When banks accept a fixed sum of money from an individual for a definite term and pay on maturity with interest, the deposit is known as: | Faculties

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Q. When banks accept a fixed sum of money from an individual for a definite term and pay on maturity with interest, the deposit is known as:

(A) Term Deposit
(B) Demand Deposit
(C) Bond
(D) Mortgage

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✅ Correct Answer: (A) Term Deposit

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