1. Meaning ↓
blogspot.com//search?q=saving-account-bank-meaning-features">Saving account is a banking concern line of piece of job organization human relationship which is opened past times persons inwards companionship to salvage a business office of their income.
blogspot.com//search?q=saving-account-bank-meaning-features">Fixed Deposit (FD) line of piece of job organization human relationship is that type of line of piece of job organization human relationship where a fixed amount of coin is deposited for a fixed period.
2. Purpose for Depositors ↓
The principal role of savings line of piece of job organization human relationship is to salvage a business office of the income.
The principal role of fixed deposit line of piece of job organization human relationship is to larn a lump amount amount on the maturity of the deposit.
3. Who Operates?
Saving line of piece of job organization human relationship is operated past times individuals such as, salary earners, small-scale traders in addition to others.
Fixed Deposit is operated past times those individuals in addition to organisations who accept surplus / excess or idle money.
4. Rate of Interest ↓
The saving line of piece of job organization human relationship earns a nominal charge per unit of measurement of interest. At acquaint it is nearly 5% p.a. (in India).
The charge per unit of measurement of involvement is quite high. The longer the menstruation of deposit, the higher is the charge per unit of measurement of interest. At acquaint it is nearly 10% p.a. (in India).
5. Period / Duration ↓
The savings line of piece of job organization human relationship is of continuous nature. It tin hold upwards operated for whatever unwrap of years.
The amount tin hold upwards kept for a fixed period, afterward which the amount is repaid to the depositor alongwith accrued Interest.
6. Minimum Amount ↓
The savings line of piece of job organization human relationship tin hold upwards operated alongside lesser amount.
To opened upwards a fixed deposit line of piece of job organization human relationship to a greater extent than amount is required.
7. Withdrawals ↓
In illustration od saving account, withdrawals are allowed precisely are bailiwick to for sure restrictions.
In illustration of fixed deposit account, withdrawals are non permitted until the death of the fixed period.
8. Loan Facility ↓
The banking concern does non usually render a loan facility to saving line of piece of job organization human relationship holders.
The fixed deposit line of piece of job organization human relationship holders tin larn a loan facility to the extent of 75% of the fixed deposit amount.
9. Pass Book in addition to FD Receipt ↓
Bank provides a transcend book, a banking concern fit mass in addition to a pay-in-slip mass to the saving line of piece of job organization human relationship holders.
The banking concern gives a fixed deposit receipt to the FD line of piece of job organization human relationship holders.
10. Frequency of Deposits ↓
In saving account, amount tin hold upwards deposited for whatever unwrap of times.
In fixed deposit account, amount is deposited once. However, it tin hold upwards renewed.
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