Deposits Video Lecture | Corporate & Other Laws for CA Intermediate
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FAQs on Deposits Video Lecture - Corporate & Other Laws for CA Intermediate
| 1. What are the different types of deposits accepted by banks in India? |  |
Ans. Banks in India accept various types of deposits, including Savings Accounts, Fixed Deposits (FD), Recurring Deposits (RD), and Current Accounts. Each type serves different purposes, with Savings Accounts offering liquidity, Fixed Deposits providing higher interest rates for longer tenures, Recurring Deposits allowing regular savings, and Current Accounts catering to businesses with frequent transactions.
| 2. How is interest calculated on Fixed Deposits? | |
Ans. Interest on Fixed Deposits is calculated based on the principal amount, tenure, and the applicable interest rate provided by the bank. It is typically compounded quarterly and paid out at maturity or periodically, depending on the bank's policies. The formula used is: Total Interest = Principal × Rate × Time.
| 3. What are the advantages of having a Savings Account? | |
Ans. A Savings Account offers several advantages, including easy access to funds, the ability to earn interest on the deposited amount, and features like online banking and ATM access. It also encourages saving habits, provides safety for funds, and often allows for limited monthly withdrawals without penalty.
| 4. Can a minor open a bank account, and what are the requirements? | |
Ans. Yes, a minor can open a bank account, typically under the supervision of a parent or guardian. The requirements usually include the minor's birth certificate or school ID, the parent or guardian's identification proof, and a passport-sized photograph. Some banks offer special accounts tailored for minors.
| 5. What is the difference between a Fixed Deposit and a Recurring Deposit? | |
Ans. A Fixed Deposit (FD) involves depositing a lump sum amount for a fixed tenure at a predetermined interest rate, while a Recurring Deposit (RD) allows individuals to save a fixed amount regularly (monthly) over a specified period. FDs generally offer higher interest rates compared to RDs, making them suitable for one-time investments.
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Dec 24, 2024 Last updated |
Video Description: Deposits for CA Intermediate 2024 is part of Corporate & Other Laws for CA Intermediate preparation.
The notes and questions for Deposits have been prepared according to the CA Intermediate exam syllabus.
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Introduction of Deposits in English is available as part of our Corporate & Other Laws for CA Intermediate for CA Intermediate & Deposits in
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