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Introduction to Banking

Banks do not ...

Question

Banks do not pay any interest on __________accounts. Rather, banks impose service charges for running these accounts.

A

Current Account Deposits or Demand Deposits

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B

Savings deposits

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C

Fixed deposits

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D

Demand Loans

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Solution

The correct option is A Current Account Deposits or Demand Deposits
Banks do not pay any interest on Current Account Deposits or Demand deposits accounts. Rather, banks impose service charges for running these accounts.

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Q. Banks do not provide any interest money to the customers who access current deposits accounts.

Q. An account on which the bank does not pay any kind of interest is a ______ .

Q. Whenever some people wish to enter into the business world it is a must for them to approach a bank. What services do banks provide them in this regard?
A. Banks act as payment agents by operating current accounts, paying cheques and receiving payments for them.
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