What is the difference between a Fixed Deposit and Savings Account?

The big difference between savings account and fixed deposit is that fixed deposit is a term deposit where the tenure, amount of deposit and interest rate is pre-fixed. If you do not abide by the terms you could be charged a penalty. In a savings account you can choose deposit amount, deposit and withdrawal frequency according to your convenience.

Opening a savings account gives you access to a host of banking facilities such as internet banking, ATM/debit card, cheque book etc. Opening a fixed deposit can let you have overdraft facility.

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