Question

Which of the following statements are True and which are false?
i. Loans and advances are both granted by banks to customers for a long
period of time.
ii. Banks keep customers jewellery and important documents safe with
them.
iii. Banks grant loans to students for their studies at reasonable interest
rate.
iv. Discounting of bills of exchange is done by banks free of cost.
v. Through overdraft, a customer can withdraw more money than the
amount available in his/her bank account.

Answer 1

the answer is yes and true

Answer 2

Answer:

i. It is false. 'Loans and advances' are both 'granted by banks to customers' for a long  period of time'.

ii. It is true. Banks keep customer's jewelry and important documents safe with  them.

iii. It is true. Banks grant loans to students for their studies at reasonable interest  rate.

iv. It is false. 'Discounting of bills of exchange' is done by banks free of cost.

v. It is true. Through an overdraft, a 'customer can withdraw more money' than the  amount available in his/her bank account.