In context with the Current Account, consider the following statements:
1. It is used for commercial purposes
2. It attracts no rate of interest
3. The banks generally charge a maintenance on such accounts
4. There are no limits of transactions
Which among the above statements is / are correct?
[A]Only 1 & 2
[B]Only 2 & 3
[C]Only 1 & 3
[D]1, 2, 3 & 4
1, 2, 3 & 4
An account used for commercial purpose. It attracts no rate of interest and is generally charged by the bank with maintenance charges. There is no limit to the number of transactions in this type of account.