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Question: Following are the features of a deposit that a bank accepts from a Corporate house. The features of the deposit are:

  • accepted at a discounted value
  • stamp duty is borne by the bank
  • issued as usance promissory note
  • TDS is not applicable

Options:

  1.  Commercial paper letter commercial note
  2.  Certificate of deposit
  3.  Flexi deposit
  4.  Caution deposit

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2. Certificate of deposit

The features of a deposit that a bank accepts from a Corporate house. The features of the deposit are:

  • Accepted at a discounted value
  • Stamp duty is borne by the bank
  • Issued as usance promissory note
  • TDS is not applicable
  • Certificate of deposit

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