What’s the minimum and maximum tenure of investment in an FD account? Individuals jointly with other Individuals.However, there are certain schemes of deposit allowed by Reserve Bank of India through FEMA Notifications where resident as well as non-resident Indians can maintain deposits in specified foreign currencies. Deposits are normally maintained in Indian Rupee currency, that is, INR. When resident Indians maintain domestic deposits, non-resident Indians are allowed to maintain Non-Resident deposits. The returns may vary as it depends on the principal amount, FD interest rate and the tenure of your fixed deposit investment.ĭeposits can be classified as Domestic and Non-Resident based on the ownership pattern. The returns are generally over the returns you get on your savings account. Fixed deposit scheme is a safe investment option because it gives you assured returns. On this amount, the bank provides the customer interest until it reaches its maturity. It is a type of investment in which an account holder deposits a certain amount with the bank at a fixed interest for a fixed period. Fixed Deposits – Frequently Asked QuestionsĪ fixed deposit (FD) is a financial deposit product that offers at an interest rate higher than that of a regular savings account.
