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Question
Choose the correct answer :
The account in which the specific amount is deposited per month regularly is known as _________.
Options
(a) Fixed account
(b) Current account
(c) Savings account
(d) Recurring account
Solution
The account in which the specific amount is deposited per month regularly is known as fixed 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 These deposits cannot be withdrawn before the maturity period, hence, are not payable on demand.
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