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What is a 'fixed deposit'?
What is a 'fixed deposit'?
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Practice Questions
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Q1
What is a 'fixed deposit'?
A type of checking account
A savings account with a fixed interest rate
A loan with fixed payments
An investment in stocks
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A fixed deposit is a savings account with a fixed interest rate.
Questions & Step-by-step Solutions
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Q
Q: What is a 'fixed deposit'?
Solution:
A fixed deposit is a savings account with a fixed interest rate.
Steps: 6
Show Steps
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.
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