Fixed deposits are similar to savings accounts, except that you cannot access your money for an agreed fixed period like one, three, six months or one year and the longer the money stays in this account, the higher the interest earned.
Different banks however have different requirements when it comes to the specific amount required to open a fixed account and the amount of interest the deposit attracts. Generally, short term deposits attract slightly higher return over a short period since banks are unwilling to commit to higher returns over a long period due to changing market forces.
We will thus study, evaluate and analyse these rates and accordingly advise clients on the best banks or financial institutions to invest with for maximum returns for each amount of capital invested.
Please note that any interest accrued on the capital is also subject to a 15 per cent withholding tax and is calculated on a per annum basis.