Question

A fixed deposit receipt is :

• A. Non negotiable
• B. Not transferable
• C. Both a & b
• D. None of these

Answer 1

Answer:

C. Both a & b

FIXED DEPOSIT RECEIPT:

• When a fixed deposit is made by customer, the banker provides a receipt as proof for receiving the amount which specifies the rate of interest, amount deposited period, nominee etc. .

• It is a not negotiable instrument and not transferrable 

• If it is lost, the banker pays amount to the customer, only after indemnity bond