What is a 1-month term deposit?
A term deposit is a form of savings where customers choose to deposit their money for a specific period of time and earn a fixed interest rate.
On the maturity date, customers receive the full interest rate of their deposit. If they withdraw before the maturity date, they will only receive the interest rate equivalent to a non-term deposit. On the other hand, if customers do not come to settle the account on the maturity date, the interest amount will be added to the principal and start another term deposit. The interest rate for the renewal term will be the same as the current interest rate for the term you deposited.
A 1-month term deposit is the shortest term in the interest rate table for term deposits offered by all banks. The interest rate for a 1-month term deposit is usually higher compared to non-term deposits and demand deposits. It is also a popular choice for employees who earn a fixed income.
Advantages of a 1-month term deposit
To participate, customers only need to open a savings account at the bank or own an ATM card from that bank.
The procedures are simple and quick, customers only need an ID card or passport.
Short term, customers can quickly recover both the principal and the interest.
Customers can regularly deposit or withdraw funds as needed within a 1-month period without worrying about being charged the non-term deposit interest rate. A 1-month term deposit is suitable for customers who frequently use liquid capital, especially business owners, employees, and enterprises.
When employee salaries are idle for a short period of time, this term deposit is suitable for generating additional income.
There are various ways to deposit funds into the account, customers can deposit directly at the bank counter or through Internet Banking. In addition, if you already have an ATM card, you can choose to deposit a 1-month term deposit on the card without a passbook. The interest rate earned is the same as the interest rate for term deposits with a passbook.