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प्रश्न
Distinguish Between.
Fixed deposit account and Savings account
फरक स्पष्ट करा
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उत्तर
| Points | Fixed Deposit Account | Saving Account |
| 1. Meaning | It is that account where a fixed sum of money is deposited for fixed period. | It is opened by individuals in order to save a part of their income. |
| 2. Withdrawals | Customers cannot withdraw during the specified period. | Customers can withdraw either by cheques or withdrawal slips. |
| 3. Documents | The bank gives a fixed deposits receipt to the customers. | The bank gives passbook, cheque book and pay-in-slip book to the customers. |
| 4. Who takes it | It is suitable for any person with temporary idle cash. | It is suitable for fixed income group, wage or salary earners. |
| 5. Restrictions | Amount becomes due on the expiry of the fixed period. If withdrawn earlier, then the interest rate will be less than applicable. | The customers have certain restrictions on withdrawals. |
| 6. Interest Rate | Interest rate is higher. Longer the period, higher will be the rate. | Interest rate is low. |
| 7. Nature of account | It is for fixed period of time except when the fixed deposit receipt is renewed. | It is of continuous nature. |
| 8. Facilities | 90% of the amount of fixed deposit can be given as loan. | No overdraft facility is given. |
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