GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Fixed deposits and recurring deposits are____
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not repayable
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repayable on demand
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repayable after an agreed period
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repayable on demand or after an agreed period as per banker’s choice
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Explanation:
Detailed explanation-1: -3.17 Term or fixed deposits mean deposits repayable after the expiry of a certain period. In the Banking Regulation Act (1949), the term of fixed deposits is nowhere mentioned. However, the term now varies between 15 days to 10 years. As per the RBI guidelines, interest on term deposits is paid on quarterly rests.
Detailed explanation-2: -The deposit is fixed and is repayable only after a specific period is over is called fixed deposit account.
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