Does the concept of Fixed Deposit exist in the U.S. for foreign nationals?
There exists a pretty simple concept of Fixed Deposits in India where some banks pay up to 7% return per annum with a good deal of flexiblity. This is a good option for those who want to have a totally safe cash-flow every quarter in the form of interest payments. However, I was wondering if there is any such thing in the U.S. especially for foreign nationals where people could save money and receive interest cuts every quarter as interest payments. All I want is a high interest paying fixed savings account with regular interest payouts. Check out this link to know more about regular fixed deposit account in India, or this link to see typical rates and terms.
Edit: This link should surprise some people as the FD interest rates are so high, sometimes beating the Stock Market.
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The closest direct equivalent is a Certificate of Deposit. CDs in the US require you to leave a given amount deposited for a specified term - often several years. You cannot withdraw the original deposit during the term of the certificate. The deposit earns interest, which can be deposited into the account or paid out on a fixed interval (usually monthly or quarterly).
However, it's worth pointing out that typical current interest rates for CDs are much lower than the rates you are quoting - 2% - 3% might be typical, not 7%.
CDs do not typically have any different requirements than other depository US bank accounts, in terms of nationality.
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