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Types of Accounts and Products

State whether...

Question

State whether the following statement is True or False.
Overdraft facility is provided to saving account holders.

A

True

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B

False

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Solution

The correct option is B False
False.
A Bank Overdraft Facility refers to the ability to draw funds greater than that are available in the bank's current account. Therefore, it is provided to all the bank holders who are open as current account holders.

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State with reasons whether the following statements are True or False.

Overdraft facility is granted to saving account holders.

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1. Commercial banks provide agency functions to earn profits.
2. Overdraft facility is provided to current account holders.
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