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

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

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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 These deposits cannot be withdrawn before the maturity period, hence, are not payable on demand.

Concept: Type of Money

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2012-2013 (March)

Q 1.C.4 Q 1.C.3 Q 1.C.5

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