ICSE Class X Economics 2020 Solved Papers

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Question : 1
Total: 36
SECTION - I

Give any two points of differences between fixed and saving deposits.
Solution:  
(i) In a fixed deposit money is deposited in a lump sum for a fixed period of time and cannot be withdrawn before the expiry of the time period.
In a savings deposit money can be deposited any number of times and can also be easily withdrawn with the help of cheques.
(ii) The rate of interest paid on fixed deposit is the highest whereas a nominal interest is paid on a savings deposit.
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