Business Studies

Joint Stock Company opens a saving account.


ANSWER

False


SOLUTION
(i) Bank is a financial institution.
(ii) It helps a company. in solving the difficulties of money. 
(iii) It also provides number of services to the Joint Stock Company. 
(iv) Joint Stock Company mostly deals, with the Commercial Banks / Co-operative Bank. 
(v) The company receives number of cheques, demand drafts to be encashed and also number of cheques for payment. 
(vi) The Joint Stock Company takes help of banks for short term credit facilities and long term financial assistance.
(vii) For all this, it has to open a current account with the bank. 
(viii) To encourage saving habit among people, a bank allows depositors to open saving account. 
(ix) In such type of account, the depositor can withdraw money only two times in a week. 
(x) Trading or business concerns, firms or Joint Stock Company should not open saving account.
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