Banking Awareness - Types Of Bank Accounts
Which feature best distinguishes a fixed deposit from a recurring deposit?
Which feature best distinguishes a fixed deposit from a recurring deposit?
easy Q3 of 15
Step-by-Step Solution
Step 1: Compare deposit patterns.
FD uses a one-time deposit, while RD uses monthly instalments.Step 2: Identify the unique FD feature.
Lump-sum deposit differentiates FD.Final Answer:
One-time lump-sum deposit → Option CQuick Check:
Lump sum = FD, monthly instalments = RD ✅
Quick Trick: Deposit pattern differentiates FD and RD.
Common Mistakes:
- Choosing fixed interest which applies to both FD and RD.
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