Question

which of the following is not a type of account A. saving, B. recurring ,C. fixed deposit an,D.cumulative​

Answer 1

Answer:

Cumulative Account is not an type of account.

Explanation:

It is an type of FD.

Answer 2

D) Cumulative account is not a type of account.

Types of Bank Accounts:

The four main types of bank account in India are Current Account, Recurring Deposits, Savings Accounts, and Fixed Deposit Accounts.

Types of Bank Accounts in India:

• Current account - This account has fewer restrictions and transactions are allowed anytime from this account. Also there is no transaction limit for this type of account. This account is also called as Demand Deposit Account.
• Savings account - This account is held by people with regular income stream and intent to save a part of their income. Money can be deposited at anytime in this account and depending on the bank a percentage of interest will be earned for the savings amount.
• Recurring Deposit account - In this type of account a small fixed amount has to be deposited periodically rather than depositing a lump sum.
• Fixed Deposit account - In this type of account, a fixed amount is deposited on an fixed tenure agreement  and interest is earned.