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17 October, 21:14

If I'd like to take 1000 and put it into a savings account for a long period of time in the hopes of earning a higher interest rate and making my money grow, which type of account should I choose?

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  1. 17 October, 21:15
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    Fixed Deposit Account

    Explanation:

    Commercial Banks perform this crucial role of accepting deposits & advancing loans.

    3 Types of Deposits:

    Current Account - Used by businesses, has liberal depositing & withdrawal rules for payments & receipts, negligible interest by bank (rather bank charges for their service).

    Savings Account - Used by households, for normal savings, has deposit & withdrawal rules less free than current account, moderate interest rate by bank.

    Fixed Deposit Account - Used for Long Term savings, strict withdrawal rules before maturity (interest lost if withdrawn), high interest rate & money growth.

    So, If need is to save money foe long period & letting it grow meanwhile, Fixed Deposit Account is a suitable Account.
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