16. Which type of account allows funds to be withdrawn on demand without any notice period?
a) Savings account
b) Current account
c) Fixed deposit account
d) Recurring deposit account
17. What is the primary difference between a savings account and a current account?
a) Interest is earned on a savings account, but not on a current account
b) Interest is earned on a current account, but not on a savings account
c) A savings account is used for day-to-day transactions, while a current account is used for saving funds
d) A current account is used for day-to-day transactions, while a savings account is used for saving funds
18. What is the role of a nominee in a bank account?
a) To operate the account on behalf of the account holder
b) To receive salary payments
c) To withdraw cash from ATMs
d) To receive the account balance in case of the account holder’s demise
19. What is the purpose of a credit card account?
a) To store funds and earn interest
b) To make debit transactions
c) To apply for loans
d) To make credit purchases and payments
20. Which of the following is considered a liability account for a bank?
a) Savings account
b) Current account
c) Fixed deposit account
d) Loan account