Q27. Explain any four types of bank accounts.
[4]
Answers
Answer:
The different types of bank accounts are – Savings Account, Current Account, Recurring Deposit Account, Fixed Deposit Account, DEMAT Account, NRI Account.
Q.2. What is the full form of DEMAT account?
Ans. The DEMAT account also stands for Dematerialized Account.
Q.3. What is a DEMAT Account?
Ans. Shares and securities which can be held in electronic format constitute the DEMAT account. There are only two depository organisations which manage this type of bank account in India. This includes: National Securities Depository Limited and Central Depository Services Limited
Q.4. How many types of NRI accounts are there?
Ans. NRI Bank Accounts are further classified into three types – NRO ( Non-Resident Ordinary Rupees) Account, NRE ( Non-Resident External Rupees) Account, and FCNR ( Foreign Currency Non-Resident ) Account.
Q 5. What type of bank accounts are best for everyday transactions?
Ans. Current accounts are best for day to day transactions as there is no fixed number of times that money can either be deposited or withdrawn from such accounts. These accounts are not or saving purposes and is mostly opened by businessmen.
Explanation:
thankyou so much