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Question
Current Account is opened by salaried persons.
Options
True
False
Solution
This statement is false.
Explanation:
Current accounts are operated by business firms and other commercial organizations, such as hospitals, educational institutions, etc., who have regular banking transactions. In this account there is no restriction on deposits and withdrawals of amounts. The bank does not pay any interest on this account.
RELATED QUESTIONS
Distinguish between:
Current Account and Fixed Deposit Account
Select the proper option from the options given below and rewrite the completed sentence.
There is no limit on the frequency of withdrawals from a ______.
Answer the following question:
Describe the secondary functions of commercial banks.
Explain the functions of commercial banks with an example of each.
Distinguish Between.
Fixed deposit account and Savings account
Answer the following.
Explain agency functions and utility functions of banks.
Explain in detail the different functions of commercial banks.
Current account is suitable for businessmen.
