BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which of the following is a type of banking service that allows your principal to grow through the adding in of interest?

A	basic checking account
B	savings account
C	charge account
D	credit account

Explanation:

Detailed explanation-1: -A savings account in a bank allows you to deposit and withdraw money any time you want.

Detailed explanation-2: -What Is a Commercial Bank? The term “commercial bank” refers to a financial institution that accepts deposits, offers checking account services, makes various loans, and offers basic financial products like certificates of deposit (CDs) and savings accounts to individuals and small businesses.

Detailed explanation-3: -A commercial bank is a kind of financial institution that carries all the operations related to deposit and withdrawal of money for the general public, providing loans for investment, and other such activities. These banks are profit-making institutions and do business only to make a profit.

There is 1 question to complete.