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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.

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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Taxable interest

In the realm of finance, it is crucial to understand the taxation of interest earned on fixed deposits. According to the Income Tax Act, any interest earned on a fixed depos...

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Deposit time slabs

A term deposit is an investment option offered by banks for a specified period of time. This period can range from as short as 14 days to as long as 5 years. As a depositor,...

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Interest payout

A crucial aspect of investments, interest payout refers to the distribution of accumulated interest to the investor on a periodic basis. This can be in the form of quarterly...

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