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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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Similar questions

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.
B. Maintaining account books for them for their day-to- day activities so that they are not required to appoint account/finance personnel on a regular basis.
C. Lending money by way of overdraft, instalment loan, credit or advance for business activities

Q. Mr. Rakesh deposited ₹1,100 every month in a recurring deposit account of a bank for 4 years. If the bank pays interest at the rate of 9% per annum, find the interest earned by him on this account.

In a Current Account, 4% interest is provided by the bank on the amount deposited in the account.

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