The account which is opened for a particular fixed period (time) by depositing particular amount (money) is known as Fixed (Term) Deposit Account. The term “fixed deposit” means that the deposit is fixed and is repayable only after a specific period is over. Under fixed deposit account, money is deposited for a fixed period say six months, one year, five years or even ten years. The money deposited in this account cannot be withdrawn before the expiry of period. The applicable rates of deposit WEF 17/07/2023 is as follows.
| Time of Deposit | Regular Depositor | Senior Citizen |
|---|---|---|
| 07 days to 45 days | 3.50% | |
| 46 days to 90 days | 4.00% | |
| 91 days to 180 days | 5.00% | |
| 181 days to 364 days | 6.00% | |
| 365 days to 729 days | 7.00% | 7.50% |
| 730 days to 1094 days | 7.25% | 7.75% |
| 1095 days and above | 7.50% | 8.00% |