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Question
Match the correct pairs:
| Group “A” | Group “B” | ||
| a. | RBI | 1 | Recurring deposit account |
| b. | Overdraft | 2 | 12 hours service |
| c. | Saving account | 3 | Withdrawals after fixed period of time |
| d. | ATM | 4 | Central Bank |
| e. | Fixed deposit account |
5 | Current Account |
| 6 | Salaried people | ||
| 7 | 24 hours service | ||
| 8 | Commercial bank | ||
| 9 | Cash credit | ||
| 10 | Withdrawal before fixed period of time. |
Solution
| Group “A” | Group “B” | ||
| a. | RBI | 4 | Central Bank |
| b. | Overdraft | 5 | Current Account |
| c. | Saving account | 6 | Salaried people |
| d. | ATM | 7 | 24 hours service |
| e. | Fixed deposit account |
10 | Withdrawal after a fixed period of time |
* In the book, for part (e), there is a mistake in the item 10. enlisted in Group B. It cannot be 'withdrawal before'. Indeed, it should
be withdrawal after.
a) The Reserve Bank of India (RBI) is the central bank of India. It is the apex bank that supervises the monetary and banking
system of India. It is responsible for maintaining the economic stability of the country. It prints notes and lays down rules and
regulations for commercial banks.
b) Overdraft facility is given to current account holders. It is a temporary arrangement whereby a customer is allowed to
withdraw amount more than that prevailing in his/her account. For the overdraft facility, the bank charges interest on the amount
overdrawn.
c) Savings accounts are basically meant for people who have fixed incomes (like salaried people). This type of account
encourages the habit of saving among people.
d) An automatic teller machine (ATM) is an electronic machine that offers convenience to customers, as they can deposit or
withdraw money from their accounts anytime without having the need to visit the branch of the bank. ATMs provides 24×7
service facility.
e) A fixed deposit account is an account in which deposits are kept for a fixed period of time. Also, deposits cannot be
withdrawn from this account before maturity. More the time period, greater is the interest rate earned. The rate of interest is
decided by the RBI.
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RELATED QUESTIONS
Write Short Note on the following:
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Match the correct pairs:
| Group “A” | Group “B” | ||
| a. | Road transport | 1 | Government owned |
| b. | Rail transport | 2 | Co-operative societies |
| c. | Air transport | 3 | Self employed |
| d. | Postal department | 4 | Owned by private companies |
| e. | Courier services | 5 | Door to door service |
| 6 | Owned by individuals | ||
| 7 | Costliest means of transport | ||
| 8 | Huge carrying capacity | ||
| 9 | Difficulty in transport | ||
| 10 | Cheapest means of transport |
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Overdraft facility is given to a certain definite account holder.
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An account holder enjoys the privileges of any number of withdrawals.
Write a word or phrase or a term which can substitute the following:
An account where fixed amount is kept for a specific period.
Write a word or phrase or a term which can substitute the following:
A bank, which is known as banker's bank.
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Mode of transport which helps to get goods and passengers at their door.
Distinguish between the following:
Road transport & Rail transport
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E-banking
Write Short Note on the following:
Types of life insurance policies
State with Reasons whether the following statement is TRUE or FALSE.
An individual must always tries to minimise the loss by fire as far as possible.
State with Reasons whether the following statement is TRUE or FALSE.
E –payment facility is not available to general public.
State with Reasons whether the following statement is TRUE or FALSE.
Transport helps in raising standard of living.
State with Reasons whether the following statement is TRUE or FALSE.
Rail transport provides door to door services.
Answer the following question:
Describe the role of transport in modern times.
Answer the following question:
Describe the role of transport in modern times.
State with reasons whether the following statement is True or False.
Transport is useful in raising standard of living.
