Types of Accounts and Products

Q.

What Is Bulk Posting In SBI?

Q. ATM stands for:

1. Automated Teller Machine
2. Automatic Teller Machine
3. Automated Truth Machine
4. None of the above

Q. Meet saves Rs 400 from her salary. If this is $10\%$ of her salary. What is her salary? [4 MARKS]

Q. What is / are the function(s) of a Current Account?

1. Mainly for traders
2. No restrictions on deposit or withdrawal of cash per day.
3. Bank pays higher interest on these account.
4. Interest is credited on the daily basis

Q. What kind of an account can be used by two or more than two people.

1. Provident fund account
2. Fixed deposit
3. Joint Account
4. Current account

Q. Which of the following is / are the feature(s) of a recurring deposit account?

1. It as just an another name of a savings account.
2. The account holder can decide the amount to be deposited in the account every month.
3. For a certain amount, bank provides more interest on these accounts than savings account.
4. It is a means of compulsory savings.

Q. Which type of account is a means of compulsory savings.

1. Savings account
2. Fixed deposit
3. Recurring Deposit Account
4. Current account

Q. Which of the following bank accounts is mainly used by Traders?

1. Savings Accounts
2. Current Accounts
3. Recurring Deposit Account
4. Fixed Deposit Account

Q.

Question 76

In questions 60 to 79, state whether the statements are True or False.
Interest on ₹ 1200 for $1\frac{1}{2}$ yr at the rate of 15 % per annum is ₹180.

Q. What is the kind of account where the money is deposited for a particular period of time and, the money cannot be withdrawn before that fixed tenure?

1. Savings Account
2. Current Account
3. Recurring Deposit Account
4. Fixed Deposit Account

Q. Which type of account is a means of compulsory savings?

1. Recurring Deposit Account
2. Fixed Deposit Account
3. Savings Account
4. Current Account

Q. Mohan deposits $2,200$ rupees in his bank account and withdraws $1,642$ rupees from it , the next day. If withdrawal amount from the account is represented by a negative integer , then how will you represent the amount deposited? Find the balance in Mohan's account after the withdrawal.

Q.

Tom says he is comparing banks to see what interest rates they offer on savings accounts. Explain how Tom should use the information he gets to decide which bank to open a savings account with.

Q. What feature does a Fixed deposit account provide?

1. No minimum balance is required
2. Bank pays same interest to these accounts just as savings account(for same amount of money).
3. Senior citizens get more interest than usual.
4. It is a means of conpulsory savings.

Q.

Banks give no interest on the money in Savings Account.

1. True

2. False

Q. Which of the following can be used in ATMs for withdrawing cash?

1. Debit Card
2. Credit Card
3. None of the above
4. Passbook

Q. In the following sentence, four words or phrases have been underlined. Choose the word or phrase which is not appropriate in standard written English. If the sentence has no error, mark (5).

Q.

Find the amount to be paid at the end of 3 years of the sum of ₹ 1, 200 at the rate of $12\%$ p.a.
[4 MARKS]

Q. The purpose of a _______ is to accumulate funds, there is no such restriction on deposits or incoming transfers.

1. recurring deposit
2. savings account
3. fixed deposit
4. current account

Q. Which of the following bank accounts is mainly used for business purpose?

1. Savings Account
2. Current Account
3. Recurring Deposit Account
4. Fixed Deposit Account

Q. One can deposit and withdraw small or big amount of money whenever they like in ________ account.

1. fixed deposit
2. saving deposit
3. current deposit
4. recurring deposit

Q.

List down any three features of a current account.

Q. Which one of the following is used as a short term savings account?

1. recurring deposit account
2. current bank account
3. savings bank account
4. fixed deposit account

Q. Which of the following can be used in ATMs for withdrawing cash?

1. Debit Card
2. Credit Card
3. Passbook
4. None of the above

Q. State the following statement is True or False
In fixed deposit account , bank does not provide interest

1. True
2. False

Q. An account on which the bank does not pay any kind of interest is a ______ .

1. Recurring Deposit Account
2. Savings Account
3. Current Account
4. Fixed Deposit Account

Q. A man spends $87\%$ of his salary. If he saves Rs. $325$; find his salary.

Q. The minimum amount required to open a savings bank account is ____

1. Rs. $1000$
2. Rs. $500$
3. Rs. $2000$
4. Rs. $3000$

Q. Bank allow the prematurity of fixed deposits. Then they usually collect penal of interest on _____ for the premature withdrawal of fixed deposits.

1. principal
2. maturity amount
3. rate of interest
4. profit

Q. A man saves $Rs.200$ in each of the first three months of his service. In each of the subsequent months his saving increases by $Rs.40$ more than the saving of immediately previous month. After how many months his total savings from the start of service will be $Rs.11040$.

1. $18$ months
2. $19$ months
3. $21$ months
4. $20$ months