Commercial Applications
Which account holder gets Overdraft facility?
- Saving Bank account
- Current account
- Recurring deposit
- Fixed deposit account
Banking
1 Like
Answer
Current account
Reason — Current Account is generally opened by business firms. Pass book, cheque book and overdraft facility are available on a current account. Money can be deposited and withdrawn any number of times. The bank pays no interest, but charges a small fee. Overdraft facility is NOT available on Savings, Recurring or Fixed Deposit accounts.
Answered By
1 Like
Related Questions
Assertion (A): Central Bank and Commercial Banks have distinct roles in economy.
Reason (R): Central Bank controls money supply and sets policy. Commercial Banks take deposits and make loans to customers.
- A is true but R is false
- A is false but R is true
- Both A and R are true and R explains A
- Both A and R are true but R does not explain A
The central bank settles the claims of commercial banks is called ……………
- Banking facility
- Ledger facility
- Clearing House Facility
- Accounts facility
Public Banks are the banks which are ……………
- owned and controlled by the Government
- owned and controlled by private businessmen
- owned and controlled by foreign banks
- owned by central bank
India's foreign exchange reserves climbed to a record of $651.5 billion by the end of last week demonstrating resilience despite uncertain geopolitics.
Source: The Economic Times, Kolkata, dated 6th June 2024
With reference to the above, name the institution that is authorised to monitor such reserves in our country.
- Central Bank of India
- State Bank of India
- Citi Bank
- Indian Bank