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Question
In this type of account, no cheque book is issued to the account holder:
Options
Fixed Deposit account
Open account
Saving Deposit account
Current account
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Solution
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.
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