Sona, Mona, Roma and Donna visited a nearby bank to open a bank account. Since they were totally unaware of the different types of bank accounts, they requested the relationship manager at the bank to give them an insight into the different types of bank accounts options available with the bank. Being an experienced person the relationship manager, first enquired about their specific requirements.
Mona shared that she has received cash prize of 10000 that she would like to place in an account which offers high rate of interest. She also mentioned that she does not need to withdraw this money before 5 years.
Roma said, she has started earning money through tuitions and would like to place her savings in an account.
Donna told the manager that she has got her business registered with an e-commerce company and most of your business transactions will now be routed through the bank. Sona expressed her desire to deposit 500 from her pocket money in an account every month for the next 2 years to buy a designer lehenga for her sister's wedding. Identify and explain the different types of bank accounts been described in the above paragraph. Also, quote the relevant lines.
Answers
Answer:
●Mona shared .................5 years.
• Fixed or time deposit account :Money is deposited in this account for fixed period. The money deposited in this account on maximum interest.
●Roma said ................. in an account.
•Saving deposit account : this account is to encourage the small savings. Money deposited in this account is known as demand liability of bank.
●Donna told .................... through the bank.
•Current account: in this account, a depositor can deposit money any number of time and can withdraw it as and when he require it. In this account, generally business class deposits the money.
●Sona expressed .................... sister's wedding.
•Recurring deposit account: In this type of account, a depositer deposits are fixed amount of money for a fixed period. The money is deposited on monthly basis. This money cannot be withdrawn before the expiry of a fixed term expect in certain conditions.
Explanation:
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