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Question
Explain three main features of a current bank account.
Solution
The main features of a current bank account are as follows:
- Current bank account is opened to run a business.
- It needs a higher minimum balance to be maintained as compared to the savings account.
- It is a non-interest bearing bank account.
- There is no restrictions on the number of transactions.
RELATED QUESTIONS
What are Commercial banks?
State one point of difference between Cash Credit and Overdraft.
With reference to the secondary functions of a Commercial Bank, explain the general utility function.
Explain the features of savings bank account.
State the differences between a loan and an overdraft.
Explain any four advantages of a bank account.
Which is the primary function of Commercial Banks?
A commercial bank accepts deposits from the people for the purposes of giving loans and making investments.
Observe the relationship of the first pair of word and complete the second pair.
The primary function of a commercial bank : Acceptance of deposit, the agency function of a commercial banks : ______.
Explain how banks can advance loans through cash credit.
