FIXED DEPOSIT:
The account which is opened for a particular fixed period (time) by depositing particular fixed period (time) by depositing particular amount (money) is known as Fixed (Term) Deposit Account. The term ‘fixed deposit’ means that the deposit is fixed and is repayable only after a specific period is over Under fixed deposit account, money is deposited for a fixed period say six months, one year, five years or even ten years. The money deposited in this account cannot be withdrawn before the expiry of period.
SHORT TERM DEPOSIT:
The account which is opened for a particular fixed period (time) by depositing particular fixed period (time) by depositing particular amount (money) is known as Fixed (Term) Deposit Account. The term ‘fixed deposit’ means that the deposit is fixed and is repayable only after a specific period is over Under fixed deposit account, money is deposited for a fixed period say six months, one year, five years or even ten years. The money deposited in this account cannot be withdrawn before the expiry of period.
MIP:
The MIP(Monthly Interest Plan) Scheme is a savings scheme established by the GCCB. In this scheme, the depositor has to deposit a minimum amount of Rs. 30000/- with a locking period of 3 years. The interest rate shall be 7.00%.
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