I'm thinking of operating a fixed deposit account with one of our banks. From the little I know about fixed deposit account, it's like an investment.

A client deposit an amount of money in the account that can't be withdrawn until after a period of time that is decided by the client.

The client also can't make further deposit after the initial deposit to open the account. (I don't know if I'm wrong on this one)

The bank pays the client a certain percentage of the money monthly till the "fixed" period expires. (depending on how long the money is fixed in the account)

Once the "fixed" period expires, the client can either withdraw the money, renew the "fixed" period and extend it for as long as desired and even add to or reduce the money in the account.

I will like folks here who operate this kind of account to feed me with information on the percent of returns agreed with their banks, the terms and conditions of operating this kind of account with their bank and if there is any disadvantage of operating this kind of account ... I'm just want to invest in a bank whose terms of operation are friendly.

Let bakers come & explain this to us.