1. Meaning ↓
Saving account is a banking concern concern human relationship which is opened past times persons inward fellowship to salvage a business office of their income.
Fixed Deposit (FD) concern human relationship is that type of concern human relationship where a fixed amount of coin is deposited for a fixed period.
2. Purpose for Depositors ↓
The primary utilization of savings concern human relationship is to salvage a business office of the income.
The primary utilization of fixed deposit concern human relationship is to larn a lump amount amount on the maturity of the deposit.
3. Who Operates?
Saving concern human relationship is operated past times individuals such as, salary earners, modest traders too others.
Fixed Deposit is operated past times those individuals too organisations who accept surplus / excess or idle money.
4. Rate of Interest ↓
The saving concern human relationship earns a nominal charge per unit of measurement of interest. At introduce it is nearly 5% p.a. (in India).
The charge per unit of measurement of involvement is quite high. The longer the stream of deposit, the higher is the charge per unit of measurement of interest. At introduce it is nearly 10% p.a. (in India).
5. Period / Duration ↓
The savings concern human relationship is of continuous nature. It tin reach the sack live on operated for whatever set out of years.
The amount tin reach the sack live on kept for a fixed period, afterwards which the amount is repaid to the depositor alongwith accrued Interest.
6. Minimum Amount ↓
The savings concern human relationship tin reach the sack live on operated amongst lesser amount.
To opened upwardly a fixed deposit concern human relationship to a greater extent than amount is required.
7. Withdrawals ↓
In illustration od saving account, withdrawals are allowed merely are champaign of report to certainly restrictions.
In illustration of fixed deposit account, withdrawals are non permitted until the move past times of the fixed period.
8. Loan Facility ↓
The banking concern does non unremarkably supply a loan facility to saving concern human relationship holders.
The fixed deposit concern human relationship holders tin reach the sack larn a loan facility to the extent of 75% of the fixed deposit amount.
9. Pass Book too FD Receipt ↓
Bank provides a move past times book, a stand upwardly for mass too a pay-in-slip mass to the saving concern human relationship holders.
The banking concern gives a fixed deposit receipt to the FD concern human relationship holders.
10. Frequency of Deposits ↓
In saving account, amount tin reach the sack live on deposited for whatever set out of times.
In fixed deposit account, amount is deposited once. However, it tin reach the sack live on renewed.
