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Business Studies

Money Market

Saving bank a...

Question

Saving bank account is suitable for people from ______ class.

A

rich

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B

poor

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C

salaried

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D

scheduled

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Solution

The correct option is C salaried
Saving bank account refers to the type of bank account which is opened by the people in order to save a part of their income. Therefore, it is the most suitable account for salaried class people as they can save a part of their monthly income in this type of account and earn a nominal rate of interest on their savings.

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Similar questions

Q. Saving bank account is suitable for salaried people.

Q. Select the proper option from the options given below and rewrite the completed sentences.

The account suitable for creating a saving habit is ________.
(a) Current account
(b) Recurring deposit account
(c) Saving account

Q. Mr. X had two accounts, one current account and another saving bank A/c in a nationalized bank. He drew a cheque of

R s . 5, 000

on saving bank but credited to Current A/c in his cash book. Similarly a cheque of

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deposited in current A/c was debited to Saving Bank A/c. What would be effect of these errors in Bank pass books/ Bank statement of these two A/cs?

Q. Write a word or phrase or a term which can substitute each one of the following:

The account suitable for salaried people.

_________ account is suitable for salaried people.

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