Question : Which of the following is not a feature of a current account?
Option 1: Interest-bearing account
Option 2: Low balance requirement
Option 3: Unlimited transactions
Option 4: Overdraft facility
Correct Answer: Interest-bearing account
Solution : The correct answer is (a) Interest-bearing account
A current account is a type of bank account typically used for day-to-day transactions and business purposes. It is known for its convenience and flexibility. However, one key feature that is not typically associated with a current account is that it is not an interest-bearing account. Current accounts generally do not earn interest on the deposited funds. They are primarily used for transactional purposes, and customers do not typically expect to earn interest on the balance.
Option 1: Low interest rate
Option 2: Unlimited number of transactions
Option 3: No balance requirement
Option 4: Cheque book facility
Question : Which of the following is not a feature of a savings account?
Option 1: High interest rate
Option 2: Limited number of transactions
Option 3: Low balance requirement
Option 4: No cheque book facility
Question : Which of the following is not a feature of a demand deposit account?
Option 3: No maturity period
Question : Which of the following is a feature of a current account?
Option 2: No limit on the number of transactions allowed per month
Option 3: Fixed maturity period
Option 4: Low minimum balance requirement
Question : Which of the following is not a type of credit facility provided by banks?
Option 1: Overdraft facility
Option 2: Term loan facility
Option 3: Lease facility
Option 4: Cash credit facility
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