IBPS Clerk Practice Questions — All Questions

A savings account is primarily used to:

• a.Run a large business's daily transactions
• b.Deposit money and earn interest for individuals✓
• c.Trade shares
• d.Print currency

Savings accounts let individuals deposit money and earn interest.

The full form of 'ATM' is:

• a.Automated Teller Machine✓
• b.Any Time Money
• c.Automatic Transfer Method
• d.Account Transfer Machine

ATM stands for Automated Teller Machine.

An account a business uses for frequent transactions with no interest is a:

• a.Savings account
• b.Fixed deposit
• c.Current account✓
• d.Recurring deposit

A current account suits frequent business transactions and typically pays no interest.

'Interest' paid by a bank on deposits is:

• a.A penalty
• b.A tax
• c.A fee charged to you
• d.A return the bank pays for using your money✓

Interest on deposits is what the bank pays you for holding your money.