Have you wished that your funds could work quietly while you enjoyed relaxing with your favourite cup of tea? That’s exactly what a term deposit does! At PNB MetLife, we believe that growing your savings is simple, safe, and rewarding.
If you want to build wealth without breaking a sweat, let us introduce you to the world of term deposits and savings plans, which we have explained in a simple and friendly way.
Let's go over the basics first. What is a term deposit? It would be like taking a chunk of your money and locking it away for a certain amount of time — be it 6 months, a year, or even 5 years, all this while earning a fixed return. Doesn’t it sound peaceful? A term deposit account is basically where you can safely store your money while it earns a fixed interest rate and appreciates, all while you do nothing.
Should you be wondering what a term deposit account is, it simply refers to a type of special bank or financial account where your money is 'frozen' for a specific period in time. You attain your principal investment and the earned interest once the specified time has elapsed. That's simple.
Without further ado, a term deposit provides your access to guaranteed returns with no hassle of volatile drifts of the money market.
Now that we’ve introduced the concept, let’s break down the term deposit meaning a bit more. A term deposit is not only about earning interest but entails commitment. With PNB MetLife, you are committing yourself to park funds for a specified maturity period, and in return, you will be provided with payable growth at no risk.
The primary difference lies between savings account funds, which can be accessed at any time, and a term deposit account, which 'locks' funds for a specified period. A term deposit account becomes more useful when the spender claims to have savings.
| Term Deposit Quick Facts | Details |
|---|---|
| Interest Rate | Fixed throughout the term |
| Investment Duration | 7 days to 10 years |
| Withdrawal | Early withdrawal may attract a penalty |
| Risk Level | Very low |
| Return Type | Guaranteed |
You might have heard people use term deposit vs fixed deposit interchangeably. While they sound similar (and they mostly are), here's the difference between term deposit and fixed deposit:
| Aspect | Term Deposit | Fixed Deposit |
|---|---|---|
| Interest Rate | Fixed or floating | Always fixed |
| Types Included | Fixed, recurring, and others | Only fixed duration with fixed rate |
| Flexibility | More Variety | Less flexibility |
Simply put, a fixed deposit is a term deposit — just like chocolate is a type of dessert! Not all term deposits are fixed deposits, but all fixed deposits are term deposits.
Now that you understand what is a term deposit, let’s chat about what makes it such a popular choice for savvy savers:
You know how good it feels to find loose change in your pockets? Imagine that feeling, but with guaranteed interest added to your savings!
Here’s why a term deposit could be your new best friend:
At PNB MetLife, we believe in choices! Here’s a quick look at the many options:
Don't overlook the humble term deposit when you’re thinking about an investment plan or crafting the perfect savings plan. It’s not flashy, but it’s rock solid. Whether saving for a dream vacation, your child's education, or just building an emergency fund, a term deposit provides the safety net you need.
Pair it with our life insurance solutions, and you’ll create a fortress of financial security for you and your loved ones.
If you’ve ever asked yourself if a term deposit is worth it, the answer is a big, resounding yes. It’s safe, predictable, and a powerful addition to your financial toolkit. Plus, with PNB MetLife, you can access the best investment and savings plans designed to fit your goals and dreams perfectly.
Ready to let your money relax and grow? Open your term deposit account with us today and step confidently towards a secure financial future!
A term deposit is a fixed investment where you deposit a lump sum with a bank or financial institution for a set period at a fixed interest rate. You earn interest over time, and the money is returned with interest at maturity.
Term deposits offer guaranteed returns, low risk, and capital protection. They are ideal for conservative investors looking for stable earnings without market volatility.
Yes, but early withdrawal may attract a penalty or reduced interest. It's best to check the terms with your bank before breaking the deposit.
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Piyush Kataria, SEO Manager at PNB MetLife, is a seasoned digital marketing strategist with over a decade of experience in optimizing websites for search engines. His expertise extends to keyword research, content strategy, technical SEO, and link building, all of which have been instrumental in driving organic traffic growth at PNB MetLife. With a strong foundation in life insurance, Piyush leverages his industry knowledge to create targeted and effective SEO campaigns.
Sakshi Malhotra is a seasoned marketing professional associated with the Life Insurance industry since 2007. At PNB MetLife, she heads Digital Marketing and Direct to Customer line of business. She is responsible for driving effective customer engagement through the company’s website and social media channels. In addition, she drives customer online buying journeys to help them buy the right product.
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
PNB MetLife India Insurance Company Limited
Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
IRDAI Registration number 117 | CIN U66010KA2001PLC028883
For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details.
Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.
| Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers! IRDAI or its officials is not involved in activities like selling insurance policies, announcing bonus or investments of premium. Public receiving such phone calls are requested to lodge a police complaint. |
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