OMTEX CLASSES: Rate of interest on fixed deposit is high.

Rate of interest on fixed deposit is high.


It is that type of account where a fixed sum of money is deposited for a fixed period. The main purpose is to get a lump sum amount on the maturity of the deposit. The rate of interest is high. It can be 6% to 10% depending upon the period of deposits. The amount can be kept for a fixed period, minimum 7 days, and, maximum say 10 years.