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
Correct Answer: High interest rate
Solution : The correct answer is (a) High interest rate
A high-interest rate is not typically a feature of a savings account. Savings accounts are designed to provide a safe place to store money while earning a modest amount of interest. However, the interest rates on savings accounts are generally lower compared to other types of financial products, such as fixed deposits or investment accounts. Therefore, the correct answer is option a). High interest rate.
Question : Which of the following is not a feature of a current account?
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 a feature of a savings bank account?
Option 2: Limited number of transactions allowed per month
Option 3: High minimum balance requirement
Option 4: High liquidity
Question : Which of the following is not a feature of a demand deposit account?
Option 3: No maturity period
Option 1: Interest-bearing account
Option 2: Low balance requirement
Option 3: Unlimited transactions
Option 4: Overdraft facility
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
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