BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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in which balances are kept high
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interest is not paid on the balance in the account
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in which transactions should take place daily
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availing credit facilities
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Detailed explanation-1: -Generally, current account holders do not get any interest on their balance lying in current account with the bank. Current account holder get one important advantage of overdraft facility.
Detailed explanation-2: -Savings accounts earn interest at a rate of around 4%, while there is no such earning from a Current Account. A Current Account is actually a no interest-bearing deposit account.
Detailed explanation-3: -Will I get interest on my current account balance? No, banks do not pay any interests to current account holders.
Detailed explanation-4: -Currents accounts do not earn any interest due to the fluidity they offer. Current accounts usually do not carry a limit on the number of transactions which can be made.
Detailed explanation-5: -A current account, also known as financial account is a type of deposit account maintained by individuals who carry out significantly higher number of transactions with banks on a regular basis. It is created by the bank on request of the applicant and is made available for frequent or immediate access.