Question : Which of the following is not a type of demand deposit account?
Option 1: Savings account
Option 2: Current account
Option 3: Fixed deposit account
Option 4: None of the above
Correct Answer: Fixed deposit account
Solution : c). Fixed deposit account
A fixed deposit account is not a type of demand deposit account. Demand deposit accounts refer to accounts where funds can be withdrawn on demand by the account holder. These accounts typically include savings accounts and current accounts. Savings accounts are designed for individuals to save money and earn interest, while current accounts are primarily used for day-to-day transactions. On the other hand, fixed deposit accounts are time deposits where funds are deposited for a fixed period and cannot be withdrawn before maturity without incurring a penalty. So, the correct answer is option c). Fixed deposit account
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