ECONOMICS
SAVING AND INVESTING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Savings Account
|
|
|
Certificate of Deposit (CD)
|
|
|
Checking Account
|
|
|
Money Market Account
|
Detailed explanation-1: -A fixed deposit account is one of the safest investment options in the country as it is comparatively risk-free and also guarantees returns. It is an investment where a customer deposits a certain sum of money in an account, for a given tenure and earns interest on it.
Detailed explanation-2: -The account which is opened for a particular fixed period (time) by depositing particular fixed period (time) by depositing particular amount (money) is known as Fixed (Term) Deposit Account.
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: -Savings account: A savings account allows you to accumulate interest on funds you’ve saved for future needs. Interest rates can be compounded on a daily, weekly, monthly, or annual basis. Savings accounts vary by monthly service fees, interest rates, and account features.
Detailed explanation-5: -The options include traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts and specialty savings accounts.