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Question

A, B, and C have deposited their money in a bank on three different deposit schemes. It is evident that they have invested in savings, fixed, and recurring deposits.

B receives an interest amount higher than C, and A receives an interest amount higher than B. Identify the deposit schemes utilised by A, B, and C.

A
A - Savings
B - Fixed
C - Recurring
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B
A - Fixed
B - Recurring
C - Savings
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C
A - Recurring
B - Savings
C - Fixed
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D
A - Recurring
B - Fixed
C - Savings
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Solution

The correct option is B A - Fixed
B - Recurring
C - Savings
A fixed deposit scheme is one in which customers need to deposit money for a fixed period and for a fixed interest rate. Under the savings deposit scheme, customers can deposit money in the account and get a small interest in return. Generally, there is no restriction on the withdrawal of money from a savings account. A recurring deposit is similar to a fixed deposit, except here customers can invest multiple times. In case of recurring deposits, the interest rate is higher than saving deposits, but less than fixed deposits.

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