Banking Awareness - Types Of Bank Accounts
Which of the following deposits requires prior notice or penalty for early withdrawal?
Which of the following deposits requires prior notice or penalty for early withdrawal?
medium Q6 of 15
Step-by-Step Solution
Step 1: Identify withdrawal conditions.
Some deposits restrict early withdrawal.Step 2: Match with deposit type.
Time deposits have lock-in periods.Final Answer:
Time deposit → Option CQuick Check:
Lock-in + penalty = Time Deposit ✅
Quick Trick: Early withdrawal penalty means time deposit.
Common Mistakes:
MISTAKES- Assuming all deposits allow free withdrawal.
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