BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either True or False
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None of the options
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Detailed explanation-1: -The period of the FD ranges from 7 days to 10 years. A short-term FD has a maturity tenure of a minimum of 7 days to a maximum of 12 months.
Detailed explanation-2: -The 7-day call account is an alternative to investing funds into long term fixed deposit accounts. This account carries a higher rate of interest than ordinary savings accounts but gives the customer the flexibility of withdrawals provided that 7 days notice is given.
Detailed explanation-3: -Some banks do offer premature withdrawal facilities with zero penalty charges. However, if the FD is prematurely closed, before completing 7 days from the date of the booking, the bank or the company is not liable to pay any interest.
Detailed explanation-4: -Earn 7.3%* Interest on FD Rates are subject to change as per the bank’s discretion. SBI offers FD interest rates of 3.00%-7.10% p.a. to the general public and 3.50%-7.50% p.a. to senior citizens for tenures ranging from 7 days to 10 years. The interest rate of SBI Tax Saving FD is 6.50% p.a.