Banking Awareness - Types Of Bank Accounts
In which type of account is the interest rate decided at the time of deposit and remains unchanged throughout the tenure?
In which type of account is the interest rate decided at the time of deposit and remains unchanged throughout the tenure?
easy Q12 of 15
Step-by-Step Solution
Step 1: Identify interest behaviour.
The question mentions a rate fixed in advance.Step 2: Match with correct account.
FD interest is fixed at the time of opening.Final Answer:
Fixed Deposit Account → Option BQuick Check:
Fixed rate for full tenure = FD Account ✅
Quick Trick: Interest fixed from day one = FD.
Common Mistakes:
MISTAKES- Assuming savings account interest is fixed.
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