BANKING AFFAIRS

Detailed explanation-1: -The major types are fixed deposits and recurring deposits. When a lump sum amount is locked in for a fixed tenure with a pre-specified interest rate, it is a fixed deposit.

Detailed explanation-2: -The most common type of time deposit account is a certificate of deposit or CD, which requires you to commit your savings for a specific term of months or years.

Detailed explanation-3: -There are two types of Term Deposits: Recurring Deposits. Fixed Deposits.

Detailed explanation-4: -Corporate and Other Fixed Deposits Offering High ROI If you choose a good Company FD scheme, you will generally earn more on your investment than bank FDs as these schemes offer the highest interest rate on FD.

Detailed explanation-5: -Different types of fixed deposit plans offer various payout options. For instance, a cumulative FD will entitle you to a lump sum payout at maturity, while a non-cumulative one will allow for monthly payouts.