Question

Identify and explain the following concept:

Madhuri deposited a lumpsum amount of ₹ 1,00,000 in the bank for the period of five years.

Answer 1

Identified concept: Fixed deposit.

Explanation:

 A fixed deposit is a type of deposit where the saver deposits a specific amount in the form of a deposit in a commercial bank for a certain period of time and has the option to withdraw the amount from the deposit after a certain amount of time.