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Questions
What are saving bank accounts?
What is a savings bank account?
Answer in Brief
Solution
- A savings account is a deposit account that allows you to deposit your money that you don’t plan to spend immediately.
- Savings deposit accounts are generally held by households who have idle or surplus money for a short period.
- A low rate of interest is paid on them.
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Commercial Banks: Functions
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RELATED QUESTIONS
How do commercial banks mobilise deposits from the public?
Name one commercial bank in India.
Write about any three general utility functions of Commercial Bank.
With reference to the secondary functions of a Commercial Bank, explain the general utility function.
State the differences between a loan and an overdraft.
Distinguish between fixed deposit and demand deposit. (Any two)
Which is the primary function of Commercial Banks?
Which of the following statements are true?
- A bank collects money from those who have surplus funds and lends this money to those who require it.
- Commercial banks do not transfer funds from one place to another.
- The principle objective of commercial banks is to earn profit.
How do commercial banks invest their surplus funds?
What are time (or fixed) deposits?
