Fixed Deposits (FDs) are one of the preferred options for investing in India. When you open an FD account, you are allowed to invest a fixed amount for a fixed period. The FD is a type of savings product provided by banks and financial institutions. Such accounts may assist individuals in potentially growing their capital with constant interest rates. Fixed deposits work differently from regular savings accounts. You can invest your finances for different periods depending on your financial capability. This may range from seven days to ten years. In this interval, the bank utilises your amount and gives you interest in turn. This article provides you with an understanding of the meaning of FD and its importance.
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