Question

refers to the deposit scheme in which the customer enjoys no restriction on the withdrawal of money.

• A. SIP
• B. Fixed deposit
• C. Recurring deposit
• D. Savings deposit

Answer 1

The correct option is D Savings deposit

Deposits are four types: savings deposit, current deposit, fixed deposit, and recurring deposit. Under the savings deposit scheme, we can deposit money in the account and get an interest in return. Also, there is no restriction on the withdrawal of funds in such a deposit scheme.

However, in some cases, there are fixed limits on the amount of money that can be withdrawn and the number of times the money can be withdrawn from the bank in a particular period.