Question

On the security of FDR (Fixed Deposit Receipt), the bank provides up to ---% of the amount as FD loans.

• A. 50%
• B. 90%
• C. 70%
• D. 80

Answer 1

Answer:

D. 80

Note:

• For acknowledgement of receipt, the banks issue a (FD) Fixed deposit 

• On the security of FDR, the bank provides up to 80% of the amount as FD loans

• FDR is exempted from stamp duty

• Ordinarily in other cases, an amount of payment exceeds of 5000 is affixed revenue stamps.