MC46 Which of the following is a type of bank account that is meant for the purpose of saving money for a specific period of time?
A. Current account
B. Savings account
C. Fixed deposit account
D. Recurring deposit account
Answer:C
MC46 Which of the following is a type of bank account that is meant for the purpose of saving money for a specific period of time?
A. Current account B. Savings account C. Fixed deposit account D. Recurring deposit account
Explanation: A fixed deposit account is a type of bank account that is meant for the purpose of saving money for a specific period of time. In a fixed deposit account, the customer deposits a certain amount of money for a fixed period of time, and the bank pays a predetermined rate of interest on the deposit.