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Different Types of Accounts

Which of the ...

Question

Which of the following account provides highest rate of interest?

A

Savings Account

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B

Current Account

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C

Recurring Deposit Account

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D

Fixed Deposit Account

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Solution

The correct option is D Fixed Deposit Account
Fixed deposit provides highest rate of interest as a large amount of money is deposited in this account for a longer duration.

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Similar questions

Q. Which of the following account provides highest rate of interest?

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

Fixed deposit account provides more interest than savings bank account.

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.

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

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