Distinguish Betwixt Saving Concern Human Relationship Too Fixed Deposit

1. Meaning ↓

Saving account is a banking concern trouble concern human relationship which is opened yesteryear persons inwards social club to salvage a role of their income.

Fixed Deposit (FD) trouble concern human relationship is that type of trouble concern human relationship where a fixed amount of coin is deposited for a fixed period.

2. Purpose for Depositors ↓

The primary role of savings trouble concern human relationship is to salvage a role of the income.

The primary role of fixed deposit trouble concern human relationship is to larn a lump amount amount on the maturity of the deposit.

3. Who Operates?

Saving trouble concern human relationship is operated yesteryear individuals such as, salary earners, small-scale traders in addition to others.

Fixed Deposit is operated yesteryear those individuals in addition to organisations who accept surplus / excess or idle money.

4. Rate of Interest ↓

The saving trouble concern human relationship earns a nominal charge per unit of measurement of interest. At acquaint it is well-nigh 5% p.a. (in India).

The charge per unit of measurement of involvement is quite high. The longer the menses of deposit, the higher is the charge per unit of measurement of interest. At acquaint it is well-nigh 10% p.a. (in India).

5. Period / Duration ↓

The savings trouble concern human relationship is of continuous nature. It tin flame locomote operated for whatsoever release of years.

The amount tin flame locomote kept for a fixed period, afterward which the amount is repaid to the depositor alongwith accrued Interest.

6. Minimum Amount ↓

The savings trouble concern human relationship tin flame locomote operated amongst lesser amount.

To opened upwards a fixed deposit trouble concern human relationship to a greater extent than amount is required.

7. Withdrawals ↓

In instance od saving account, withdrawals are allowed only are dependent plain to sure enough restrictions.

In instance of fixed deposit account, withdrawals are non permitted until the drib dead of the fixed period.

8. Loan Facility ↓

The banking concern does non usually supply a loan facility to saving trouble concern human relationship holders.

The fixed deposit trouble concern human relationship holders tin flame larn a loan facility to the extent of 75% of the fixed deposit amount.

9. Pass Book in addition to FD Receipt ↓

Bank provides a locomote yesteryear book, a banking concern fit mass in addition to a pay-in-slip mass to the saving trouble concern human relationship holders.

The banking concern gives a fixed deposit receipt to the FD trouble concern human relationship holders.

10. Frequency of Deposits ↓

In saving account, amount tin flame locomote deposited for whatsoever release of times.

In fixed deposit account, amount is deposited once. However, it tin flame locomote renewed.