Question

Choose the correct answer:     

The account in which certain amount of money is deposited every month regularly for a fixed duration is a _____________.

(a) saving account
(b) current account
(c) recurring account
(d) fixed deposit account

Answer 1

The account in which certain amount of money is deposited every month regularly for a fixed duration is a fixed deposit account.
Explanation:
Fixed account deposits are the ones in which certain amount of money is deposited every month regularly for a fixed duration. These deposits cannot be withdrawn before the maturity period, hence, are not payable on demand.