asked in Business+Finance by ELITE (3,548 points) 3 7 11
When it comes to investment, fixed deposit accounts are seen as a good way to getting big interest in one's money kept in a bank account. 

Have you ever used a fixed deposit account? 
replied by ELITE (3,005 points) 3 10 14
I have not kept money in a fixed deposit account, but I think that this is a good move that anyone can make since it is going to help such persons to gain some interest rates at the end of the day. 
replied by ELITE (3,642 points) 6 8 14
I never intended to do fixed deposit accounts, i think there are other ways to invest money in the bank.

Please log in or register to answer this question.

4 Answers

0 thanks
answered by Patron (1,912 points) 2 6 14
Yes. Of course. I make use of fixed deposit accounts to earn some good interest. It is definitely a good investment option. While giving a fixed rate of interest based on the amount and the period you prefer, you can also close the fixed deposit account whenever you want and use the money for your son's education, daughter's marriage or for any other emergency.

I always liked the fixed deposit schemes and invest in it whenever it is possible for me to invest that extra cash if any, I may have at point of time during the year. Investing, whether in fixed deposit schemes of banks or somewhere else ( I prefer fixed deposit schemes of the banks only) gives you the confidence that you are in control of your money and you are not spending unnecessarily.
0 thanks
answered by ELITE (3,091 points) 2 6 11
Of course, I've kept money in my fixed deposit account like twice now and in both cases I never regretted any of the circumstances. The money according to my understanding of fixed deposit account is fixed or kept with a bank for a specic period of time. Meanwhile, the rate of increment depends in the bank and amount in question.

My first money I kept in fixed deposits was $2000 which I left it base on well documented agreement for the period of five years and at the end it yielded so much that I felt like a jackpot has fell on me.

The second money was deposited into another differeñ5 account though not up to the first amount and even the time was shorter and the interest was also tremendous with amused increment. It is however advisable to keep money under a fixed deposit account especially when there is no use for it at that time.
0 thanks
answered by VISIONARY (9,003 points) 6 10 19
I have money already in my fixed deposit account and I love to keep money in fixed deposit because it always my go to place when I really need to foot a big or huge project. I have had this method of saving money for over 3 years now because I know it will always come in handy anytime I want to make a good progress about things.

Time deposit or fixed account help us to plan ahead of us especially if we have money demanding projects in the future since we can't withdraw from it untill a specified period,which means it takes care of demands in the near future.i like going for long term deposit like 3-5 years.The one I have in place now will expired after 5 years and that's like next year I will use that to build my new home for my family.
0 thanks
answered by LEGEND (6,076 points) 6 9 22
I would have given this serious thought sometime ago or presently, but I am greatly discouraged not because of the huge amount to get it running, but the time it would take for it to accrue to substantial amount. Basically, the purpose of fixed deposit account is about having one's money multiplied just as it with investment. But personally, I don't really see the need to keep my money in a bank for that long, instead I'll find elsewhere I can invest it and be earning profit from it within shortest time possible.
There are other shortcomings I am also taking into consideration such as transparency. Even though banks are trustworthy financial institutions, I still have my reserve about how they can help me to grew the money for long period of time without having the profit untouched.

Although fixed deposit account seem a profitable way to grow one's money, I haven't given it a try. Hopefully, sometime in the future after gathering more details about it.

Related questions

3 answers 3replies
asked Jul 18, 2018 in Business+Finance by Narendra Singh (334 points) 2 5 24
2 answers 0replies
4 answers 0replies
asked Jun 11, 2017 in Others+Miscelleneous by Lena Williams
1 answer 2replies
asked Dec 10, 2018 in Others+Miscelleneous by Martinsx ELITE (3,548 points) 3 7 11

2,967 questions

9,343 answers

4,527 replies

1,999 users

Most active Members
May 2019:
  1. Leyley - 54 activities
  2. Robcomp - 35 activities
  3. pmahajan18 - 19 activities
  4. SmartAZ - 16 activities
  5. leslishambly - 16 activities
  6. pinakigoswami - 13 activities
  7. Quest227 - 9 activities
  8. Amilia summers - 7 activities
  9. Nidhi Soni - 7 activities
  10. lincy - 6 activities
Most answered Members
April 2019:
  1. Leyley - 11 answers
  2. Robcomp - 4 answers
  3. leslishambly - 3 answers
  4. pinakigoswami - 3 answers
  5. Henry Mathew - 2 answers
  6. Anindita - 2 answers
  7. rsaxena50 - 1 answers
  8. bryangreene - 1 answers
  9. shailender - 1 answers
  10. marcstephens - 1 answers