GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Accounts are allowed to be operated by cheques in respect of-
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Both Savings bank accounts and loan accounts
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Savings bank accounts and current accounts
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Both Current accounts and fixed deposit accounts
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Both Savings bank accounts and fixed deposit accounts
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Explanation:
Detailed explanation-1: -Both savings bank accounts and cash accounts only.
Detailed explanation-2: -The services available free in the ‘Basic Savings Bank Deposit Account’ will include deposit and withdrawal of cash; receipt / credit of money through electronic payment channels or by means of deposit / collection of cheques at bank branches as well as ATMs.
Detailed explanation-3: -A savings account is most suitable for people who are salaried employees or have a monthly income, whereas, Current Accounts work best for traders and entrepreneurs who need to access their accounts frequently. Savings accounts earn interest at a rate of around 4%, while there is no such earning from a Current Account.
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