Which among the following types of deposits is mostly used by businesspersons?

Current deposit

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Fixed deposit

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Recurring deposit

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Savings deposit

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Solution

The correct option is A Current deposit
Businesspersons prefer current deposit schemes over savings deposit schemes. This is because the account holder can deposit and withdraw money multiple times in a day in a current deposit account. Thus, it enables a businessperson to carry out smooth transactions at ease and at any time. However, banks do not provide any interest on current deposits.

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