Fixed Deposit Account

The Account are called " Timer Deposit" or Term Deposite because the money deposited in this account can withdrawn after the passage of time for which it was deposited. Although this period may vary between 3 to 5 years but generally the money is deposited for one year in these accounts. These accounts are suitable for the people who, in addition to security, also want to earn profit over the deposit. Generally, the bank does not allow the account holder to withdraw the amount before the time for which the money was deposited but in special case the permission may be accorded if the account holder for forfeits the interest accrued during the time of deposit.
Note: The amount of interest in Fixed Deposit or any kind of account, The Amount of Interest is HARAAM in Islam.