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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, 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.
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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.
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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