Question
What can be the maximum tenure of term deposits in
India?Solution
Term Deposits can be defined as the fixed deposits and recurring deposits. Such deposits can be opened for a maximum duration of 10 years. Regarding the minimum duration, for FDs, it can be as less as seven days whereas for RDs, it is generally six months though some banks allow this facility for three months as well. No cheque facility is provided for such accounts maintained with a bank.Â
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