17 Questions
What is the purpose of opening a current account?
To facilitate financial transactions
Which type of account has a holding period and a maturity date?
Savings account
What is the purpose of a deposit slip?
To put money in the bank
What is required to avail a bank account?
All of the above
What is the primary purpose of opening a savings account?
To save money
What is the main purpose of opening a current account?
Facilitate financial transactions
Which type of account rarely earns interest due to its fast cash turnover?
Current account
What is the daily maintaining balance requirement for a current account?
$500
Which document is required for opening both a savings account and a current account?
Proof of Address
What type of bank account provides incentive for depositors to save and earn minimal interest for keeping a minimum balance?
Savings account
What is the purpose of a time deposit account?
To earn fixed and higher interest with longer maturity time
What essential information is required to make a withdrawal using a withdrawal slip?
Account holder's signature and account number
What is the purpose of a debit card or ATM in relation to a time deposit account?
To make cashless payments in different ATM machines
What is the main purpose of a deposit slip?
To put money in the bank
What should be handed to the bank teller for verification and recording during bank transactions?
Two valid identification cards, picture, and signature card
What type of bank account rarely earns interest except for hybrid accounts for premium deposits?
Current account
What type of account has a fixed-term and can only be withdrawn after the lapse of the agreed period?
Time deposit account
Test your knowledge of the two common types of bank accounts - savings and current. Learn about their characteristics, purposes, and ideal use for individuals and businesses.
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