Fixed Deposit Schemes are term deposits more or less like fixed deposits in their very nature. They are made for specified periods of time like a year or more. The interest rates for them are the same that are applicable to fixed deposits. You just need to add fixed amounts (multiples of Rs. 50) of money to it on a monthly basis for periods of 12, 24, 36 or 60 months. The difference is that you won't have to wait till a maturity period in case you wish to withdraw the deposit. You get the interest until the date of withdrawal as well.

Fixed Deposit Schemes are helpful and advantageous in many ways. The important factor is that you get good interest rates for the amount depositd. Also, whenever you are in need of money, you can always withdraw the deposit with assured interest calculated until the date of withdrawal. It empowers the customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time.