Aspecific tpye of bank account which earns interest is the savings account true or false

Answer

TRUE

Explanation

A Saving account is a basic account which allow user to deposit, maintain it and withdraw funds while earning interest. It is kept accessible and may charge fee unless a user maintains a certain amount averagely monthly balance in the account. Through saving account a person can grow funds for future use.

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This statement is True.

A specific type of bank account which earns interest is the Saving Account.

There are two types of basic bank accounts. One is Current Account and the other is Saving Account. Current accounts are interest free account. They don't earn interest on their own money. Whereas saving accounts earns interest on their money.

If a person has a saving account and he has a balance in that account, a percentage of interest is monthly, quarterly, semi annually or annually is deposited in his account. In saving account, you earn money by your own money.

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