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Savings Account and Current Account are grouped under which category?

medium Q4 of 15
Banking Awareness - Types Of Bank Accounts
Savings Account and Current Account are grouped under which category?
ATime deposits
BDemand deposits
CTerm investments
DLong-term liabilities
Step-by-Step Solution

  1. Step 1: Recall deposit classification.

    Savings and current accounts allow withdrawals on demand.

  2. Step 2: Identify the correct category.

    Such deposits are called demand deposits.

  3. Final Answer:

    Demand deposits → Option B

  4. Quick Check:

    Withdraw anytime = Demand Deposit category ✅
Quick Trick: Savings + Current = Demand Deposits.
Common Mistakes:
  • Grouping savings account with time deposits due to interest.
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