BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In which of the following accounts, you do not get interest?
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Savings account
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Current account
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Both 1 and 2
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None of the above
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Explanation:
Detailed explanation-1: -Detailed Solution. The correct answer is Current Account.
Detailed explanation-2: -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-3: -A Current Account is actually a no interest-bearing deposit account.
Detailed explanation-4: -Current Deposit Account Banks open a current account for them. Like a savings bank account, this account also requires a certain minimum amount of deposit while opening the account. On this deposit, the bank does not pay any interest on the balances.
There is 1 question to complete.