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प्रश्न
State four types of deposits.
उत्तर
- Fixed Deposit:
A fixed deposit account is where a fixed amount is kept for a fixed period of time, bearing a fixed interest rate. The interest rate is higher than the savings bank account and varies with the deposit period. - Recurring Deposit:
It is operated by salaried persons and business people having a regular income. A specific fixed sum of money is deposited into the account every month. Withdrawal of accumulated amount along with interest is paid after the maturity date. -
Saving Account:
It is generally operated by those with regular or fixed incomes such as salary or wages. The main aim of this deposit account is to encourage the habit of savings among people. These deposit accounts are meant for maximum savings. There are restrictions on withdrawal limits from these accounts. These accounts carry low-interest rates. Interest is credited monthly, quarterly, half-yearly and yearly on this account. - Current Account:
This account is operated by business firms and other commercial organizations, such as hospitals, educational institutions, etc., who have regular banking transactions. This account has no restriction on deposits and withdrawals of amounts. The bank pays no interest on this account. An overdraft facility is available for this account.
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संबंधित प्रश्न
Distinguish between the following:
Current account & Savings account
Find the odd one.
Select the correct option and complete the following table.
(RTGS, SIDBI, apex financial institution in banking industry of country, recurring deposit, long term loans)
| Group A | Group B |
| 1 _________ | fund transfer on real-time and gross basis |
| 2. loans to meet long term capital requirements | ________ |
| 3 ____________ | Account operated by salaried and businessmen both. |
| 4. Central bank | _____________ |
| 5 _____________ | Principal financial institution for MSMEs |
Correct the underlined word and rewrite the following sentence.
The foreign bank is the apex financial institution in the banking industry in the country.
Explain the following term/concept.
Banking
Distinguish between.
Central Bank and Commercial Bank
Distinguish between.
Savings Account and Current Account
Explain the utility function of banks?
Select the correct option.
(no need to carry cash, intangible, fund transfer system, accepting deposits, niche banks in India)
| Group A | Group B |
| A. _____________ | services |
| B. commercial bank | ______________ |
| C. _____________ | Small finance bank |
| D. credit cards | _______________ |
| E. _____________ | RTGS |
What is demand deposits?
What is exchange bank?
Correct the underlined word and rewrite the sentence.
The commercial bank is the apex financial institution in banking industry in the country.
Study the following case/situation and express your opinion
Shirish shifted some furniture to his office and issues a cheque of Rs. 20000/- to MV Movers Limited. Balance in his account is Rs. 15000 still bank clears the cheque. Shirish also wants to renovate his office so he applies for a loan of Rs. 25 lacs which bank sanctions and transfer the amount to loan account. But Shirish withdrew only Rs. 15 lacs. Shirish accepted a bills of exchange for Rs. 5 lacs drawn upon him by M/s. Creative Furnitures for supplying new furniture for his office it is due on 31st May, 2021 but M/s. Creative Furnitures needed money on 1st April, 2021. They got Rs. 4.75 lacs from the bank on the basis of the same bills of exchange.
- Name the type of account Shirish must be operating
- On which amount Shirish will have to pay interest on loan?
- Which service did the bank make available to easy M/s. Creative Furnitures while paying rupees 4.75 lacs?
Justify the following statement.
Business services are necessary.
