Thus the longer term you opt for your fixed deposit, higher is your income from the interest on the deposit over the tenure. The Interest accumulated on a normal fixed deposit is dependent on the term decided. In normal fixed deposits the investors have the flexibility to decide the tenure of the deposit, which is generally for few years. What is the difference between a Normal Fixed Deposit and Fixed Double Deposit Scheme? The interest thus earned on this principal amount doubles the principal and is made available to the customer at the end of the term. The scheme is restricted to banks only and requires the customer to deposit certain amount for a fixed period of time. A Fixed Deposit Double Scheme is a plan or scheme that doubles the customer’s investment over a period of time.
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