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What are fixed deposits and how do they work?
A fixed deposit is a type of savings account that offers a fixed interest rate for a specific period. You deposit a lump sum for a predefined duration, and in return, you receive returns at a fixed rate of interest, which is usually higher than a regular savings account.
Fixed deposit interest rates are determined by the duration of the deposit. Fixed deposit accounts usually offer guaranteed returns at a reasonably low risk.
Also read: The Power of Saving: Exploring Fixed Deposit Options