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what is this 7-45 day fixed deposits?? could any one explain pls...

Discussion in 'Money Matters' started by amunique, Jan 1, 2012.

  1. amunique

    amunique Gold IL'ite

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    is this available in indian banks? and also can this be done online?? ladies your ideas please.... :)
     
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  2. sushmavja

    sushmavja Platinum IL'ite

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    this is available in indian banks almost through all public and pvt sector banks..yes we can do it online uf ur bank has this facility in inet banking..
     
  3. amunique

    amunique Gold IL'ite

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    hey thanks..for the info and is there a minimum amount for this? also, when i tried to create one online it asked me is this cummulative? what does this mean? some light on this pls..
    and say i am going to deposit some x amount for say 16 days will i get the principal amount plus the interest on the 17th day automatically to my account?
     
  4. sushmavja

    sushmavja Platinum IL'ite

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    am not sure of the cumulative part as you hv mentioned a short term deposit.it doesnt make much diff for a short term deposit...this usually refers if you want only the principal amount to be reinvested for the next interest cycle or the principal and interest both added up..
    cumulative is the best for long term ones i.e more than 1 yr..
    when u book an FD,there will be maturity instructions options like 1.automatically renew prinicipal and interest,2.renew principal only 3.donot renew..u hv to select the 3rd option and also there will be an option for selecting the account number where your principal and interest would be credited to..if u have multiple accounts in the same customer id, u can chose between your accounts..
    will get back if i know about this cumulative thing but i suppose its not applicable if u take under 45 days..

    hope this info helps
     

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