What is the primary purpose of a Savings Account?

"To earn high interest on long-term investments" "To keep money safe and facilitate transfers" "To benefit from tax advantages under Section 80C" "To use as collateral for loans"

Which financial product offers a higher interest rate compared to a typical Savings Account?

"Recurring Deposit" "Fixed Deposit" "Savings Account" "Mutual Fund"

What is the typical interest rate range for Savings Accounts in India?

"5% to 8%" "2% to 4%" "10% to 12%" "Less than 1%"

What is a key characteristic of Fixed Deposits (FDs)?

"Variable interest rates" "High liquidity" "No withdrawal restrictions" "Fixed tenure and interest rate"

Which investment option is considered more liquid?

"Fixed Deposit" "Savings Account" "Real Estate" "Gold"

What is the tax advantage associated with Savings Accounts in India?

"Tax-free interest up to ₹10,000 under Section 80TTA" "Tax benefits under Section 80C for 5-year lock-in periods" "No tax advantages" "Tax exemption on interest earned for senior citizens"

Which investment option is generally preferred for long-term wealth building?

"Savings Account" "Fixed Deposit" "Current Account" "Money Market Account"

What is a major drawback of Fixed Deposits?

"Low interest rates" "Limited liquidity" "No tax benefits" "High risk of loss"