Question

Type of bank account in which fixed amount is deposited after every regular interval for a fixed period of time is ______________.

• A. Fixed account
• B. Current account
• C. Recurring deposit account
• D. All of the above

Answer 1

The correct option is C Recurring deposit account

There are 4 types of bank accounts namely, savings account, current account, fixed deposit account and recurring deposit account.

• Savings account are for the purpose of saving some part of income in the bank account for an unspecified period.
• Current account is an account which is used for daily business payments and receipts.
• Fixed deposit account are those a fixed amount is kept for a fixed time period.
• Recurring deposit account is where a fixed sum of amount is deposited at regular intervals.