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- Fixed-Term Deposit (FD): is money deposited at bank/mfi that cannot be withdrawn for a specified term/tenure (unless a penalty is paid). When the term is over it can be withdrawn or it can be held for another term.
- Certificate of Deposit (CD): Certificate deposit is different from that of fixed-term deposit in terms of its negotiability. CD is negotiable and can be rediscounted when the holder needs some liquidity, while fixed deposits typically would be (or must be) kept until maturity.
Use-case:
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Question: Shiva, is this now better termed as 'deposit account application' use case based on implementation from madhukar?
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Deposit Account Application
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When setting up/creating a deposit account the following details need to be known:
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