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Questions and Answers
Which type of account does not earn interest?
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?
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?
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?
Who issues currency in India?
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What happens when banks allow account holders to withdraw more than their account balance?
What happens when banks allow account holders to withdraw more than their account balance?
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What does a current account not provide to account holders?
What does a current account not provide to account holders?
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Why do business owners open current accounts?
Why do business owners open current accounts?
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What happens when a depositor plans to deposit a fixed amount per month for a specific duration?
What happens when a depositor plans to deposit a fixed amount per month for a specific duration?
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What is the main difference between fixed deposit and recurring deposit accounts?
What is the main difference between fixed deposit and recurring deposit accounts?
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What is the purpose of an overdraft facility?
What is the purpose of an overdraft facility?
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