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      Question

      What should be the minimum duration for which a

      certificate of deposit can be issued?
      A 7 days Correct Answer Incorrect Answer
      B 30 days Correct Answer Incorrect Answer
      C 45 days Correct Answer Incorrect Answer
      D 60 days Correct Answer Incorrect Answer
      E 90 days Correct Answer Incorrect Answer

      Solution

      Certificate of Deposit is a negotiable instrument issued in 1989 for the first time and it is issued against funds deposited with a bank or financial institution. The scheduled commercial banks (excluding the RRBs and the Local Area Banks) and All-India Financial Institutions can issue such CDs. The minimum amount should be Rs 1 lakh whereas the duration should not be less than 7 days and not more than a year.Β 

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