Fixed time deposit is a type of deposit with pre-determined maturity date (agreed between the depositor and the bank) and expected to remain with the bank up until the specified time lapses.
Underlying Features of the Product
Usually, the minimum period of accepting fixed time deposit is three months and the rate of interest varies according to the duration of the deposit received, i.e. the longer the deposit remains in the bank the higher is the interest rate earned.
Oromia International Bank SC is accepting fixed time deposit starting from Birr 5,000.
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