Question

The usual deposit accounts of banks are ________.

• A. Current accounts, electricity accounts and insurance premium accounts
• B. Current accounts, post office savings bank accounts and term deposit accounts
• C. Loan accounts, savings bank accounts and term deposit accounts
• D. Current accounts, savings bank accounts and term deposit accounts

Answer 1

The correct option is D Current accounts, savings bank accounts and term deposit accounts

Banks offer the people the facility of opening different types of deposit accounts to suit their purpose and convenience. Accordingly, bank deposit accounts may be classified as:
(i) Savings Bank Account
(ii) Current Deposit Account
(iii) Fixed Deposit Account
(iv) Recurring Deposit Account
(v) Salary Account