Fixed Deposits: are a financial investment at an interest rate higher than the interest offered on regular savings accounts, so that those benefits are obtained on maturity date of the fixed deposit.
Deposit accounts with interest, with a fixed maturity date, the funds must be kept in these accounts for a specified period. The applicant can withdraw only with prior notice. If the customer requests the amount or part of it before the maturity date , the prepayment fee is charged and he may not receive profits.
Fixed deposit is considered as an investment of low risk that provides a specified interest rate in return for leaving funds deposited for a specified period.
Maturity and Interest Rates is agreed between the bank and the customer at the day of opening the account of the fixed deposit.
A depositor can renew the account or keep it for a further period.
