L406: Types of Banks

These banks collect small savings. Name the bank

• Savings Bank

• Commercial Banks

• Payment banks

• Loan Banks

These banks use savings deposits from customers to fund home loans. Name the bank.

• Commericial Banks

• Saving and Loan Banks

• Payment Banks

• None of the above

These are similar to banks, but they are not-for-profit organizations owned by their customers. Name the banks.

• Credit Unions

• Commercial Banks

• Savings Bank

• None of the above

_______ is where people keep day to day spending amount.

• Checking Account

• Money Market Accounts

• Certificate of Deposits

• None of the above

__________ gives you a fixed rate of interest on deposits.

• Fixed Deposits Account

• Savings Account

• Current Account

• None of the above

The rate of interest you earn on FDs will vary depending on the tenure of the FD.

• True

• False

________ allow overdraft facility, that is withdrawing more than what is currently available in the account.

• Fixed Deposit

• Savings account

• Current accounts