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Question : Which of the following is not a feature of a fixed deposit account?
Option 1: High interest rate
Option 2: Fixed maturity period
Option 3: Flexible withdrawal option
Option 4: Penalty for premature withdrawal
Answer (1)
Correct Answer: Flexible withdrawal option
Solution : The correct answer is (c) Flexible withdrawal option
A flexible withdrawal option is not a typical feature of a fixed deposit account. Fixed deposit accounts, also known as term deposit accounts, are financial products where funds are deposited for a specific period at a fixed interest rate.
Therefore, Fixed deposit accounts are designed for long-term savings and typically do not allow flexible withdrawals before the maturity date without penalties.
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