Question

In this type of account, no cheque book is issued to the account holder:

पर्याय

• Fixed Deposit account

• Open account

• Saving Deposit account

• Current account

Answer 1

Fixed Deposit account

Explanation:

A Fixed Deposit (FD) account is a type of time deposit in which a lump sum of money is locked in with the bank for a set period of time at a preset interest rate. Because withdrawals are rigorously restricted until the maturity date, monies cannot be drawn using standard transaction instruments, hence the bank issues a Fixed Deposit Receipt (FDR) to the account holder instead of a check book.