·
Fixed deposits, recurring deposits and
reinvestment deposits are called as term deposits since these deposits are
opened for a specific period
·
The minimum period for which the term deposit can
be opened is 7 days and the maximum period is 10 years.
·
Interest is paid according to the period of
deposit. Interest is decided by the respective banks only.
·
Reserve Bank of India has no control over the interest
payable in term deposits by the banks
1 comment:
Hi Sir! Just got to know your blog spot while I was searching for an answer in Quora. Your Information has been very valuable.I would like to know about the terms CRR,SLR,RR,RRR which are quite frequently used in banking. I'm a civils aspirant and I would like to hear it from you in as layman terms as possible and with an example.Thank You :)
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