General Studies · Operational Regulations of Bank Accounts

Evaluate the following statements and choose the correct combination: Statement 1: Current accounts are primarily designed for business entities and professionals with high volume transactions, and these accounts do not earn any interest except in specific cases like accounts of deceased individual depositors where interest is paid at the savings bank rate from the date of death. Statement 2: According to the current RBI circulars, banks are completely prohibited from opening current accounts for customers who have availed of credit facilities in the form of cash credit or overdraft, regardless of the bank's exposure. Statement 3: The concept of 'Garnishee Order' applies to both savings and current accounts, where a court orders the bank to freeze the funds of a judgment debtor, and this order attaches only to the funds available in the account at the exact time the order is served.