Commercial Applications
In this type of account, no cheque book is issued to the account holder:
- Fixed Deposit account
- Open account
- Saving Deposit account
- Current account
Banking
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Answer
Fixed Deposit account
Reason — In a Fixed Deposit Account, money is locked in for a fixed period and cannot be withdrawn before maturity. Hence, no pass book or cheque book is issued. Instead, only a Fixed Deposit Receipt (FDR) is given to the depositor showing the name and address, amount and period of deposit. Cheque book facility is available on Savings and Current accounts. (Note: a pass book — but no cheque book — is issued in a Recurring Deposit account.)
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