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
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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
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Which type of bank account offers higher interest rates than a regular saving account?
Saving Account
Current Account
Fixed Deposit Account
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Which feature is common to both saving accounts and fixed deposit accounts?
Easy access to funds
Variable interest rates
Checkbook facility
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What is the primary difference between a saving account and a fixed deposit account?
Interest rates
Access to funds
Account duration
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State one key feature of saving accounts.
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What happens to the deposited amount at the end of the fixed term in a fixed deposit account?
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