The returns in a mutual fund investment depend on a variety of factors, including the investment strategy, the direction of the markets, the skill of the fund management team, and the length of the investment term. In contrast to a fixed deposit where these elements are, at least in part, absent, many of these factors are unpredictable, hence the returns cannot be guaranteed. With a fixed deposit, the returns are only fixed for the specified amount of time. The issuer corporation, not the depositor, chooses these returns and the time frame for them. As a result, if someone wants to invest money for six years and there is a deposit available for five years, they only have access to the returns for the first five.