Banking Awareness - Types Of Bank Accounts
A customer wants both safety of money and higher returns and is willing to keep funds locked for a period. Which deposit should be suggested?
A customer wants both safety of money and higher returns and is willing to keep funds locked for a period. Which deposit should be suggested?
medium Q15 of 15
Step-by-Step Solution
Step 1: Identify customer priority.
The customer wants higher returns and accepts lock-in.Step 2: Match with suitable deposit.
Time deposits offer fixed returns with limited liquidity.Final Answer:
Time deposit → Option AQuick Check:
Lock-in accepted + higher return = Time Deposit ✅
Quick Trick: Lock-in acceptance always points to time deposit.
Common Mistakes:
MISTAKES- Suggesting savings deposit despite return requirement.
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