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Questions and Answers
What is the primary function for which commercial banks were established?
What is the primary function for which commercial banks were established?
- Providing utility services to customers
- Issuing credit cards
- Investing in businesses
- Accepting deposits from the general public (correct)
What is the minimum initial deposit required to open a savings bank account?
What is the minimum initial deposit required to open a savings bank account?
- Not required
- Depends on the account holder's income
- Fixed at $1000
- Varies from bank to bank (correct)
Who is a savings bank account suitable for?
Who is a savings bank account suitable for?
- People with no regular income
- Business owners looking to invest surplus funds
- People with definite income looking to save money (correct)
- Individuals seeking high-risk investments
What is the purpose of a savings bank account?
What is the purpose of a savings bank account?
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Who can make withdrawals from a savings bank account?
Who can make withdrawals from a savings bank account?
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What is the primary function for which commercial banks were established?
What is the primary function for which commercial banks were established?
Signup and view all the answers
What is the purpose of a savings bank account?
What is the purpose of a savings bank account?
Signup and view all the answers
Who is a savings bank account suitable for?
Who is a savings bank account suitable for?
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Who can make withdrawals from a savings bank account?
Who can make withdrawals from a savings bank account?
Signup and view all the answers
What is the minimum initial deposit required to open a savings bank account?
What is the minimum initial deposit required to open a savings bank account?
Signup and view all the answers
