Fixed Deposit Account: This account is known by the name, ‘FD account’. This account is opened with a fixed amount for a specified period of time. This duration may be from 7 days to 10 years. At the time of its maturity, a sum with interest is paid. This account cannot be closed or withdrawn before the date of its maturity, but under compulsion of a need, this account can be closed with a payment of certain monetary penalty. The duration of such an account can be renewed for the next duration.
