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Bank Deposits

FCNR

A FCNR deposit, or Foreign Currency Non-Repatriable account deposit, is a type of Fixed Deposit Foreign Currency account strictly for depositing, not for saving. It allows for deposits in major currencies such as US Dollars, UK Pounds, Canadian Dollars, Deutsche Marks, Japanese Yen, and Euros. Unlike a savings account, this type of deposit offers the potential to earn higher interest rates.

Tax-saving fixed deposits

Allow me to introduce you to a unique type of fixed deposit that offers a valuable tax break to investors. This deposit allows individuals to invest a certain amount of money...

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Deposit insurance

Demand deposits refer to the funds that are deposited in a bank and can be withdrawn by the depositor at their convenience. These deposits typically include the balances in ...

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Annual Yield

The effective annual rate of return considers the impact of compounding interest. Its significance lies in its ability to convert diverse interest rates into a comparable an...

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Deposits

but is not necessarily payable on demand. A deposit, in essence, is an amount of money that is placed in a bank with the intention of earning interest. It is subject to cert...

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