Question

All types of deposits repayable after a specified term is called as​

Answer 1

Answer:

The term 'fixed deposit' means that the deposit is fixed and is repayable only after a specific period is over Under fixed deposit account, money is deposited for a fixed period say six months, one year, five years or even ten years.

Answer 2

The answer is 'fixed deposit.'

• Fixed deposit refers to the deposit that is paid to the banks as well as non-banking associations, which can be only taken back after a specified period.

• From the name, we can understand that the deposit is fixed and that we cannot get back the deposit before the designated period is over.

• While the deposit is kept fixed with the association, a calculated amount of interest is added to the amount and repaid altogether at the end of the term.