Be fully aware of the terms and conditions that govern the deposit account. Request the bank personnel to explain unclear provisions of the deposit agreement. Never sign a document that you do not understand or agree to.
For a wise saver, compound interest can be used to make a significant sum of money over time. Let's see how it works. Compound interest is the interest calculated on the sum of the principal of a deposit and the interest it earned. Thus, it is an interest on interest.