Question

all deposits in a bank account carry interest except?
I) current account
ii) saving account
iii) recurring account
iv) fixed deposit account​

Answer 1

Answer:

option 2

Explanation:

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Answer 2

Answer:

I) current account is the correct answer.

Explanation:

all deposits in a bank account carry interest:

A greater interest rate is offered on these deposits. Banks permit a lower rate of interest if funds are placed in a savings account. To earn interest at a greater rate, money is placed into a fixed deposit account. This kind of bank account enables the deposit of a sum for a certain time.

the purpose of a current account:

A current account is a sort of bank account that safeguards your funds and facilitates effective money management. Personal current accounts make it easier for people, corporations, and organizations to pay you (through direct debits and standing orders).

types of Deposits

• Savings Bank Account.
• Current Deposit Account.
• Fixed Deposit Account.
• Recurring Deposit Account.

A current account:

• sometimes referred to as a financial account, is a type of deposit account kept by people who do a disproportionately high volume of banking activities on a regular basis. It is developed by the bank at the applicant's request and made accessible often or instantly.
• Unspecified deposit terms apply to current deposit accounts, a sort of savings deposit. It may be utilized for outbound and inbound remittance, exchange, and personal transfers.
• A current account sometimes referred to as a financial account, is a type of deposit account kept by people who do a disproportionately high volume of banking activities on a regular basis. It is developed by the bank at the applicant's request and made accessible often or instantly.

current account's advantage:

It is incredibly simple to collect payments from small consumers since current account holders have access to several bank branches where they may deposit cash or checks. It is simple to use an overdraft capacity against a current account. An overdraft makes it easier for the firm to always satisfy its working capital requirements.