Fixed Deposits: 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.