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TOTAL QUESTION: 20
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Your results are here!! for" Savings Account And Current Account "
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Question 1 of 20
1. Question
What is a savings account?
Correct
A savings account is a type of bank account available at most retail banks that allows individuals to deposit funds securely while earning interest.
Incorrect
A savings account is a type of bank account available at most retail banks that allows individuals to deposit funds securely while earning interest.
Unattempted
A savings account is a type of bank account available at most retail banks that allows individuals to deposit funds securely while earning interest.
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Question 2 of 20
2. Question
What is a common limitation of a savings account?
Correct
Savings accounts generally restrict the number of allowable withdrawals within a specified period.
Incorrect
Savings accounts generally restrict the number of allowable withdrawals within a specified period.
Unattempted
Savings accounts generally restrict the number of allowable withdrawals within a specified period.
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Question 3 of 20
3. Question
What is generally true about overdraft facilities on savings accounts?
Correct
The passage states that savings accounts do not offer overdraft capabilities.
Incorrect
The passage states that savings accounts do not offer overdraft capabilities.
Unattempted
The passage states that savings accounts do not offer overdraft capabilities.
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Question 4 of 20
4. Question
How does interest generally accumulate in most savings accounts according to the passage?
Correct
Most savings accounts accrue compound interest that is added to the account balance periodically.
Incorrect
Most savings accounts accrue compound interest that is added to the account balance periodically.
Unattempted
Most savings accounts accrue compound interest that is added to the account balance periodically.
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Question 5 of 20
5. Question
Why were some savings accounts historically called passbook savings accounts?
Correct
Historically, physical passbooks were used to record transactions.
Incorrect
Historically, physical passbooks were used to record transactions.
Unattempted
Historically, physical passbooks were used to record transactions.
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Question 6 of 20
6. Question
Up to what amount are deposits insured in India according to the passage?
Correct
The passage states that deposits in India are insured up to ₹5,00,000 by DICGC.
Incorrect
The passage states that deposits in India are insured up to ₹5,00,000 by DICGC.
Unattempted
The passage states that deposits in India are insured up to ₹5,00,000 by DICGC.
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Question 7 of 20
7. Question
Which organization is mentioned as providing deposit insurance in India?
Correct
The Deposit Insurance and Credit Guarantee Corporation (DICGC) is identified as the government-backed deposit insurance organization.
Incorrect
The Deposit Insurance and Credit Guarantee Corporation (DICGC) is identified as the government-backed deposit insurance organization.
Unattempted
The Deposit Insurance and Credit Guarantee Corporation (DICGC) is identified as the government-backed deposit insurance organization.
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Question 8 of 20
8. Question
Which bank was among the first to introduce savings accounts in India in 1920 according to the passage?
Correct
The passage states that Canara Bank was among the first to introduce savings accounts in India in 1920.
Incorrect
The passage states that Canara Bank was among the first to introduce savings accounts in India in 1920.
Unattempted
The passage states that Canara Bank was among the first to introduce savings accounts in India in 1920.
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Question 9 of 20
9. Question
What was the minimum deposit requirement for the early savings account introduced by Canara Bank in 1920?
Correct
The passage states that the account had a minimum deposit requirement of ₹1.
Incorrect
The passage states that the account had a minimum deposit requirement of ₹1.
Unattempted
The passage states that the account had a minimum deposit requirement of ₹1.
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Question 10 of 20
10. Question
Why must banks follow KYC guidelines when opening savings accounts?
Correct
KYC helps banks verify customer identity and helps ensure accounts are not used for fraudulent purposes.
Incorrect
KYC helps banks verify customer identity and helps ensure accounts are not used for fraudulent purposes.
Unattempted
KYC helps banks verify customer identity and helps ensure accounts are not used for fraudulent purposes.
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Question 11 of 20
11. Question
What is a current account primarily designed for?
Correct
Current accounts are designed mainly for businesses, companies, and professionals conducting a high volume of daily transactions.
Incorrect
Current accounts are designed mainly for businesses, companies, and professionals conducting a high volume of daily transactions.
Unattempted
Current accounts are designed mainly for businesses, companies, and professionals conducting a high volume of daily transactions.
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Question 12 of 20
12. Question
What is a key transaction feature of current accounts?
Correct
Current accounts generally allow unlimited deposits and withdrawals.
Incorrect
Current accounts generally allow unlimited deposits and withdrawals.
Unattempted
Current accounts generally allow unlimited deposits and withdrawals.
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Question 13 of 20
13. Question
What is generally true about interest on current accounts?
Correct
Most current accounts do not earn interest because they are designed for transactional purposes.
Incorrect
Most current accounts do not earn interest because they are designed for transactional purposes.
Unattempted
Most current accounts do not earn interest because they are designed for transactional purposes.
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Question 14 of 20
14. Question
How do current account minimum balance requirements generally compare with savings accounts?
Correct
Current accounts often have higher minimum balance requirements than savings accounts.
Incorrect
Current accounts often have higher minimum balance requirements than savings accounts.
Unattempted
Current accounts often have higher minimum balance requirements than savings accounts.
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Question 15 of 20
15. Question
What does an overdraft facility allow a current account holder to do?
Correct
An overdraft allows the holder to withdraw more than the available balance up to a specified limit.
Incorrect
An overdraft allows the holder to withdraw more than the available balance up to a specified limit.
Unattempted
An overdraft allows the holder to withdraw more than the available balance up to a specified limit.
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Question 16 of 20
16. Question
Why are chequebooks commonly issued with current accounts?
Correct
Cheques are commonly used for business payments and facilitate transactions.
Incorrect
Cheques are commonly used for business payments and facilitate transactions.
Unattempted
Cheques are commonly used for business payments and facilitate transactions.
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Question 17 of 20
17. Question
Which service may be provided with a current account?
Correct
The passage lists demand drafts, pay orders, and multi-city cheques among additional transaction benefits.
Incorrect
The passage lists demand drafts, pay orders, and multi-city cheques among additional transaction benefits.
Unattempted
The passage lists demand drafts, pay orders, and multi-city cheques among additional transaction benefits.
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Question 18 of 20
18. Question
Which digital services may banks provide to current account holders?
Correct
The passage mentions online banking and mobile banking as additional services.
Incorrect
The passage mentions online banking and mobile banking as additional services.
Unattempted
The passage mentions online banking and mobile banking as additional services.
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Question 19 of 20
19. Question
Why may banks apply monthly fees and service charges to current accounts?
Correct
Current accounts involve frequent business transactions, and charges may cover transaction processing costs.
Incorrect
Current accounts involve frequent business transactions, and charges may cover transaction processing costs.
Unattempted
Current accounts involve frequent business transactions, and charges may cover transaction processing costs.
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Question 20 of 20
20. Question
How do withdrawal restrictions on current accounts generally differ from those on savings accounts?
Correct
Current accounts typically have no restrictions on the number of withdrawals or transactions.
Incorrect
Current accounts typically have no restrictions on the number of withdrawals or transactions.
Unattempted
Current accounts typically have no restrictions on the number of withdrawals or transactions.