BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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against which no cheque can be issued
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against which no interest is paid to the depositor
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which are fixed deposits
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Both (a) and (c)
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Detailed explanation-1: -What is a term deposit? With a term deposit, you lock away an amount of money for an agreed length of time (the ‘term’) – that means you can’t access the money until the term is up. In return, you’ll get a guaranteed rate of interest for the term you select, so you’ll know exactly what the return on your money will be.
Detailed explanation-2: -A term deposit is a type of deposit account held at a financial institution where money is locked up for some set period of time. Term deposits are usually short-term deposits with maturities ranging from one month to a few years.
Detailed explanation-3: -Fixed deposit that is for a term of one year is termed as current asset, while fixed deposit having a term of more than one year is non-current asset.