Question 15 of 37
Q.Identify and explain the following concept.
Lucy deposited a Lump sum amount of ₹1,00,000/- in the Bonk of India for the period of one year.
Maharashtra MsbshseMaharashtra HSC (MSBSHSE) Board 2022Subjective· 2mImportance★★★★★
41% · 15/37 Questions
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Start your 14-day free trial to unlock the full solution →The concept identified is a Fixed deposit (Term or time deposit) — a lump sum placed with a bank for a fixed period, repayable with interest only on maturity.
Lucy deposits a lump sum of ₹1,00,000 in the Bank of India for a fixed period of one year. Because the money is locked in for a stated term and earns a higher rate of interest than an ordinary savings account, this is a fixed (term) deposit — a time deposit, not a demand deposit that can be withdrawn on demand at any time. Such short-term bank …
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