Business Services · Class 11 · CBSE · Commerce Business Studies
Which type of bank account is most suitable for business firms that make and receive large numbers of transactions daily, as it offers no restriction…
Practice question from Business Services (Class 11 · CBSE · Commerce Business Studies), with the correct answer and a step-by-step solution.
easy · MCQ · Q-3C7B1A
Which type of bank account is most suitable for business firms that make and receive large numbers of transactions daily, as it offers no restriction on the number or amount of transactions and provides overdraft facilities?
- A.Savings Account
- B.Fixed Deposit Account
- C.Current AccountCorrect answer
- D.Recurring Deposit Account
Solution
Current accounts are meant for businessmen, commercial firms, and enterprises requiring frequent transactions and overdraft facilities without any interest paid by the bank.
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