31. What is the minimum balance requirement for a current account in most banks?
a) $10
b) $100
c) $500
d) There is no minimum balance requirement
32. What is the primary difference between a savings account and a recurring deposit account?
a) Interest is earned on a savings account, but not on a recurring deposit account
b) Interest is earned on a recurring deposit account, but not on a savings account
c) A savings account requires a monthly deposit, while a recurring deposit account does not
d) A recurring deposit account requires a monthly deposit for a fixed duration, while a savings account does not
33. What is the primary purpose of a joint account with the “either or survivor” clause?
a) To hold shares and other securities in electronic form
b) To receive salary payments
c) To withdraw cash from ATMs
d) To ensure either account holder can operate the account independently
34. Which type of account is most suitable for earning a higher interest rate on savings?
a) Savings account
b) Current account
c) Fixed deposit account
d) Recurring deposit account
35. What does the term “RTGS” stand for?
a) Real-Time Gross Settlement
b) Remote Transaction Gateway System
c) Real-Time General Settlement
d) Remote Transfer and Guarantee System
