wiz-icon
MyQuestionIcon
MyQuestionIcon
3
You visited us 3 times! Enjoying our articles? Unlock Full Access!
Question

Your friend gets Rs 10000 from his grand parents. He/she wants to invest this amount in a bank in such a way that he/she need not withdraw the amount partly or wholly for two years. What kind of account should he/she open in a bank?

A
Small Savings Account
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
Current Account
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
Term Deposit Account
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
D
Demat Account
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

The correct option is C Term Deposit Account
Term deposit account allows an investor to keep his money for a specified period of time. This amount cannot be withdrawn for a specified period of time. Therefore, when a friend gets Rs 10000 from his grandparents, he should open term deposit account so that he need not withdraw the amount partly or wholly for two years.

flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Balancing of Accounts
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon