Question

List down any three features of a fixed deposit account.

(3 Marks)

Answer 1

• It is a one time deposit and one time take away account. Under this type of account, the account holder needs to deposit a fixed amount of sum (as per their wish) for a fixed time period
• The rate of interest depends upon the amount you deposit and for the time duration of the FD
• Banks pay interest on the fixed deposit account

(3 Marks)