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
(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 These deposits cannot be withdrawn before the maturity period, hence, are not payable on demand.
Is there an error in this question or solution?
APPEARS IN
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.
