BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The usual deposit accounts of banks are [IBPS 2011]
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Current accounts, electricity accounts and insurance premium accounts
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Current accounts, post office savings bank accounts and term deposit accounts
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Loan accounts, savings bank accounts and term deposit accounts
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Current accounts, savings bank accounts and term deposit accounts
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Explanation:
Detailed explanation-1: -Traditionally, there are four types of bank deposits in India, which are-Current Account, Recurring Deposits, Savings Accounts, and Fixed Deposit Accounts.
Detailed explanation-2: -What is a term deposit? With a term deposit, you lock away an amount of money for an agreed length of time (the ‘term’) – that means you can’t access the money until the term is up. In return, you’ll get a guaranteed rate of interest for the term you select, so you’ll know exactly what the return on your money will be.
Detailed explanation-3: -Within this category, there are three main types of demand deposits: (1) checking accounts, (2) savings accounts, and (3) money market accounts (we will go into these in more detail later).
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