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Question
Which account holder gets Overdraft facility?
Options
Saving Bank account
Current account
Recurring deposit
Fixed deposit account
MCQ
Solution
Current account
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Commercial Banks: Functions
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RELATED QUESTIONS
Name one commercial bank in India.
With reference to the secondary functions of a Commercial Bank, explain the general utility function.
Match the following:
| 1 | Savings account | P | For a fixed time period |
| 2 | Current account | Q | Deposited at an equal time period |
| 3 | Recurring account | R | No interest is paid |
| 4 | Fixed deposit | S | Nominal restriction in no. of withdrawals |
Differentiate between current deposit account and fixed deposit account.
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.
Which of these are known as term/time deposits?
The current account holders are not given interest on their deposits. The reason being:
Explain three ways by which commercial banks advance loans to the public.
Why are commercial banks called producers (creators) of money? Explain.
Explain three main features of a current bank account.
