Bank Accounts and Types
Bank Accounts and Types
Various banks offer the facility of opening various types of accounts where a depositor can deposit the money. Depending upon the nature of account, deposited money can also be withdrawn according to the convenience of depositor.
On the basis of purpose they serve, bank deposit accounts may be classified as follows:
I. Demand Deposits:
Demand Deposits are the funds held in an account from which deposited funds can be withdrawn at any time without any advance notice to the depository institution. Demand deposits can be "demanded" by an account holder at any time. It can be classified as:
Savings Bank Account:
Savings account is primarily meant for people with limited means, who want to save money for future. In a savings bank account, there are normally no restrictions on the amount to be withdrawn as well as on the frequency of withdrawal. RBI has deregulated interest rates, and banks are now free to decide the same within certain conditions imposed by RBI. The interest on savings account is calculated on the minimum average balance between the 10th and last day of the month.
Bank deposits that can be withdrawl without notice are called ________________ | |||
| Right Option : D | |||
| View Explanation |
ATM password should be kept in _______________________ | |||
| Right Option : C | |||
| View Explanation | |||
A bank can refuse open an account on behalf of which of the following ? | |||
| Right Option : D | |||
| View Explanation | |||
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