How a Day Term Deposit Works:
Deposit Money: You deposit a lump sum of money into the account.
Fixed Term: The money is locked for a fixed period, which can be as short as a few days or as long as several years.
Interest Rate: You earn a fixed interest rate on your deposit, which is typically higher than that offered by a standard savings account.
Maturity: At the end of the term (maturity date), the bank pays you the principal amount along with the accumulated interest as a lump sum.