in term deposit we deposit money for specific period , so do we do fixed deposit. I searched over internet but didn't find satisfied answer. Please tell me what exactly is difference between them.
Please tell me which one is better to invest.(for tax saving and non tax saving both).
asked Jan 15 '12 at 22:57 by suren 41●14●14●22
As such there is no difference in these deposits. Some banks call it term deposit, some fixed deposits. Fixed deposit is more common name popular in India, whereas Term deposit is more popular in western countries.
In both of these, money is deposited for a particular period of time and released after term is over. If there is premature withdrawal, bank may put a penalty.
For tax saving purposes, only a five year fixed/term deposit is available.
answered Jan 22 '12 at 15:43 by pankaj 4.5k●3●15