Talking about the fixed deposit, it is an account that allows the people to deposit their money for a period of time. There are different deposit periods provided by banks, but usually they are for period of 5 to 15 years. The account holders can choose any deposit period depending on their convenience.
In case of fixed deposits, the users can earn high interest rates and the depositors will get high amount. Depositing money in Indian banks is safer than other sources. All Indian banks are regulated and controlled by Reserve Bank of India. So never worry about safety in these banks.
The fixed deposit is very common in India and most of the people are using it to earn Indian Bank IFSC codes some extra money on their fixed income. People who have lots money can double that money by depositing it for a specific period and thereby they can meet the rising expanses in modern times.
Another banking service includes the savings account. It is a balance of funds maintained with a depository institution in order to accumulate money. It is highly useful for people who want to save some money for future use. The bank or depository institution makes a pledge to repay the amounts which is kept by the individuals in their accounts.
The process of the saving account is very simple. One needs the address proof and some photos to open this account. After opening this account, people need to keep some balance so that the transactions may continue without any hassles.