GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Call Deposit
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Fixed deposits
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Hybrid deposits
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Floating Rate of Interest deposits
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Detailed explanation-1: -These deposits are a combination of demand and fixed deposits for meeting customer’s financial needs in a flexible manner. Hence these are hybrid deposits or flexi-deposits. For example: Quantum Deposit Scheme of ICICI Bank and Multi Option Deposit Scheme (MODS) of SBI.
Detailed explanation-2: -There are two types of deposits: demand and time. Demand deposits are the more common type of deposit. There’s generally no limit on the amount of times you can make demand deposits, and you can withdraw money at any point from a demand deposit account.
Detailed explanation-3: -The normal recurring deposit scheme is a kind of term deposit where you are required to make a fixed monthly deposit each month in your RD account. On the other hand, Flexi’s recurring deposit offers you the flexibility to choose the amount deposited each month in your RD account.