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Different Types of Accounts

State the fol...

Question

State the following statement is True or False
In fixed deposit account ,bank does not provide interest

A

True

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B

False

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Solution

The correct option is B False
In fixed deposit account, the bank provides interest. The rate of interest may vary as per amount, period and bank to bank.
So, its a false statement.

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Q. State the following statement is True or False
In fixed deposit account, the bank provides interest at fixed rate.

Q. Give reasons or explain the following statements:

1. Commercial banks provide agency functions to earn profits.
2. Overdraft facility is provided to current account holders.
3. Saving account deposits are usually opened by salaried class.
4. Rate of interest on fixed deposit is high.

Fixed deposit account provides more interest than savings bank account.

Q. What feature does a Fixed deposit account provide?

State the following statement is True or False:

A deposit which is kept for a fixed period in a bank without making any withdrawals out of it is a fixed deposit.

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