Question

From the given statement identify the type of bank account which Kamal and his family want to open in HDFC bank 1. Kamal who is a business man , wants to open an account in which amount can deposited and withdrawn at any time without giving any notice so that he can conduct business activities smoothly 2. Shiva, Kamal’s son wants to open an account in which he will deposit Rs 5000 every month for the next three years and total amount is repaid to him with interest at the end of 3 years ​

Answer 1

Answer:

Current bank account is opened by businessmen who have a higher number of regular transactions with the bank. It includes deposits, withdrawals, and contra transactions. It is also known as Demand Deposit Account.

Current account can be opened in co-operative bank and commercial bank. In current account, amount can be deposited and withdrawn at any time without giving any notice. It is also suitable for making payments to creditors by using cheques. Cheques received from customers can be deposited in this account for collection.

In India, current account can be opened by depositing Rs.5000 to Rs. 25,000. The customers are allowed to withdraw the amount with cheques, and they usually do not get any interest. Generally, current account holders do not get any interest on their balance lying in current account with the bank.

Current account holder get one important advantage of overdraft facility.

Answer 2

Explanation:

I hope it may help to you..