BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Both savings bank accounts and fixed deposit accounts
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Savings bank accounts and current accounts
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Both savings bank accounts and loan accounts
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Both savings bank accounts and cash accounts only
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Detailed explanation-1: -Both savings bank accounts and cash accounts only.
Detailed explanation-2: -Savings Bank account shall not be opened in the name of the following: a. Any trading or business concern, whether such concern is proprietorship, partnership, company or association.
Detailed explanation-3: -A savings account is most suitable for people who are salaried employees or have a monthly income, whereas, Current Accounts work best for traders and entrepreneurs who need to access their accounts frequently. Savings accounts earn interest at a rate of around 4%, while there is no such earning from a Current Account.
Detailed explanation-4: -A current account is a bank account where you can store and withdraw money. Most banks offer a range of current accounts that have different features, so you can find an account that best suits your needs.