Question

There is no difference between primary deposit and secondary deposit of a commercial bank

• A. True
• B. False

Answer 1

The correct option is B False

False.

There are following two differences between primary deposit and secondary deposit:

1. Primary deposits refers to that sum of money which is deposited in the bank accounts while opening such accounts whereas secondary deposits refers to the sum of money from all deposits in the bank account which takes place after primary deposit.

2. Primary deposit takes place in all types of bank account whereas secondary deposits takes place in all types of account except fixed deposit account.