Maharashtra State Board course HSC Science (General) 12th Board Exam
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Choose the Correct Answer: The Account in Which Certain Amount of Money is Deposited Every Month Regularly for a Fixed Duration is a ___.(A) Saving Account(B) Current Account(C) Recurring Account - Economics

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Question

Choose the correct answer:     
The account in which certain amount of money is deposited every month regularly for a fixed duration is a _____________.
(a) saving account
(b) current account
(c) recurring account
(d) fixed deposit account

Solution

The account in which certain amount of money is deposited every month regularly for a fixed duration is a fixed deposit account.
Explanation:
Fixed account deposits are the ones in which certain amount of money is deposited every month regularly for a fixed duration. These deposits cannot be withdrawn before the maturity period, hence, are not payable on demand.

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APPEARS IN

 2012-2013 (March) (with solutions)
Question 1.3.4 | 1.00 mark

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Solution Choose the Correct Answer: The Account in Which Certain Amount of Money is Deposited Every Month Regularly for a Fixed Duration is a ___.(A) Saving Account(B) Current Account(C) Recurring Account Concept: Type of Money.
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