Types of Bank Accounts Quiz

What type of account is primarily for traders and business owners?

• Recurring Deposit Account

• Fixed Deposit Account

• Current Account

• Savings Account

Which account type allows overdraft facilities?

• Savings Account

• Current Account

• Fixed Deposit Account

• Salary Account

What is the primary purpose of a savings account?

• To facilitate business transactions

• To earn a minimum rate of interest

• To earn zero interest

• To park funds for long-term

What is a characteristic of a salary account?

• It is for business transactions

• It earns high interest

• It is opened based on employer-bank tie-up

• It has no transaction limits

What is the maturity period range for fixed deposit accounts?

• 1 year to 15 years

• 7 days to 10 years

• 1 month to 5 years

• 6 months to 2 years

What is required for a recurring deposit account?

• Unlimited transactions

• A lump sum deposit

• Regular fixed sum investment

• No minimum balance

What does NRO stand for in NRI accounts?

• Non-Resident Online

• Non-Resident Overseas

• Non-Resident Ordinary

• National Resident Ordinary

Which account type is not taxed in India?

• Savings Account

• Fixed Deposit Account

• NRE Account

• NRO Account

What is the main objective of KYC norms?

• To enhance customer service

• To increase bank profits

• To simplify account opening

• To prevent money laundering

What is required for customer identification under KYC?

• A utility bill

• A credit score

• An introductory reference

• A bank statement