Identify the type of Bank Account in each of the following cases:
a) It is an account in which the amount is deposited with the bank for a fixed period of time
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Under fixed deposit account, money is deposited for a fixed period say six months, one year, five years or even ten years. The money deposited in this account cannot be withdrawn before the expiry of the period. The rate of interest paid for fixed deposit vary according to the amount, period and from bank to bank.
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fixed deposit or A time deposit is an interest bearing bank account deposit that has a specified date of maturity, the funds in these accounts must be held for a fixed term and include the understanding that the depositor can withdrawal only by giving notice.
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