There is no much difference between Fixed Deposit (FD) and Term Deposit (TD). Fixed deposit is a more common term in India and other Asian countries where Term deposit is popular in foreign nations like US, Canada, New Zealand, Australia etc.
Read – How To Fill 15G/15H Form Correctly in Banks To Save TDS ?
Term Deposit : Investing particular sum of money with the bank and bank pays the interest on monthly, Quarterly or annual basis.
Fixed Deposit : Investing lump sum money for the given period of time. After this period, you are entitled to your money with the interest.
Click To Compare Fixed Deposit Rates (FD) Of Banks
Conclusion:
There is no difference between Term & Fixed depost, bankers use Term Deposit where as individual is more familiar with Fixed Deposit.