Question

Identify and explain the following concept:

Tushar deposited a lump sum amount of ₹ 1,00,000 in the bank for a period of three years.

Answer 1

Identified concept: Fixed deposit.

Explanation of concept: A fixed deposit is a type of time deposit in which the saver deposits a certain amount in the form of a deposit in a commercial bank for a fixed period of time, and they can withdraw the amount from the deposit after a specified period.