Write a 200 words research paragraph about: "Annuity deposit and fixed deposit in banking"

Write a 200 words research paragraph about:

"Annuity deposit and fixed deposit in banking"

Expert Solution

Annuity deposit :

under this scheme a lump sum amount is deposited by a customer which is repaid to customer

over a period in equated monthly installment which comprises part of principal amount and interest

on the reducing principal amount as well. An annuity is simply a series of future cash payments

that occur at regular interval.

some examples of annuities include life insurance payments, pension payments, regular saving

accounts deposits etc.

Fixed deposit:

Fixed deposits are deposits placed with the bank for fixed period. It is repayable on the expiry of

that period. The rate of interest offered to these are higher than on savings accounts.

The tenure of fixed deposits may range from 7 days to 10 years.

Returns on fixed deposit are assured, and there is no risk of loss of principal.

Fixed deposits offer higher interest rates for senior citizens.

jeff jeffy answered 2 years ago

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