Answer: What is a minimum balance when it comes to account requirement?
A.
minimum dollar amount that can be in an account
B.
minimum dollar amount that can be withdrawn from an account
C.
minimum dollar amount needed for the account to be tax free
D.
minimum dollar amount that can be automatically withdrawn
A is the correct answer.
Explanation:
A minimum balance when it comes to account requirement usually in order to waive the accounts monthly fee.
A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded. Each financial institution sets the terms and conditions for each type of account it offers, which are classified in commonly understood types, such as deposit accounts, credit card accounts, current accounts, loan accounts or many other types of account. A customer may have more than one account. Once an account is opened, funds entrusted by the customer to the financial institution on deposit are recorded in the account designated by the customer. Funds can be withdrawn from loan loaders.
Savings Account- deposit accounts meant to help customers save their money. A savings account can be opened by any individual who holds an Aadhaar card and a PAN card, both of which are mandatory to open a bank account. Current Account
Current accounts are mostly business accounts where money is frequently transferred between financial accounts. These accounts are best suited for transactions by corporations and business owners for daily business activities.
Salary Account-This type of accounts are opened by banks upon the request of big corporations and businesses that pay their employees through banks. people who are working are eligible to maintain a salary account in which theorganisation they are employed with credits a monthly salary.
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