BANKING TRANSACTIONS
One Marks Questions
Answer: “Banque”
Answer: The Reserve Bank of India (RBI)
Answer: SBI
Answer: Post Offices
Answer: Savings Bank Account
Answer: Term or Fixed Deposit Account
One Marks Questions
Answer: A banking company may be defined as a company which transacts the business with finance.
Answer: The services of banks are called Banking.
Answer: Any sort of activity involving in money or exchange of money in an account is viewed as bank transaction.
Answer: The Reserve Bank of India (RBI) is known as Mother of Banks or Bankers Bank or Central Bank of India.
Answer: All the banking transactions in India are controlled by The Reserve Bank of India (RBI). So it is known as Mother of Banks or Bankers Bank or Central Bank of India.
Answer: The recent development in banking industry is the inclusion of Post Offices into its fold.
Answer: Savings Bank Account
Answer: Savings Bank Account
Answer: Current Account
Answer: Current Account
Answer: Recurring Deposit Account
Answer: Recurring Deposit Account.
Term or Fixed Deposit Account
Two Marks Questions
Answer:
1) Dealing with Money
2)Individual/Firm/Company
3) Acceptance of Deposits
4) Lending Loans
5) Payment and Withdrawal
6) Agency and Utility Services
7) Profit and Service Orientation
8) Ever Increasing Functions
9) Connecting Link
10) Banking Business
11) Name Identity
Answer:
Accepting deposits from public and others.
1) Lending money to public (Loans) and other institutions.
2) Transferring money from one place to another (Remittances)
3) Collecting money on cheques, drafts and bills.
4) Discounting of bills.
5) Hiring safe deposit lockers.
6) Conducting foreign exchange transactions.
7) Keeping valuables in safe custody.
8) Issuing letters of credit and guarantee.
9) Conducting government transactions.
Answer:
1. General relationship :
A. Primary Relationship
B. Subsidiary Relationship
C. Agent and Principal Relationship.
2. Special relationship
A. Obligation to honour cheques.
B. Obligation to maintain secrecy of accounts.
Answer:
1) Debit Card and Credit Cards
2) Safe Deposit Lockers
3) Personal Loans
4) Trust Services
5) Home and Vehicle Loans
6) Signature Guarantees
7) Mutual Funds
8) E – Banking
Answer:
1) Issue of National Savings Certificate
2) KissanVikasPatra
3) Monthly Recurring deposits
4) Postal Life Insurance
5) Pension payment
6) Money transfer
Answer:
1) Central Bank or Reserve Bank of India
2) Commercial Banks
3) Industrial Development Banks
4) Land Development Banks
5) Indigenous Banks (Money lenders or Sahukars)
6) Co-operative Banks
Answer:
1) Savings Bank Account
2) Current Account
3) Recurring Deposit Account
4) Term or Fixed Deposit Account
Answer:
1) This type of account is generally opened in banks.
2) by salaried persons or by the persons who have a fixed regular income.
3) This facility is also given to the students, senior citizens, pensioners etc.
4) Savings accounts are opened to encourage people to save money and pool their savings.
5) There is no restriction on the number and amount of deposits.
6) The money can be withdrawn either by cheque or through a withdrawal slip available in
the respective bank.
Answer:
1) Decide the type of account which you want to open
2) Approach the bank of your choice and meet its office
3) Fill up the Bank account form or proposal form
4) Give reference for opening your Bank account
5) Submit the Bank account form duly filled
6) The officer will verify all the particulars submitted
7) Initial Deposit
Answer:
1) Bank account facilitates safe custody of money.
2) Bank account helps in making payments.
3) Bank account helps in collection of money.
4) Bank account holders get advances and loans.
5) Bank account helps in smooth financial transactions.
6) Bank account holders can get safe deposit locker facility.
| Savings Bank Account | Current Bank Account |
|---|---|
| This type of account is generally opened in banks by salaried persons or by the persons who have a fixed regular income. | Current account is opened by businessmen who have a large number of regular transactions with the Bank. |
| There is no restriction on the number and amount of deposits. | In current account, amount can be deposited or withdraw. |
| Recurring Deposit Account Term | Fixed Deposit Account |
|---|---|
| These deposit accounts are generally opened for a purpose to be saved for a future date. | This type of account is opened for a fixed period by depositing a particular sum of money. |
| For future requirements deposits are made regularly on monthly basis. | The Deposit amount cannot be withdrawn before the expiry of the term. |
| After the period is over the total amount is repaid with interest. | The Deposit amount cannot be withdrawn before the expiry of the term. |
| For future requirements deposits are made regularly on monthly basis. | The Rate of interest is more depending upon the term in this deposit account. |
