ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -A certificate of deposit (CD) is an insured interest earning savings tool that allows restricted access to the funds. The deposits in CDs have to be held for a certain length of time, which can range from seven days to eight years.

Detailed explanation-3: -A checking account is a deposit account held at a financial institution that allows withdrawals and deposits. Also called demand accounts or transactional accounts, checking accounts are very liquid and can be accessed using checks, automated teller machines (ATMs), and electronic debits, among other methods.

Detailed explanation-4: -A checking account is a type of deposit account that can be opened at a bank or credit union, allowing you to deposit and withdraw money quickly.