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प्रश्न
Justify the following statement:
The bank accept two types of deposits from the public i.e. demand and time deposit?
उत्तर
1) Demand Deposits.
The deposits which are repayable on demand is called ‘demand deposits’. The demand deposits include saving deposits and current deposits. A saving deposits account aims at promoting the habit of saving among the fixed income earners. Interest at certain rates is paid on the minimum balance in this account. There are restrictions on the number of withdrawals. Pass book is issued to the depositor. E-statement issued to depositor only on demand.
(2) A current deposit account is meant for businessmen and institutions. There are no restrictions on the number and Amount of withdrawals from this account. Interest is not payable on the balance standing in this account. Overdraft facility is granted only to current account holders after following the prescribed procedure of the bank.
(2) Time Deposits.
Any deposit which is not repayable on demand is called time deposit. Time deposits are repayable after specified period of time. Time deposits may be classified as fixed deposit and recurring deposit. Under Fixed deposit account certain amount is deposited for fixed period (minimum 45 days or more). Usually higher rate of interest is paid depending on the period. Interest is paid either at regular time interval or on maturity of deposits. Fixed Deposit Receipt (FDR) is issued to the depositor. Loan is given to depositor on the security of FDR.
(2) Under Recurring deposit account, depositor is required to deposit with the bank a fixed sum of money every month for 12, 24, or 60 months. To encourage saving habit among the people bank allows depositors to open this account. On maturity, depositor gets the total amount deposited plus interest accrued on it. Passbook is issued to the depositor. E-statement is issued to the depositor only on demand.
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संबंधित प्रश्न
Write a word or a term or a phase which can substitute the following statement:
A slip used for depositing cash and cheque in the Bank account.
Write a word or a term or a phase which can substitute the following statement:
The account which is generally opened by business organization.
Select the correct answer from the options given below and rewrite the statement.
Bank is a _______ institution
Match the pairs.
| Group ‘A’ | Group ‘B’ |
| a) Lost cheque | 1) Board of Directors |
| b) Appointment of Banker | 2) Higher rate of interest |
| c) Cash credit | 3) Used for depositing cash and cheque |
| d) Fixed Deposit Account | 4) Stop Payment |
| e) Savings Account | 5) Restrictions on withdrawals |
| f) Pay-in-slip | 6) Separate Account |
| g) Overdraft facility | 7) Current Account |
| 8) Recurring Account | |
| 9) Shareholders | |
| 10) No interest is paid | |
| 11) Used for withdrawing amount from account | |
| 12) Long term credit facility | |
| 13) Certain restrictions on withdrawals | |
| 14) Dealing in foreign exchange |
State whether the following statement is true or false :
Board resolution is not required to open the Current Account with the bank.
State whether the following statement is true or false :
Bank account of company is operated by shareholder.
State whether the following statement is true or false :
Banks grant long term loans only.
Find the odd one:
Complete the sentence:
Accepting deposits and lending money are the primary functions of ______
Select the correct option from below
| Group ‘A’ | Group ‘B’ |
| Primary Function | __________ |
Answer in one sentence:
What do you mean by stop payment of cheque?
Attempt the following:
Write a letter to bank for opening a current account
Justify the following statement:
There is a difference between Loans and Advances given by the Bank.
Explain the following term/concept:
Recurring deposits
Explain the following term/concept:
Demand Deposits
Explain the following term/concept:
Bank
Explain the following term/concept:
Loans
Choose the Correct Answer.
The Local Area Banks are promoting ______
