Current accounts - SS2 Commerce Past Questions and Answers - page 1
What type of account is designed for day-to-day financial transactions?
Savings account
Fixed deposit account
Current account
Which of the following is required to open a current account?
Valid identification documents
Proof of address
All of the above
What does the bank consider when granting a loan?
Credit history
Income and employment stability
All of the above
What can be used as collateral for a loan?
Vehicles
Property
All of the above
What does the bank evaluate when determining loan repayment capacity?
Credit history
Financial statements
All of the above
What is the primary purpose of a current account?
The primary purpose of a current account is to manage day-to-day financial transactions.
Why does a bank manager consider credit history when granting a loan?
The bank manager considers credit history to assess the borrower's past repayment behavior and determine their creditworthiness and ability to repay the loan.