Banking Awareness - Types Of Bank Accounts
In which type of account is the money blocked for a predetermined period chosen by the customer?
In which type of account is the money blocked for a predetermined period chosen by the customer?
easy Q2 of 15
Step-by-Step Solution
Step 1: Focus on the lock-in feature.
The account restricts withdrawal for a fixed time.Step 2: Match with account type.
This feature is specific to fixed deposits.Final Answer:
Fixed Deposit Account → Option BQuick Check:
Time lock-in chosen in advance = FD Account ✅
Quick Trick: Predefined tenure always signals FD.
Common Mistakes:
- Assuming savings accounts have fixed tenure.
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