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Question
Type of bank account in which bank keeps no restrictions on depositing and withdrawals of cash is ______________.
Type of bank account in which bank keeps no restrictions on depositing and withdrawals of cash is ______________.
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Solution
The correct option is C Current account
There are 3 types of bank accounts namely savings, current, fixed deposit and the recurring deposit account. Current account is the account which is mostly preferred by the businessman for the day to day business transactions. Such account holders are provided the facility of overdraft or loans for the business purpose. There are no restrictions on the payment or receipt amount in order to facilitate smooth functioning of business.
There are 3 types of bank accounts namely savings, current, fixed deposit and the recurring deposit account. Current account is the account which is mostly preferred by the businessman for the day to day business transactions. Such account holders are provided the facility of overdraft or loans for the business purpose. There are no restrictions on the payment or receipt amount in order to facilitate smooth functioning of business.
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