Multiple choice

Which of the following statements is incorrect about a savings account?

  1. It can be opened with a minimum initial deposit.

  2. There is no restriction on the number and amount of deposits and withdrawals.

  3. Nominal rate of interest is payable on a savings account.

  4. It is continuing in nature.

  5. Withdrawals can be made using a withdrawal form; issuing a cheque or by using an ATM card.

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

 
 

Keep practicing — related questions