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? 
in Business+Finance by 6 37 121
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. 
I never intended to do fixed deposit accounts, i think there are other ways to invest money in the bank.

9 Answers

0 votes
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.
by 3 7 18
0 votes
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.
by 3 6 16
0 votes
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.
by 8 27 88
0 votes
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.
by 7 25 63
0 votes
Yes. I have fixed deposit of decent of money in private banks. I am getting interest for my deposit. I made this Investment for my future. 
by 3 9 23
0 votes
I have never placed money in a fixed account, but my experience with leaving little monies in a saving account shows that little monies will yield very little profit. The bigger the money the more interest or profit the money will yield and each duration attract different percentage. 
by 3 11 36
0 votes
For every individual, whether salaried or self employed, saving money proves to be an essential part of one’s life. Saving money is easier said than done. Every individual aims to save a certain amount of money but end up spending it all. This could lead to several problems in long run when you will be required to spend on an emergency situation. It is always a smart decision to save money rather than spending less. So, you should always prefer to save money and manage other expenses to be ready for any emergency situation that may arise in the future. Also, it is always advisable to begin saving money from an early stage and make as less debts as possible.

To start saving money, the thumb rule is to make a budget and try to stick to it. Once you have surplus funds with you, you should invest them rather than parking them in your savings account. It will help you to earn more interest on your funds. You can consider mutual funds, stock market and other such investment options. But, all these investments have high risk involved. Fixed Deposits on the other hand will earn you return on your funds with no risk involved at all.
by 4 7 27
0 votes
I am planning to apply for a dollar account before this pandemic. Since coronavirus is full-blown, I need to delay this idea of mine. It is better to have this kind of account to earn from the bank with interest. Moreover, it is also nice to have bank account with zero savings. The downside is it doesn't earn anything. However, it can serve as having the payment from a company that you are working with.
by 9 12 28
0 votes
Yes, keeping money in fixed deposits is one of the best ways to protect your savings. I am doing FD since I was 18 years old and still doing . it is a good idea for saving and managing money by doing fd. but check fd plans before investing in the bank.
by 1 5
That's great! At a young age, you know how to manage your money. I hope you can sustain it.
4,807 questions
20,157 answers
4,589 users