Question

Sagar and Lakshay are friends . Sagar is a businessman who deals in buying & selling computer parts wheras Lakshay is working as a manager in ICICI bank. Sagar deals with a lot of customers daily & receives money from them as his transactions are mostly on cash basis. He also deals with different suppliers & has to make frequent payments to them . As it becomes difficult from him to manage cash daily , his friend Lakshay advised him to open a bank account in ICICI Bank. (Part a) name and explain the type of bank account which will be opened by Sagar. (Part b) Which two other types of accounts can also be opened. (Part C) the above para highlights the primary function of Banks. * 5

Answer 1

Answer:

part a: Current account

part b: Savings account & Fixed deposit account

part c:The primary functions of a commercial bank are accepting deposits and also lending funds. Deposits are savings, current, or time deposits. Also, a commercial bank lends funds to its customers in the form of loans and advances, cash credit, overdraft and discounting of bills, etc.

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