Definition
A Term Deposit is a savings product from financial institutions, offering fixed interest on a lump sum for a set period.What is a Term Deposit?
It’s an investment where you commit money for a fixed duration at a predetermined interest rate. Funds are locked until maturity, providing predictable returns.Key Features
Features include a fixed interest rate, specific maturity period, and typically higher returns than savings accounts. Early withdrawal often incurs penalties.Benefits
Benefits include guaranteed returns, protection from market fluctuations, and disciplined savings. It’s a low-risk way to grow wealth steadily.Author
