BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Contractual savings institutions include____
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Commercial banks & thrifts
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Finance companies and mutual funds
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Life insurance companies and pension funds
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All of above
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Explanation:
Detailed explanation-1: -Contractual savings institutions include national provident funds, life insurance companies, private pension funds, and funded social pension insurance systems.
Detailed explanation-2: -Contractual savings institutions, such as insurance companies and pension funds, are financial intermediaries that acquire funds at periodic intervals on a contractual basis.
Detailed explanation-3: -The credit unions are non-profit organization which has very low interest rates. Thus, a credit union is not a contractual saving institution.
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