In this account, the account holder is required to deposit a specific amount every month. After the expiry of the specified period, the depositor gets back his money together with interest thereon.

1. Current account
2. Recurring deposit account
3. Saving account
4. None of these

Which of the following options is/are correct statement(s)?

Statement 1: The Reserve Bank of India (RBI) acts as the banker's bank and manages the country's monetary policy.

Statement 2: The Industrial Finance Corporation of India (IFCI) is responsible for controlling the country's monetary policy.

1. Only Statement 1 is correct
2. Only Statement 2 is correct
3. Both statements are correct
4. Both statements are incorrect

In this type of account, no cheque book is issued to the account holder:

1. Fixed Deposit account
2. Open account
3. Saving Deposit account
4. Current account

A bank is a …………… which collects money from the public in the form of deposits and lends the same to the borrowers.

1. company
2. Reserve bank
3. government organisation
4. Lender of the last resort