Commercial Applications
Time Deposit account is also known as ……………
- Recurring Deposit account
- Current account
- Saving Deposit account
- Fixed Deposit account
Answer
Fixed Deposit account
Reason — A Time Deposit refers to a lumpsum investment made for a fixed tenure, e.g., one year, three years, five years, etc. It is also known as a Fixed Deposit or long-term deposit. Money cannot be withdrawn before the expiry of the period. A higher rate of interest is paid on these deposits.
Related Questions
Identify an example of Nationalized Bank ……………
- Union Bank of India and State Bank of India
- Citi Bank and HDFC Bank
- ICICI Bank and Axis Bank
- American Express Bank and Yes Bank
Private Banks are the banks which are ……………
- owned and controlled by government
- owned and controlled by private businessmen
- owned and controlled by foreign banks
- owned by central Bank and managed by government
Assertion (A): Central Bank and Commercial Banks have distinct roles in economy.
Reason (R): Central Bank controls money supply and sets policy. Commercial Banks take deposits and make loans to customers.
- A is true but R is false
- A is false but R is true
- Both A and R are true and R explains A
- Both A and R are true but R does not explain A
The central bank settles the claims of commercial banks is called ……………
- Banking facility
- Ledger facility
- Clearing House Facility
- Accounts facility