BANKING AFFAIRS

Detailed explanation-1: -Which of the following has a fixed time and pays higher interest than a SB Acccount? Notes: Fixed Deposit Account is a deposit of money that pays higher interest than a savings account but imposes conditions on the amount, frequency, and/or period of withdrawals. It is also called time deposit.

Detailed explanation-2: -Fixed deposit provides highest rate of interest as a large amount of money is deposited in this account for a longer duration.

Detailed explanation-3: -A savings account is an interest-bearing deposit account held at a bank or other financial institution. Though these accounts typically pay a modest interest rate, their safety and reliability make them a great option for parking cash you want available for short-term needs.

Detailed explanation-4: -Your money will be protected from theft and fires. Plus, your money will be federally insured so if your bank or credit union closes, you will get your money back. The maximum amount of money that can be insured is $100, 000. Many banks offer an interest rate when you put your money in a savings account.