Question

With reference to Savings Deposit Account, which statement is correct?

Options

• Depositors need to deposit a specific amount every month.

• There are restrictions on number of withdrawals in a week.

• Overdraft facility is available.

• There are restrictions on the number of deposits that can be made in a week.

Answer 1

There are restrictions on number of withdrawals in a week.

Explanation:

Savings deposit accounts have weekly withdrawal limits. Savings accounts do not require a monthly minimum deposit or limit the number of deposits made. Savings deposit accounts do not offer an overdraft facility.