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Money Supply

Saving bank a...

Question

Saving bank account is suitable for salaried people.

A

True

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B

False

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Solution

The correct option is A True
True.
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 appropriate account for salaried people or daily wage earners as they can save a part of their monthly income in this type of account and even earn a nominal rate of interest on it.

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Similar questions

Q. Saving bank account is suitable for people from ______ class.

_________ account is suitable for salaried people.

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

The account suitable for salaried people.

Q. Give reasons or explain the following statements:

1. Commercial banks provide agency functions to earn profits.
2. Overdraft facility is provided to current account holders.
3. Saving account deposits are usually opened by salaried class.
4. Rate of interest on fixed deposit is high.

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

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