Question

9.Aprajita Kumar has around ₹20,00,000 balance in her savings bank account. She earns well and is not a big spender, so she routinely ends up with surplus money at the end of the month. She is aware that she should invest the money, but is unable to make up her mind on where to invest it. Expectedly, she is very confused because of the various options before her. Her close friend Shika Sharma a banking official advised her to maintain an account which is a combination of transactional (debit) account and term deposit account. She told Aprajita that this is a time deposits wherein the rate of interest is better and at the time of need for funds, withdrawals can be made from the deposits by issuing a cheque from savings bank account or from ATM/branch or through any other channel. The sum of available balance in the transactional account and deposit balance can be used for issuing cheques or withdrawal or making any other payment. Finally, Aprajita Kumar is able to make up her mind to shift to the account advised by Shika Sharma. Identify and briefly explain the type of banking account advised by Shika Sharma to Aprajita Kumar.​

Answer 1

Answer:

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