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Which of the following statements is correct regarding Fixed Deposit accounts?

easy Q13 of 15
Banking Awareness - Types Of Bank Accounts
Which of the following statements is correct regarding Fixed Deposit accounts?
AMoney can be withdrawn anytime without penalty
BInterest rate changes daily
CFunds are locked for a fixed tenure
DDeposits must be made every month
Step-by-Step Solution

  1. Step 1: Recall the basic nature of FD.

    FD involves keeping money for a fixed period.

  2. Step 2: Eliminate incorrect features.

    Monthly deposits relate to RD, not FD.

  3. Final Answer:

    Funds are locked for a fixed tenure → Option C

  4. Quick Check:

    Fixed period lock-in = FD Account ✅
Quick Trick: Fixed tenure is the core of FD.
Common Mistakes:
MISTAKES
  • Mixing RD features with FD.
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