Commercial Applications
With reference to Savings Deposit Account, which statement is correct?
- Depositors need to deposit a specific amount every month.
- There are restrictions on number of withdrawals in a week.
- Overdraft facility is available.
- There are restrictions on the number of deposits that can be made in a week.
Banking
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Answer
There are restrictions on number of withdrawals in a week.
Reason — In a Savings Deposit Account, deposits can be made any number of times in a week, but there is a restriction on the number of withdrawals in a week. This is because the main purpose is to develop the habit of saving among the public. Option 1 describes a Recurring Deposit, Option 3 (overdraft) is available only on Current Account, and Option 4 is incorrect because there is no restriction on the number of deposits.
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