2017
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Savings Bank Accounts
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Current Account
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Cash Credit Accounts
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Overdraft Accounts
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Detailed explanation-1: -What is a savings account? With savings accounts, funds are less accessible, since these accounts are made to store money for financial goals. Checks can’t be written against them, and you’re generally limited to six free withdrawals or transfers a month from the account.
Detailed explanation-2: -Monthly Transactions The permissible limit without attracting any charge is usually anywhere between 3 to 5 transactions per month (financial and non-financial). Current accounts: Do not have any limit on the maximum number of transactions which one can carry out.
Detailed explanation-3: -However, non-cash withdrawal transactions (such as balance enquiry, cheque book request, payment of taxes, funds transfer, etc.), on own bank ATMs are not to be part of the number of free ATM transactions.
Detailed explanation-4: -In current account, amount can be deposited and withdrawn at any time without giving any notice.