Advertisements
Advertisements
Question
Explain the following term/concept:
Recurring deposits
Solution
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. 0n maturity, depositor gets the total amount deposited plus interest accrued on it. Pass book is issued to the depositor. E-statement is issued to the depositor only on demand.
APPEARS IN
RELATED QUESTIONS
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:
Permission to withdraw excess amount from Current Account.
Write a word or a term or a phase which can substitute the following statement:
Separate loan account under which the short term loan facility given by bank to the business
Select the correct answer from the options given below and rewrite the statement.
Generally Interest is not paid on ___________ deposit account
State whether the following statement is true or false :
Joint Stock Company opens Current Account.
State whether the following statement is true or false :
Overdraft facility is granted to Savings account holders.
Complete the sentence:
A facility under which a customer can overdraw money from his account is called as ___________.
Select the correct option from below
| Group ‘A’ | Group ‘B’ |
| International Trade Transactions | __________ |
Attempt the following:
Write a letter requesting the bank to issue a letter of credit.
Attempt the following:
Write a letter requesting the bank for granting overdraft facility
Justify the following statement:
Overdraft facility is given only to current depositors?
Justify the following statement:
There is a difference between Loans and Advances given by the Bank.
Distinguish between the following:
Loan and overdraft
Explain the following term/concept:
Letter of Credit
Explain the following term/concept:
Cash Credit.
Explain the following term/concept:
Savings Deposits
Correct the underlined word and rewrite the following sentence:
Businessman opens Fixed Deposit Account.
Explain the following term/concept:
Fixed deposits
Write the meaning of ‘Bank.’
