Bank Branch Manager Question:
Download Questions PDF

Explain me what are the different types of ‘Fixed Deposits'?

Answer:

There are two different types of ‘Fixed Deposits'

Special Term Deposits: In this type of ‘Fixed Deposits', the earned interest on the deposit is added to the principal amount and compounded quarterly. This amount is accumulated and repaid with the principal amount on maturity of the deposit.

Ordinary Term Deposits: In this type of ‘Fixed Deposits', the earned credit is credited to the investor's account, once in a quarter. In some cases, interest may be credited on a monthly basis.

The earned interest on fixed deposits is non-taxable. You can also take a loan against your fixed deposit.

Download Banking Branch Manager Interview Questions And Answers PDF

Previous QuestionNext Question
Explain me have you ever had to delegate a responsibility to a subordinate? If so, what was the outcome?Explain what is ILOC (Irrevocable Letter Of Credit)?