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.
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.
Related Questions
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
Which of these is NOT a function of Central bank?
- Controlling credit
- Credit creation
- Providing Clearing house facility
- Maintenance of Exchange rate
Commercial banks act as trustees and executors for their customers. This is a/an …………… function of Commercial bank.
- General utility
- Agency
- Marketing
- Public Relations