What is a fixed deposit account?

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A fixed deposit is a financial product typically offered by banks and other financial institutions that gives customers the opportunity to earn a higher rate of interest than they would on a regular savings account by agreeing to leave their money untouched for a set period of time. The FD account is a bank account where you can deposit a fixed sum of money for a set period of time. The account pays interest, and at the end of the fixed period, you get your money back plus interest.

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