In this type of account, no cheque book is issued to the account holder:

Question

KollegeApply · Accepted Answer

Fixed Deposit account Explanation: A Fixed Deposit (FD) account is a type of time deposit in which a lump sum of money is locked in with the bank for a set period of time at a preset interest rate. Because withdrawals are rigorously restricted until the maturity date, monies cannot be drawn using standard transaction instruments, hence the bank issues a Fixed Deposit Receipt (FDR) to the account holder instead of a check book.

AChoose Your Answer