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Question
Identify and explain the concept from the given illustration:
Tina deposited a lumpsum amount of ₹ 50,000 in the bank for a period of one year.
Solution
Concept: Fixed deposit
Explanation:
- Fixed deposits refer to a lumpsum amount deposited by a customer for a specified period of time.
- Hence, this illustration relates to the concept of ‘fixed deposit’ as Tina deposited a lumpsum amount of ₹ 50,000 in the bank for a period of one year.
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