Financial Awareness - Risk, Stability & Emerging Finance
Which of the following deposits allows the depositor to make regular monthly contributions over a fixed period?
Which of the following deposits allows the depositor to make regular monthly contributions over a fixed period?
medium Q4 of 15
Step-by-Step Solution
Step 1: Understand deposit types
Recurring Deposit requires monthly fixed contributions over a predetermined period.Step 2: Analyze options
Fixed Deposit is a lump sum deposit. Savings and Current Accounts are demand deposits without fixed monthly contributions.Final Answer:
Recurring Deposit → Option BQuick Check:
Monthly contributions fixed tenure = Recurring Deposit ✅
Quick Trick: Recurring Deposit = Monthly installments
Common Mistakes:
- Mistaking Recurring Deposit for Fixed Deposit lump sum.
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