MC50 Which of the following is a type of bank account that is meant for the purpose of storing excess funds that are not required for immediate use?
A. Current account
B. Savings account
C. Fixed deposit account
D. Recurring deposit account
Answer:B
MC50 Which of the following is a type of bank account that is meant for the purpose of storing excess funds that are not required for immediate use?
A. Current account B. Savings account C. Fixed deposit account D. Recurring deposit account
Explanation: A savings account is a type of bank account that is meant for the purpose of storing excess funds that are not required for immediate use. Savings accounts typically earn interest on the balance, which provides customers with a means of earning passive income on their savings.