Fixed Time Account
FIXED TIME DEPOSITS
Objective: The business community, social institutions and individuals deposit some portion of money which is recycled from their budget for an agreed period of time. The tenure of the deposit depends upon the agreement between the depositor and the bank
Type of money in fixed time account:
- Money not needed for daily spending
- Money not utilized according to project plan or business expansion, and which is not to be utilized in the near future . The longer the money in fixed time account, the higher the interest earned.
Interest rate: Fixed time deposits bear attractive interest rates that vary based on the amount & duration of the tenure of the fund.