Term deposit accounts can be opened for different tenures ranging from 1 month to 12 month. Cash withdrawals cannot be made against these accounts.
Interest on a term deposit account accrues daily and is paid on the maturity date.
If you decide to break the term deposit before the maturity date, you may have to pay applicable fees and charges and you will give up your right to any interest that would have been payable on the maturity date.
Most banks require you to have a current or savings account in the bank in order to open a fixed deposit/term deposit account.
Interest rates are subject to change. The interest rate applicable at the time the investment was made will be fixed for your deposit tenure.