Distinguish between the following:
Fixed Deposit Account and Recurring Deposit Account.
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Receipts and payments Account is a - (A) Personal Account (B) Real Account (C) Nominal Account
Correct option is: (B) Real Account
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Current Account is - (A) Personal Account (B) Real Account (C) Nominal Account (D) None of these
Correct option is: (A) Personal Account
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i. A company usually opens ________ account in a bank. (a) Current (b) Saving (c) Recurring
i. (a) Current ii. (a) financial iii. (a) Board of Directors iv. (a) Board v. (a) Current vi. (a) Pay-in-slip vii. (a) Primary viii. (a) Fixed ix. (a) Savings x. (a) Current xi. (a) Fixed
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i. Saving Deposit, Recurring Deposit, Cash Credit. Fixed Deposit ii. Overdraft, Fixed Deposit, Discounting of Bills, Cash Credit
i. Cash Credit ii. Fixed Deposit
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i. Accepting deposits is the secondary function of Banks. ii. Businessman opens Fixed Deposit Account.
i. Accepting deposits is the primary function of Banks. ii. Businessman opens Current Account. iii. Under an overdraft facility, a businessman/account holder can overdraw from his account.
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Explain the following concept: Recurring Deposits
The account which encourages the customers to make regular savings and to deposit a fixed sum of money for a specific period of time is called Recurring Deposits.
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Distinguish between the following: Current Account and Savings Account.
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Under a recurring deposit, a depositor is paid a lump sum payment after the period for which the deposit is made. This lump sum payment is called `"__
Correct Answer - Maturity
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Tilka opened a recurring deposit account with a bank and deposited Rs. 600 per month for one year. Find the interest that. Tilak will receive, if the
Correct Answer - Rs. 234
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Thsuhar opens a recurring deposit account with a bank and deposits Rs. 500 per month for `1(1)/(2)` years. If he receives Rs. 570 as interest, then fi
Correct Answer - `8%` per annum
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