In today’s world, where money values can change fast, finding a safe way to grow your savings is key. That’s where the term deposit comes in. It’s a simple yet effective way to keep your money safe and possibly earn more than you would with a regular savings account. But what is a term deposit, and how does it help you grow your savings? Let’s dive into this investment option and learn how to make the most of it.
Key Takeaways
- Term deposits typically have short-term maturities ranging from one month to a few years1
- Term deposits offer higher interest rates than traditional liquid savings accounts1
- Term deposits provide a fixed rate of interest over the life of the investment1
- Laddering term deposits is a strategy to generate regular income streams1
- Term deposits are insured by the FDIC up to $250,000 per account2
What Is a Term Deposit?
A term deposit is a type of account where you agree to keep your money for a set time3. It offers higher interest rates than regular savings accounts because the bank knows it can use the money for a while3. People like it because it’s safe, stable, and gives a bit of return on their savings.
Definition and Key Characteristics
A term deposit is when you promise to keep your money with a bank for a certain time, from a month to years4. You don’t need to put in a lot of money, just $5,000 usually4. But, you can put in a lot, up to $2 million to $5 million, depending on the term and the bank4.
Term deposits have a fixed interest rate that doesn’t change, protecting you from market rate changes4. If you take your money out early, you might lose some money, so the bank can use it as planned5. Plus, your money is insured up to a certain amount, making it even safer4.
Term deposits are great for those who want their money to be safe, know what they’ll get back, and don’t want big risks5.
Types of Term Deposits
There are two main types of term deposits: certificates of deposit (CDs) and time deposits. CDs are a type of term deposit where you agree to keep your money for a set time to get a higher interest rate6. Time deposits are another name for these, being interest-bearing accounts with a set end date6. Both types require you to keep your money until the end to get the promised interest6.
Certificates of Deposit (CDs)
Certificates of deposit (CDs) are a common type of term deposit. They offer a fixed interest rate for a certain time, from a few months to years6. These accounts can earn up to 5.35 percent APY, making them a good choice for growing your money7. They also have different minimum balance requirements, from $0 to $2,500, to fit various budgets7.
CDs let you withdraw your money early without penalty, but the interest rates might drop7. Some CDs also offer higher interest rates based on how much you deposit, giving more returns for bigger deposits7.
Time Deposits
Time deposits, or term deposits, are bank accounts that earn interest and have a set end date6. They can last from a few months to five years, helping with both short and long-term savings goals7. Deposits for 1 to 10 years are great for those who won’t need their money soon8.
These deposits need a minimum investment, which can be $1,000 to $10,000, depending on the bank7. Some offer flexible withdrawals, but taking your money out early can cost you in interest or even principal6.
The interest rates on these deposits change based on market conditions, economic factors, and how long you deposit your money6. You can spread your savings across different deposits with different end dates to take advantage of various rates over time6.
“Term deposits, such as certificate of deposits (CDs), can offer yields of up to 5.35 percent APY.”7
How Term Deposits Work
When you put money into a term deposit, the bank uses that money to make more money or lend it to others at a higher rate. This difference is called the net interest margin, which helps banks make a profit9. Term deposits help banks plan their money better.
Term deposits have fixed interest rates for a certain time, from 30 days to five years10. In Canada, they’re called GICs and last from one to five years10. Longer terms usually mean higher interest rates10.
You can cash in term deposits or keep them locked in for the full term10. They can be in plans like tax-free savings accounts or RRSPs10. There are different types, like those with returns linked to the stock market, and they can be in various currencies10. They’re covered by the Canada Deposit Insurance Corporation (CDIC) for up to $100,00010.
Term deposits usually need a small amount to start, just a few hundred dollars10. They’re great for saving for short to medium-term goals, lasting from 30 days to five years10. You can get your interest paid out at different times, or all at once when the term ends10.
Term deposits promise a set interest rate and protect your principal, keeping it safe from market ups and downs10. But, if they’re linked to the stock market, the return depends on how well the market does10.
Term deposit accounts give you a better interest rate than regular savings accounts11. The interest rates vary based on how much you deposit and for how long11. You’ll need at least $1,000 to open one11.
Some people use term deposits in a strategy called laddering to fight inflation and interest rate risks11. Term deposits often offer higher rates for longer terms and bigger deposits than regular savings accounts11.
The European Union protects savings up to €100,0009. In Germany, you pay a 25% tax on interest from term deposits, plus a 5.5% solidarity surcharge9. The European Central Bank has raised rates since July 2022, making term deposits more attractive9.
In Germany, term deposit rates range from 0.0% to 4.25% for up to 120 months as of October 20239. In France, they can reach up to 4.20% for the same period9. Term deposits might not earn as much as stocks or bonds9. In some countries, the tax on interest from term deposits is taken out when the investment ends9.
In summary, term deposits let banks make more money while offering you a guaranteed interest rate and principal protection. By understanding how they work, you can make better choices for your savings and investments91011.
Benefits of Term Deposits
Term deposits are a great choice for those looking for a safe and rewarding way to save12. They are super safe because they’re insured by the FDIC or NCUA, covering up to $250,000 per person13. This makes them a solid choice for anyone who wants to keep their money safe.
Term deposits also offer higher interest rates than regular savings accounts12. Banks use the money you deposit for loans and investments, which lets them pay you back with more interest13. Plus, you know exactly how much you’ll earn, which can be comforting for those who prefer predictable returns.
For short-term savings goals, like buying a car or a house, term deposits work well12. They help you stay disciplined and focused on your goals. Trying to get your money out early can cost you, so you’re more likely to save it.
Term deposits might not beat inflation if interest rates go up during the term12. But they’re still a solid choice for those who value stability and predictability over big gains13. By thinking about your financial goals and how much risk you can handle, term deposits can be a smart part of your investment plan121314.
Risks of Term Deposits
Term deposits are safe and secure, but they have risks too. The main risk is not being able to get your money easily15. You can’t take out your money before the end without paying extra fees, which might mean losing some or all of the interest. This can be a problem if you need your money suddenly.
Another risk is the chance of lower interest rates15. If interest rates drop from 6% to 3%, your earnings will go down a lot16. Also, the money you put into term deposits doesn’t grow as much as the cost of living, which means your money’s value goes down over time16. This means term deposits might not keep up with inflation, since the interest you earn is fixed.
Investors in term deposits might face a liquidity risk, where needing money fast means losing a lot of interest15. They also risk not growing their money over time, which is a risk for those investing for the long term15. Plus, the interest you earn on term deposits is taxed, which is another risk to think about15.
It’s important to not put all your eggs in one basket with term deposits15. Spreading your investments helps reduce the risks and keeps your investment balanced.
In conclusion, term deposits are stable, but they come with risks like not being able to get your money easily, lower interest rates, and the need for diversification. Knowing these risks helps investors make better choices and manage the risks of term deposits15161.
Term Deposit Interest Rates
Term deposits, also known as certificates of deposit (CDs), have interest rates that depend on the time until they mature and the amount you put in17. The longer you deposit your money and the more you put in, the higher the interest rates17.
When interest rates go up, term deposits become more appealing. This is because borrowing costs more, making saving more attractive17. But when rates are low, people might not want term deposits as much. They might look for other investments that pay more17.
The APY on term deposits can change a lot based on the balance and term length17. For example, Bank of America’s Featured CD Account has rates from XXXX% to XXXX%. The Standard Term CD Account has rates from XXXX% to XXXX%. And the Flexible CD Account has a 12-month term with a rate of XXXX%17.
But, term deposit interest rates can change and are affected by many things. This includes the economy, money policy, and rules18. The FDIC has set a rule since April 1, 2021. This rule limits some banks from offering rates much higher than the market rates18.
| Deposit Product | Minimum Opening Deposit | FDIC Insurance | Term Options | Annual Percentage Yield (APY) | Auto Renewal | Additional Deposits | Early Withdrawal Penalty |
|---|---|---|---|---|---|---|---|
| Featured CD Account | $1,000 | Up to $250,000 per depositor | 7 to 37 months | XXXX% to XXXX% | Automatic renewal into Fixed Term CD | No additional deposits allowed | Applies, conditions may waive penalty |
| Standard Term CD Account | $1,000 | Up to $250,000 per depositor | 28 days to 10 years | XXXX% to XXXX% | Automatic renewal into Fixed Term CD | No additional deposits allowed | Applies, conditions may waive penalty |
| Flexible CD Account | $1,000 | Up to $250,000 per depositor | 12-month term online | XXXX% | Automatic renewal into 9 Month Flexible CD | No additional deposits allowed | Applies, conditions may waive penalty |
Remember, the interest rates and minimum deposits for term deposits can change without notice19. For example, ICICI Bank in India requires a minimum deposit of Rs. 10,000 for a domestic FD. For an NRO/NRE FD, it’s Rs. 25,00019. Senior citizens get an extra 0.55% interest for FDs of 15 to 18 months. ICICI Bank staff get an extra 1% interest on deposits under Rs. 3 crore19.
It’s smart to look at different banks to find the best interest rates and terms for your savings goals and how much risk you can take.
Opening and Closing Term Deposits
Term deposits are a solid choice for investors, offering higher interest rates than regular savings accounts20. They’re great for those looking for a safe investment. But, it’s key to know the rules of these accounts.
Account Opening Process
To open a term deposit, you fill out an online form and agree to the bank’s rules20. You’ll see the minimum amount needed, the interest rate, and how long it lasts on a bank statement. You must follow these rules, set by the bank.
Early Withdrawal Penalties
If you take out your money early, you might face a penalty20. This could mean losing some or all of the interest you earned. The penalty is told to you when you open the account, as the law requires20. Banks try to make more money by offering lower rates for deposits and higher rates for loans20.
Investors should think about how often they might need their money and the penalties for early withdrawal. Knowing how term deposits work helps you make choices that fit your financial goals and how much risk you can take20.
Term Deposits and Inflation
Term deposits offer a fixed interest rate, but they can struggle with inflation. The interest rates on term deposits don’t change, but inflation rates do. If inflation goes up more than the deposit’s interest rate, the value of your money can go down. This means your savings might lose value over time.
Recently, term deposits haven’t kept up with the rising cost of living21. For example, a 1-year term deposit in December 2022 had an interest rate of 5.25%. But after taxes, the return was only 3.52%21. With inflation at 5.6%, the real return was a negative 2.08%21. So, term deposits didn’t help improve an investor’s spending power.
Inflation is a problem for term deposits over the long term too21. Over 10 years, term deposits have shown a real return below inflation, even without fees21. But balanced and growth portfolios have done better, showing the limits of relying only on term deposits for growth.
To fight inflation, investors might look at other investments like stocks, real estate, and securities that protect against inflation21. Mixing term deposits with riskier assets can help balance capital preservation with growth21.
It’s important for investors to understand how term deposits and inflation work together22. Term deposits are safe for savings, but they might not be enough to keep up with inflation. Adding other investments can help protect the real value of your savings22.
With changing inflation and interest rates, investors should think about how term deposits fit into their investment plans23. They should look at both the good and bad sides of this option. By staying informed and flexible, investors can keep their savings’ value and reach their financial goals23.
Laddering Strategy for Term Deposits
Investors use a strategy called “laddering” for term deposits to get better returns and keep their money liquid24. This means they split their money into different term deposits with different end dates. For example, they might put $10,000 into five $2,000 deposits, each for 1 to 5 years24.
This strategy balances getting money back quickly and earning more interest on longer deposits24. It also helps manage risks by letting investors get to some of their money regularly24.
As Faster Capital explains, this method involves putting savings into several term deposits with different end dates25. For instance, $10,000 could be split into five parts, each in a deposit for 1, 2, 3, 4, and 5 years25.
This way, investors get higher interest rates than regular savings accounts, can withdraw money when needed, and aren’t too affected by interest rate changes25. They also get a steady income25.
ICICI Bank says a Fixed Deposit Laddering Strategy means putting a big sum into several FDs with different end dates26. This way, investors earn steady returns and can get to their money at regular times26.
FD laddering helps with liquidity and flexibility, and it reduces the risk of reinvesting at bad interest rates by letting you reinvest at the best rates26.
- Laddering means dividing your total investment into different term deposits with various end dates24.
- An example is putting $10,000 into $2,000 parts across 1 to 5 years24.
- This strategy balances getting money back quickly and earning more on longer deposits24.
- It helps manage risks by letting investors get to some of their money regularly24.
- Potential risks include interest rate risk, lack of flexibility, and inflation risk24.
- Starting a laddering strategy requires setting financial goals, knowing your risk level, and researching investments24.
- It’s wise to keep an eye on and adjust your strategy as things change and goals shift24.
- Laddering is a long-term plan aiming for a balance between liquidity and higher returns24.
By using a laddering strategy, investors can enjoy higher interest rates, manage risks, and have access to their savings at set times25. It’s key to plan the maturity periods well, spread your investments across different banks, and watch the market to make sure your strategy fits your financial goals and life changes26.
“The laddering strategy is a well-established approach that allows investors to balance the pursuit of higher returns with the need for liquidity and flexibility in their term deposit investments.”
| Maturity Period | Investment Amount | Interest Rate | Projected Maturity Value |
|---|---|---|---|
| 1 year | $2,000 | 2.50% | $2,050 |
| 2 years | $2,000 | 3.00% | $2,121 |
| 3 years | $2,000 | 3.25% | $2,195 |
| 4 years | $2,000 | 3.50% | $2,272 |
| 5 years | $2,000 | 3.75% | $2,352 |
This table shows a sample term deposit laddering plan, with investment amounts, interest rates, and expected maturity values over 5 years242526. This method lets the investor get to some of their money regularly while possibly earning more on the longer deposits242526.
Comparing Term Deposit Offerings
When looking at term deposit options, it’s key to compare interest rates, minimum deposits, and other important terms from different banks27. This helps customers pick the best term deposit for their savings goals and financial situation.
For instance, in February 2020, American Express offered CDs with APYs from 0.55% for a year to 2.15% for five years, with no minimum deposit needed27. Comenity Direct had CDs with APYs from 2.10% for one year to 2.20% for three and five years, but you had to deposit at least $1,50027. Synchrony Bank’s CDs had rates from 2.00% for one year to 2.15% for five years, requiring a $2,000 deposit27.
| Financial Institution | CD Term | APY | Minimum Deposit |
|---|---|---|---|
| American Express | 1 year | 0.55% | None |
| American Express | 5 years | 2.15% | None |
| Comenity Direct | 1 year | 2.10% | $1,500 |
| Comenity Direct | 3-5 years | 2.20% | $1,500 |
| Synchrony Bank | 1 year | 2.00% | $2,000 |
| Synchrony Bank | 5 years | 2.15% | $2,000 |
By comparing these options, customers can choose the best financial institution and term deposit for their savings goals and risk level2728.
Remember, term deposit interest rates and minimum deposits can change over time and between banks2728. It’s smart to keep an eye on these and compare them often. This way, customers can make sure they’re getting the best returns and reaching their savings goals272829.
Term Deposit Returns and Examples
Term deposits are a solid choice for investors wanting to grow their savings. They usually have higher interest rates than regular savings accounts. This makes them great for short to medium-term financial goals1.
The interest you get from term deposits depends on the rate, how much you deposit, and the term length. For example, a six-month CD with a $2,500 deposit can earn 2.47% APY. A one-year CD with the same deposit could give you 1.49% APY1. A five-year CD might even offer up to 2.15% APY1.
Remember, these rates can change and vary by bank and location1. Banks might also give better rates for bigger deposits, like “jumbo CDs” needing $100,0001.
| Term Deposit Type | Minimum Deposit | APY |
|---|---|---|
| 6-month CD | $2,500 | 2.47% |
| 1-year CD | $2,500 | 1.49% |
| 5-year CD | $2,500 | 2.15% |
Term deposits are a safe way to grow your savings, but they have some downsides. They can be less liquid and might not keep up with inflation30. Still, for short to medium-term goals, they’re a good choice30.
By looking into term deposit options and knowing the risks and benefits, investors can make smart choices for their financial goals.
Choosing the Right Term Deposit
When picking a term deposit, it’s important to think about a few key things. These include how long you plan to invest, how much risk you can handle, and how quickly you might need your money.
Investment Time Horizon
How long you plan to invest is key. Short-term fixed deposits last from 7 days to 2 years and have lower interest rates. Long-term fixed deposits last 5 to 10 years and offer higher rates, around 6% to 7%31. If you’re investing for the long haul, you might get better returns with long-term deposits. But if you need your money sooner, short-term options might be better.
Risk Tolerance
How much risk you can handle is also crucial. Term deposits are pretty safe, offering a guaranteed return. But, long-term ones might lock you in for five years, affecting your access to money31. Short-term ones give you more freedom and quick access to your cash31.
Liquidity Needs
Think about when you might need your money. Long-term deposits offer high rates but can be hard to get out of early, with penalties31. Short-term ones are more flexible and let you access your money easily, great for those needing quick cash31.
It’s also smart to compare rates, minimum deposits, and early withdrawal fees from different banks32. Talking to a financial advisor can help pick the right deposit for your goals, risk level, and need for cash32.
| Factors to Consider | Importance |
|---|---|
| Investment Time Horizon | Determines the appropriate term deposit length (short-term vs. long-term) |
| Risk Tolerance | Impacts the level of risk and liquidity needed in the term deposit |
| Liquidity Needs | Affects the flexibility and accessibility of the term deposit funds |
| Interest Rates | Influences the potential returns on the term deposit investment |
| Minimum Deposit | Determines the initial capital required to open the term deposit |
| Early Withdrawal Penalties | Impacts the flexibility and cost of accessing the term deposit funds before maturity |
By thinking about these factors, you can pick a term deposit that fits your investment goals, risk tolerance, and liquidity needs333132.
Term Deposit vs Other Savings Options
When saving and growing your money, you have many choices. You can pick from term deposits, savings accounts, high-yield savings accounts, money market accounts, and bonds. Each option has its own features, interest rates, and risks34.
Term deposits need a minimum balance of $1,000-$5,00034. Savings accounts don’t usually have such rules34. Term deposits might charge you if you take out your money early34. Savings accounts let you access your money without penalty34.
Term deposits have a fixed interest rate for the whole term35. Savings accounts have rates that can change over time35. Term deposits might renew at new rates when they expire34. Some savings accounts offer extra interest if you meet certain conditions34.
Savings accounts let you add more money36. Term deposits keep your money locked in until they mature34. But, term deposits guarantee your return35. They’re good for those who want to know their interest earnings ahead of time35.
Choosing between term deposits and other savings options depends on your financial goals and how much risk you can take. Look at the pros and cons of each option to make a choice that fits your financial situation.
Term Deposit vs Savings AccountsTerm Deposit vs Savings Account ComparisonTerm Deposits vs High-Interest Savings Accounts
“Choosing the right savings option requires a careful evaluation of your financial goals and risk tolerance. Term deposits offer stability, while other accounts provide more flexibility – the best choice depends on your specific needs.”
Maximizing Returns with Term Deposits
Smart investors know how term deposits can help secure their financial future. By managing their term deposits wisely, they can get the most out of their investments. Two key strategies help a lot in this goal: laddering and reinvesting at maturity.
The laddering strategy means putting money into several term deposits with different end dates37. For instance, an investor might put 3 lakh INR into three 1 lakh INR term deposits, each with a different end date37. This way, they can get money out regularly and still earn from higher interest rates later37. Banks usually offer the best rates for deposits lasting 3-5 years37, making this a smart choice for making more money.
Another good move is to put the money from a term deposit back into another one when it matures37. This lets investors take advantage of higher interest rates over time38. Watching interest rates closely and moving money to better rates can increase earnings, if the new rate covers any early withdrawal fees39.
Using these strategies together can make a term deposit portfolio that gives steady, reliable earnings39. Putting money in different places can reduce risks39, and regularly checking and adjusting the deposits can keep them working well in changing financial times38.
To get the most from term deposits, being strategic and active is key. With the right mix of laddering, reinvesting, and keeping an eye on things, investors can use these safe savings tools to reach their long-term goals.
| Term Deposit Strategy | Potential Benefits |
|---|---|
| Laddering |
|
| Reinvesting at Maturity |
|
By using these strategies, investors can maximize their term deposit returns and secure their financial futures373938.
“Careful management of term deposits can unlock significant long-term wealth creation opportunities for savvy investors.”
Getting the most from term deposits is all about being balanced and proactive. This way, investors can make the most of these safe savings tools and take advantage of their benefits373938.
Regulations and Deposit Insurance
Term deposits come with important rules and insurance. Banks in the U.S. offer term deposits insured by the FDIC up to $250,000 per person, per type of account40. This means your money is safe if the bank fails40.
Credit unions also offer term deposits insured by the NCUA for the same amount40. This insurance means you can relax, knowing your savings are protected, no matter what happens with the economy40.
The FDIC has made some changes to its rules recently. In 2013, they updated how they handle foreign branch deposits of U.S. banks41. This was because foreign deposits have grown a lot, now reaching about $1 trillion41.
Before, most foreign deposits were paid outside the U.S. Most agreements didn’t allow for payment in the U.S41. The new rule aims to change this, making it easier for big U.S. banks to pay deposits in the U.S. and the U.K41.
Remember, FDIC insurance only covers bank deposits, not other investments40. Different types of accounts, like joint or retirement accounts, have their own insurance rules40.
The FDIC’s online tool, EDIE, can help you figure out how much insurance you have40.
Term deposits are safe thanks to strong rules and insurance from the FDIC and NCUA40. This means your savings are protected, even if the economy gets tough40.
| Regulation | Key Highlights |
|---|---|
| FDIC Deposit Insurance | |
| NCUA Deposit Insurance | |
| FDIC Final Rule on Foreign Branch Deposits |
|
In conclusion, the strong rules and insurance from the FDIC and NCUA are key for term deposit investors. They ensure your savings are safe404142.
Conclusion
Term deposits are a safe way to grow your savings. They offer higher interest rates than regular savings accounts. Plus, they come with the safety of FDIC or NCUA insurance43. But, they do have some downsides like early withdrawal fees and possibly earning less than inflation. Still, they’re great for those who want a low-risk way to save.
Term deposits let you customize your investment to fit your financial goals and how much risk you can handle44. You can choose from different term lengths and how you want your interest paid. There are even special options for seniors and those looking to save on taxes45. By picking the right term deposit, you can boost your returns and meet your financial goals43.
In summary, term deposits are a solid choice for anyone wanting to protect their savings and earn steady returns43. By knowing what term deposits offer and their pros and cons, you can make smart choices. This helps you reach your financial goals and grow your wealth43.
FAQ
What is a term deposit?
What are the main types of term deposits?
How do term deposits work?
What are the benefits of term deposits?
What are the risks of term deposits?
How are term deposit interest rates determined?
What happens when I want to close a term deposit early?
How can term deposits be impacted by inflation?
What is a laddering strategy for term deposits?
How do term deposits compare to other savings options?
How are term deposits regulated and insured?
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- Choosing the Right Term Deposit: Fixed, Recurring or Money Multiplier – Your Best Fit? – Indian Bank – https://www.indianbank.in/blogs/choosing-the-right-term-deposit-fixed-recurring-or-money-multiplier-whats-your-best-fit/
- What’s the difference between a term deposit and a savings account? – https://www.westpac.com.au/personal-banking/bank-accounts/term-deposit/savings-vs-term-deposit/
- Term deposit vs savings account: what’s the difference? – https://www.linkedin.com/pulse/term-deposit-vs-savings-account-whats-difference-2cg4c
- Term deposits vs high interest savings accounts – https://www.boqspecialist.com.au/knowledge-hub/money-management/savings/term-deposits-vs-high-interest-savings-accounts-where-is-your-money-best-kept
- FD interest rates above 9%; use this strategy to maximise returns from fixed deposits – https://m.economictimes.com/wealth/invest/fd-interest-rates-above-9-use-this-strategy-to-maximise-returns-from-fixed-deposits/articleshow/111160032.cms
- Personal Banking | Corporate and MSME Banking | Internet Banking | DCB Bank – https://www.dcbbank.com/blogs/how-to-use-fixed-deposit-laddering-to-maximise-your-returns-/
- FD Returns: Strategies to Maximize Your Gains in 2023 – https://theunitybank.com/tips-to-maximize-your-fixed-deposit-returns-in-2023.html
- Understanding Deposit Insurance – https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance/index.html
- Deposit Insurance Regulations; Definition of Insured Deposit – https://www.federalregister.gov/documents/2013/09/13/2013-22340/deposit-insurance-regulations-definition-of-insured-deposit
- FDIC Law, Regulations, Related Acts – https://www.fdic.gov/regulations/laws/rules/1000-1200.html
- Fixed Deposits vs. Term Deposits: Are they different? – https://kuvera.in/blog/fixed-deposits-vs-term-deposits-are-they-different/
- Term Deposit: Meaning, Characteristics, Types & Examples | 5paisa – https://www.5paisa.com/stock-market-guide/generic/term-deposit
- Term Deposit: Meaning, Benefits & Features | Tata AIA Blogs – https://www.tataaia.com/blogs/financial-planning/what-is-a-term-deposit-and-its-benefits.html