As the name suggests, Term Deposit is a type of saving where the money is invested for a fixed period of time on which a fixed amount of interest is earned. Unlike regular saving account, interest earned in term deposit is higher. However, the deposit amount is blocked for a specific period, which cannot be withdrawn till completion of this period. The longer the deposit period, the more interest earns.
Customers are more interested to save money and want their money to earn for them. Thus, they opt for term deposit as a safe and secure mode to earn extra money from the money in hand. Term deposit is a more systematic investment for a customer over a period of time.
Application enables customers to open and manage term deposits for the entire life cycle. Various transactions available under the term deposit module: