passwella.
Menu

JAMB Economics 1997 Question 34

Question 34

Financial Institutions

In commercial banking, an account from which the customer cannot withdraw money instantly is a

  1. A.demand deposit account
  2. B.time deposit account
  3. C.special deposit account
  4. D.savings deposit account.
Show the answer and explanation

Answer: B (time deposit account)

Explanation

A time (fixed) deposit is kept for an agreed period or needs notice before withdrawal, and earns higher interest for it.