(i) Banks pay the depositor ______ in return for depositing the money.
(a) Loan
(b) Interest
(c) Allowance
Correct Answer is Option (b)
(ii) When an account holder needs money over and above his savings for any purpose, then banks also lend money to him which is known as ______.
(a) Interest
(b) Loan
(c) Allowance
Correct Answer is Option (b)
(iii) The person who gets a loan from a bank can be termed as ______.
(a) Lender
(b) Borrower
(c) Depositor
Correct Answer is Option (b)
(iv) After opening a bank account, the bank allots a unique ______ number to the account holder.
(a) account
(b) ledger
(c) folio
Correct Answer is Option (a)
(v) can be deposited in ATM.
(a) Only cash.
(b) Only Cheque.
(c) Both cash and cheque
Correct Answer is Option (a)
(i) Bank is a place where someone can _______ money for saving and safe-keeping and ______ it when necessary.
(ii) ________ is the amount paid by the borrower to the bank for availing the loan.
(iii) ATM card issued by the banks gives the benefit withdrawing _______ from the ATM.
(iv) _______ helps you to make banking transactions online without going to the bank or ATM.
(v) Fixed deposits and recurring deposits are considered as ______ avenues for people.
(vi) When a depositor invests a lump sum amount with the bank for a predetermined period, it is known as _______.
(vii) Through internet banking _______ can be transferred from one bank account to another bank account.
(i) Deposit and Withdraw
(ii) Interest
(iii) Cash
(iv) Internet Banking
(v) Investment
(vi) Fixed Deposit
(vii) Money
(i) Electronic banking - cash deposit
(ii) ATM - Internet banking
(iii) Recurring deposit - Written mandate to make payments
(iv) cheque - cash withdrawal
(v) pay-in slip - investment at periodic interval
(i) Electronic banking - Internet Banking
(ii) ATM - Cash Withdrawal
(iii) Recurring deposit - Investment at periodic level
(iv) cheque - Written mandate to make payments
(v) pay-in slip - Cash deposit
(i) The bank account can be opened either in single name or in joint names with members of the family or friends.
(ii) Your bank pass book gives a record of all the transactions that have been made in your family members’ bank account.
(iii) The pay-in slip should have the date mentioned by the depositor.
(iv) Crossing the cheque is mandatory when you intend to deposit money in another person’s bank account.
(v) In general Personal Identification Number is not necessary to make withdrawals from ATM by using ATM/debit cards.
(i) True
(ii) False
(iii) True
(iv) True
(v) False
Ans: A bank passbook is a document provided by the bank to account holders that records all the transactions made in their account. It shows the details of deposits, withdrawals, and the balance after each transaction. It serves as a record for the account holder to track their financial activity.
Ans: A cheque book is a booklet provided by the bank that contains pre-printed, numbered cheques. Each cheque is a written order instructing the bank to pay a specified amount of money from the account holder's account to the person or entity named on the cheque.
Ans: To open a bank account, you need to fill out an account-opening form provided by the bank. Submit necessary documents such as address proof, identity proof, and photographs. Once the paperwork is completed and verified, the bank will open the account, allot a unique account number, and provide documents like the pay-in slip, cheque book, and passbook. Nowadays, banks also offer internet banking facilities for easier account management.
Ans: To make a cash deposit in a bank, fill out a pay-in slip with details such as your name, account number, date, and the amount to be deposited. Present the slip along with the cash to the bank teller. The teller will process the transaction and provide you with a stamped receipt as proof of the deposit.
Ans: When writing a cheque to pay money into a particular person's bank account, include the following details:
Ans: A fixed deposit is a financial instrument provided by banks where you deposit a lump sum amount for a fixed period at a predetermined interest rate. The interest rate is typically higher than that of a regular savings account. The amount cannot be withdrawn before the maturity date without incurring a penalty.
Ans: A recurring deposit is a type of savings account where you deposit a fixed amount of money at regular intervals (usually monthly) for a predetermined period. The bank pays interest on the accumulated amount at a rate similar to that of fixed deposits. It is a disciplined way to save money and accumulate a significant amount over time.
Ans: After opening a bank account, you typically receive the following documents:
Passbook: This document records all transactions (deposits, withdrawals, balance) made in the account. It helps you track your financial activity and serves as proof of your account balance.
Cheque Book: Contains pre-printed cheques that can be used to make payments or transfer money. Each cheque is a written order instructing the bank to pay a specified amount from your account to the person or entity named on the cheque.
ATM/Debit Card: Allows you to withdraw cash, check your account balance, and make purchases directly from your bank account. It comes with a Personal Identification Number (PIN) for security.
Internet Banking User ID and Password: Enables you to manage your account online, including checking balances, transferring funds, paying bills, and more. This facility is provided for convenience and accessibility.
Welcome Kit: Some banks provide a welcome kit that includes brochures about the bank's services, terms and conditions, and other useful information about managing your account.
2. What are the contents of a pay-in slip?
Ans: A pay-in slip is used for depositing money into a bank account and typically contains the following details:
3. What are the contents of a cheque?
Ans: A cheque is a written document that instructs a bank to pay a specific amount of money from a person's account to another individual or entity. The contents of a cheque typically include:
4. What is electronic banking? What are its uses?
Ans: Electronic Banking: Electronic banking, also known as e-banking or online banking, refers to the use of electronic means to conduct banking transactions. It allows customers to perform financial transactions via the internet without visiting a bank branch.
Uses of Electronic Banking:
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