Understand Fixed Deposit vs Savings Account – Which is Better Option?
A Savings A/C is the most basic type of account that one can open with any bank.You can deposit and withdraw your money at any point of time.
A fixed deposit allows you to invest your money in the Savings A/C for a fixed term – 7 Days to 10 Years for Higher Interest Rate.
Savings A/C has NO Fixed Term and Low Interest Rate. FD has a Fixed Maturity Term and Higher Interest Rate.
NO, a Fixed Deposit and a Savings Account are NOT Same. You First need a Savings A/C with a Bank to Open a FD.
The BASIC Difference between a Fixed Deposit and a Savings Account is "Lock-in Period".
YES, it is the BEST Risk-Free Investment Option, especially for Retired People and Senior Citizens.
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