Exams › IBPS PO › General Awareness

Which type of bank account is primarily used by businessmen?

1. Savings account
2. Current Account
3. Recurring deposit
4. Fixed deposit

Correct answer: Current Account

Solution

Current accounts (also called Demand Deposit accounts) are designed for businessmen and companies. They allow unlimited transactions, offer overdraft facilities, and generally pay no interest, unlike savings accounts.

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