State whether the following statements are True or False.
1) Joint Stock Company opens Current Account.
Ans:- True
2) Generally no interest is paid by bank on Current Account.
Ans:- True
3) In cash credit, customers account is credited by bank with sanctioned amount.
Ans:- True
4) Board resolution is not required to open the Current Account with the bank.
Ans:- False
5) Bank account of company is operated by shareholder.
Ans:- False
6) Overdraft facility is granted to Savings account holders.
Ans:- False
7) Bank correspondence should be brief and to the point.
Ans:-True
8) It is necessary to instruct the bank to stop payment of a cheque which is lost.
Ans:- True
9) Bank overdraft facility is a long term facility.
Ans:- False
10) Banks grant long term loans only.
Ans:- False