ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Charges
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Interest
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Fees
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Penalties
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Detailed explanation-1: -The options include traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts and specialty savings accounts.
Detailed explanation-2: -Interest rate risk. If you save your money in a fixed rate account you might earn less interest than the market average if savings rates rise. Inflation risk. It’s likely that you know how inflation affects your money. Capital risk. Market risk. Performance risk.
Detailed explanation-3: -Interest rate. Minimum cash balance. Presence or network of the bank/financial institution. Service charges / ancillary fees. Debit-card deals. Doorstep banking facilities. Disclaimer: Copyright Kotak Mahindra Bank Ltd.
Detailed explanation-4: -Easy Transactions. You can use your Savings Account to send and receive payments. Payment of Bills. These days, banks offer payment facilities such as BillPay with Savings Accounts. ATM facility. NetBanking and MobileBanking. Debit Card. Savings interest rates. Cross Product benefits.