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Types of Commercial Banks Quiz

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Questions and Answers

Which type of account does not earn interest?

Savings account

Recurring deposit

Current account (correct)

Fixed deposit

What is the key benefit of a fixed deposit account?

Allows overdraft facility

High number of cash deposits

Encourages regular savings

Higher interest rate than savings accounts (correct)

What is the purpose of a recurring deposit?

To meet the requirement for a higher number of cash deposits and withdrawals

To park funds for an extended period

To encourage regular savings (correct)

To earn the highest interest rate

Who issues currency in India?

Reserve Bank of India Signup and view all the answers

What happens when banks allow account holders to withdraw more than their account balance?

It is known as an overdraft Signup and view all the answers

What does a current account not provide to account holders?

Interest on deposits Signup and view all the answers

Why do business owners open current accounts?

To meet the requirement for cash deposits and withdrawals Signup and view all the answers

What happens when a depositor plans to deposit a fixed amount per month for a specific duration?

The fixed amount is returned to the depositor at the end of the duration Signup and view all the answers

What is the main difference between fixed deposit and recurring deposit accounts?

Fixed deposit requires regular monthly deposits while recurring deposit allows lump sum deposits. Signup and view all the answers

What is the purpose of an overdraft facility?

To allow withdrawal of more than the account balance Signup and view all the answers