Ohms Tech Engineers Interview Questions and Answers

A recurring deposit account is a type of savings account where a fixed amount is deposited regularly for a predetermined period of time.

• Fixed amount is deposited at regular intervals (monthly, quarterly, etc.)

• Interest is earned on the deposited amount

• The account has a fixed tenure

• Withdrawal before maturity may result in penalties

• Example: Depositing $100 every month for 5 years in a recurring deposit account

A savings account is a secure way to deposit money with a bank for safekeeping and potential growth through interest.

• Savings accounts typically offer a lower interest rate compared to other types of accounts like CDs or money market accounts.

• Funds in a savings account are easily accessible for withdrawals, but may have limitations on the number of transactions allowed per month.

• Some savings accounts require a minimum balance to avoid fees or to earn interest.

• Interest earned o...read more

A current account is a type of bank account that allows frequent transactions and does not limit the number of withdrawals or deposits.

• Current accounts are typically used for day-to-day banking activities such as receiving salaries, paying bills, and making purchases.

• They do not usually earn interest on the balance maintained in the account.

• Overdraft facilities may be available on current accounts, allowing customers to withdraw more money than they have in their account.

• Exam...read more

A fixed account is a type of investment account where the interest rate is fixed and does not change over time.

• Fixed accounts typically offer a higher interest rate compared to regular savings accounts.

• The account holder agrees to keep their money in the account for a specified period of time.

• Withdrawals before the maturity date may result in penalties or loss of interest.

• Common examples include fixed deposit accounts and certificates of deposit (CDs).

A bank is a financial institution that accepts deposits from the public and creates credit.

• Banks provide various financial services such as loans, mortgages, and investment accounts.

• They play a crucial role in the economy by facilitating the flow of money and capital.

• Banks are regulated by government authorities to ensure stability and protect depositors' funds.