What is a 1 month term deposit?

Term deposits are a form of savings in which customers choose to deposit their money for a certain period of time and enjoy a fixed interest rate.

On the maturity date, the customer will receive the full interest rate of the amount. If the withdrawal is made before the maturity date, the customer will only receive the interest rate equal to the non-term interest rate. On the contrary, if the customer does not come to complete the final settlement procedure on the maturity date, the interest will be combined with the principal and rolled over for another term. The interest rate of the renewal period will be equal to the current interest rate according to the period you deposited.

1-month term deposit is the term that can be considered the first in the term deposit interest rate table at all banks. 1-month term deposit usually has a higher interest rate than non-term deposit and payment deposit. This is also considered a popular form of deposit for current salaried employees.

Advantages of 1 month term deposit

To participate, customers only need to open a savings account at the bank or own an ATM card at that bank.

The procedure is very simple and quick, customers only need an ID card or passport.

Short term, customers quickly recover both principal and interest.

Customers can deposit money regularly on a monthly basis or withdraw capital when needed within 1 month without worrying about being charged interest at the non-term rate. The 1-month savings term is suitable for customers who use working capital regularly, especially business customers, salaried employees, enterprises, etc.

When employee salary capital is idle for a short period of time, this period is very suitable to create additional sources of income.

The way to deposit money into the book is easy and diverse, customers can deposit directly at the bank counter or deposit savings via Internet Banking. In addition, if you already have an ATM card, you can also choose to deposit savings for a 1-month term on the card without a book. The interest rate is the same as the interest rate when depositing in a savings book.

Minh Huong (synthesis)