Fixed deposits are investment instruments offered by banks where you can deposit money for a higher rate of interest than savings accounts.

Given below are the details:

• Deposit for a period of 15 days and above.
• Interest is normally paid monthly, quarterly, half-yearly, and yearly.
• Premature withdrawal is permitted with an applicable penalty.
• Fixed deposits can be closed prematurely with interest up to the date of closing by paying the 1% premature closure charge additionally.
• The interest rate is applicable for completed periods.
• Loan up to 90% of the deposit, with interest 2% above the deposit rate.
• Nomination facility is available.