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What is a 'fixed deposit'?

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Question: What is a \'fixed deposit\'?

Options:

  1. A type of checking account
  2. A savings account with a fixed interest rate
  3. A loan with fixed payments
  4. An investment in stocks

Correct Answer: A savings account with a fixed interest rate

Solution: 

A fixed deposit is a savings account with a fixed interest rate.

What is a 'fixed deposit'?

Practice Questions

Q1
What is a 'fixed deposit'?
  1. A type of checking account
  2. A savings account with a fixed interest rate
  3. A loan with fixed payments
  4. An investment in stocks

Questions & Step-by-Step Solutions

What is a 'fixed deposit'?
Correct Answer: A fixed deposit is a savings account with a fixed interest rate.
  • Step 1: A fixed deposit is a type of bank account.
  • Step 2: You put a certain amount of money into this account.
  • Step 3: You agree to keep the money in the account for a specific period of time.
  • Step 4: The bank pays you interest on the money you deposited.
  • Step 5: The interest rate is fixed, meaning it does not change during the deposit period.
  • Step 6: At the end of the period, you get back your original money plus the interest earned.
  • Concept – A fixed deposit is a financial instrument where money is deposited for a fixed term at a predetermined interest rate.
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