There is no limit on the frequency of withdrawals from a ________. (Fill in the blank by choosing correct option)
a) Saving account
b) Fixed account
c) Current account.
Answers
Answer:
Option c, i.e current account is the right option.
Explanation:
Why?
In banking system there are various types of accounts, kept for various reasons.
Fixed accounts cannot be touched. These accounts are fixed for a certain time period and the customer makes a type of investment to the bank. For investing this type of money in the bank, the bank gives interest.
But current accounts are the "existing " accounts of customers. These may be meddled with at all times. They have ability of unlimited withdrawals because its the active account for the customer.
Answer:
Correct option is (c) : Current Account
Explanation:
In Indian Banking system, there are different types of bank account, each account has its own meaning and purpose. These accounts kept in the bank for various reasons.
From the tradition time, Indian banks have four types of bank accounts:-
- Current Account
- Savings Account
- Fixed Deposit (FD)
- Recurring Deposit (RD)
Saving accounts is one of the most popular account for an individual. These accounts are only for the purpose of saving. They have a limit on the frequency of withdrawals.
Fixed and Recurring Deposit is also known as RD and FD. These deposits account are only for investment purpose. They can't be touched. These accounts fixed for certain account time, in the exchange bank gave interest to the customers.
But, currents accounts are never used for the purpose of investment or savings. this account is mostly used by businessmen.
In the current account, there are no limits for transactions or the number of withdrawals in a day