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Bank Deposits

FCNR

A FCNR deposit, or Foreign Currency Non-Repatriable account deposit, is a type of Fixed Deposit Foreign Currency account strictly for depositing, not for saving. It allows for deposits in major currencies such as US Dollars, UK Pounds, Canadian Dollars, Deutsche Marks, Japanese Yen, and Euros. Unlike a savings account, this type of deposit offers the potential to earn higher interest rates.

Borrower

A borrower, whether an individual or a company, is someone who obtains money from a lender for a specific purpose. The borrowed funds are utilized for a set period of time, ...

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Receipt

A vital document demonstrating an investor's deposit to a bank, known as a certificate of deposit. It provides essential information such as the deposited amount, interest p...

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Recurring Deposit or Cumulative Deposit Account

A bank account that requires a depositor to deposit a fixed amount (in multiples of Rs 5 or Rs 10) every month is known as a recurring deposit account. This deposit is typic...

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Taxable interest

In the realm of finance, it is crucial to understand the taxation of interest earned on fixed deposits. According to the Income Tax Act, any interest earned on a fixed depos...

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