Banking · Retail Liability Products
Which of the following statements regarding Term Deposits and Recurring Deposits is/are NOT correct? 1. Term deposits offer fixed interest yields based on the predetermined period of deposit, with the interest rate depending on the deposit's tenure. 2. Overdue term deposits are automatically treated as demand deposits and unconditionally earn the exact same interest rate as a standard savings bank account. 3. Standard Recurring Deposits require monthly fixed contributions, and the accumulated interest earned is mandatorily paid out on a quarterly basis to the customer rather than at the end of the term.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1All statements are correct
- 2Only Statement 1 is correct
- 3Statement 2 and 3 are correct✓
- 4Statement 1 and 2 are correct
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Statement 2 and 3 are correct
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