withdraw the money anytime from a demand deposit account. Time deposits are those with a fixed time and usually pay a fixed interest rate, such as a certificate of deposit (CD).
Many banks will not pay interest on a term deposit that is 'broken' early, or they will pay out less interest. Some banks will ask for 31-days notice if you want to withdraw funds from your term deposit. If you have fewer than 31 days left on the term, you might not be able to access the funds until maturity.
Most savings accounts and a time deposit are both interest bearing accounts. Funds placed in a savings account can be withdrawn anytime. Time deposits on the hand cannot be withdrawn within a pre-specified term or tenor. This can be as short as 30 days or as long as 5 years.
According to the directives of the Reserve Bank of India, it is permissible to repay the term deposits before maturity. If one wants to break FD before the term ends, the interest will be paid as per the rate applicable on the date of deposit for the period the amount was with the bank.

People also ask

Most term deposits will have a minimum balance deposit required, often between $1,000-$5,000. If you're just starting to save, it could be hard at first to lock away that amount of money for a period of time.
You can open a Term Deposit online under a personal or Self-Managed Super Fund (SMSF) name. To do so, you need to be 18 years or over and have: A minimum deposit of $5,000 (call or visit your nearest branch for investments $2,000,000 and over)
Term deposits are a low-risk way to invest your money and earn a fixed rate of interest. They lock away your money for the time that you choose (the term), usually between one month and five years. If you need your money before the term ends, you have to pay a penalty fee.
What is a term deposit? With a term deposit, you lock away an amount of money for an agreed length of time (the 'term') \u2013 that means you can't access the money until the term is up. In return, you'll get a guaranteed rate of interest for the term you select, so you'll know exactly what the return on your money will be.
Withdrawal of the money in the fixed deposit account before maturity is termed as premature withdrawal. This is done if the investor needs money on an urgent basis. An investor can also withdraw the money in the fixed deposit before its maturity if there is an investment option which is better than the Fixed Deposit.

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