Types of bank account, - SS2 Commerce Past Questions and Answers - page 1
Which type of bank account is suitable for individuals who want to earn interest on their savings?
Saving Account
Fixed Deposit Account
Current Account
What is the primary purpose of a current account?
Earning interest on deposits
Making frequent transactions for businesses
Long-term savings with a fixed interest rate
Which type of bank account offers higher interest rates than a regular saving account?
Saving Account
Current Account
Fixed Deposit Account
Which feature is common to both saving accounts and fixed deposit accounts?
Easy access to funds
Variable interest rates
Checkbook facility
What is the primary difference between a saving account and a fixed deposit account?
Interest rates
Access to funds
Account duration
State one key feature of saving accounts.
What happens to the deposited amount at the end of the fixed term in a fixed deposit account?