FIXED DEPOSIT ACCOUNT:
This account is opened for a definite period of time without the expiry of which the amount cannot be withdrawn. the rate of interest is higher than that of savings account. The greater the period for which money is deposited the higher the interest rate is offered. The period ranges from three months to ten years. It is usually operated by widows, pensioners, salaried persons, etc. to get regular income. In Pakistan, this account is subject to ZAKAT deduction.
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