Question : Which of the following is not a type of term deposit account?
Option 1: Fixed deposit account
Option 2: Recurring deposit account
Option 3: Current deposit account
Option 4: Tax-saving deposit account
Answer (1)
19th Jan, 2024
Correct Answer: Current deposit account
Solution : The correct answer is (c). Current deposit account
A current deposit account is not a type of term deposit account. A current deposit account is a type of demand deposit account typically used by businesses and individuals for regular banking transactions. It is primarily meant for frequent transactions, and there is no specific maturity period associated with it.
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