ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Banks provide a higher rater of interest on which one of the following accounts?
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Saving account
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Current account
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Fixed deposits for long periods
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Fixed deposits for very short periods
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Explanation:
Detailed explanation-1: -Detailed Solution. The correct answer is Fixed deposits for long period.
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: -Fixed Deposits (FD) are investment instruments offered by banks and non-banking financial companies, where one can deposit money for a higher rate of interest than savings accounts. These deposits, hence, offer the highest rate of interest, ranging from 4 to 7.
There is 1 question to complete.