Fixed Deposits are deposits that are offered by the banks and corporate companies. As the name suggests the term (tenure Or Duration) And the Interest rate of the fixed deposits are fixed. The Fixed Deposits offered by the banks have a return slightly higher than the Inflation Rate. The Fixed Deposits offered by corporate companies offer a higher interest rate than the banks because there is a slightly higher credit risk compared to the banks. So one can have a portion of their deposits in corporate deposits for a short span of 1 to 3 years.
There are many schemes offered. The common types being cumulative scheme, non – cumulative scheme, and monthly income scheme. In cumulative scheme the interest on the deposits is paid only in the end of the tenure. In non – cumulative scheme the interest on the deposits is paid at the end of each year or half yearly or quarterly basis depending on the scheme. In monthly income scheme the interest on the deposit is paid at the end of every month.
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