BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
8 years
|
|
|
7 years
|
|
|
9 years
|
|
|
10 years
|
Detailed explanation-1: -Act (vide Section 39A) from the person opening the account. Term Deposit Accounts can be opened for a minimum period of 7 days up to maximum period of 10 years. The minimum/maximum periods are subject to change. The rates of interest vary depending on the period of deposit.
Detailed explanation-2: -The Domestic & NRO Rupee Term Deposits can be opened for minimum period of 7 days and maximum up to 10 Years. For NRE Term Deposits, minimum period is 1 Year and maximum up to 10 Years.
Detailed explanation-3: -Also, it helps in deciding the right investment amount as per your financial goal by revealing the final amount receivable at the end. For Example – On deposit of ₹25, 000 made for the period of 10 years the interest is paid at the rate of 7.00% p.a. and is quarterly compounded.
Detailed explanation-4: -A 5-year term deposit is also called a Tax-Saving FD. If you invest in one, you are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. You can claim up to a maximum of Rs. 1.5 lakh.