E Banking

1. ATMs (Automated Teller Machines) are designed to accept plastic payment cards.
2. A Debit Card accesses money directly from a bank account.
3. A Credit Card allows cash withdrawal (cash advance) against a credit line.
4. Since both cards work in an ATM, the correct answer is "Both (a) and (b)".

1. "Economical" means giving good value or low cost in relation to the money/time/effort spent.
2. E-Banking reduces the need to travel to branches (saving time/money) and reduces transaction fees for banks (saving overhead).
3. Therefore, it is considered more economical than traditional banking.