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What Is A Fixed Deposit?

Thursday, December 22, 2016, 5:06 PM

You deposit your money with a bank for a fixed time period. The bank pays you interest on the money you deposit with them. You agree not to withdraw money from the fixed deposit for the time period you make the deposit. In case of an emergency you can break your fixed deposit (exit prematurely from the fixed deposit) by paying a penalty.

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