Question

Which of the following bank accounts are used for the purpose of saving and conducting frequent financial transactions respectively?

• A. Fixed deposit accounts
• B. Recurring deposit accounts
• C. Savings bank accounts
• D. Current accounts

Answer 1

Answer: (C), (D)

Current accounts

Savings bank accounts are opened for saving money and current accounts are used for frequent financial transactions. Current accounts are generally owned by business entities as RDs and FDs cannot be used for daily transactions.