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Banking Transactions Short Questions with Answers


BANKING TRANSACTIONS


Q.1      WHAT IS BANK.?

Ans.    Bank is a financial institution which deals in money. It takes money from those people who have spare it  on low rate of interest and lends to the needy people at a high rate of interest. This difference of rate of interest its income.

Q. 2     WRITE THE KINDS OF BANK ACCOUNT?
Ans.    There are four type of bank accounts.   1. Current Account  2. Saving Account 3.Fixed deposit Account   4.  Foreign currency account.
Q. 3     DEFINE CURRENT ACCOUNT?
Ans.    This account is opened by the business man. There is no restrictions on it For drawings money from the bank.
Q. 4     DEFINE SAVING ACCOUNT?
Ans.    This account can be opened with small amount and only Rs.25000/- may be Drawn in a week. If more than 25000/- in a week have to draw, a written Application has to submit the manager before drawings. Low rate of interest Is allowed on it.
Q. 5     WRITE A NOTE ON FIXED DEPOSIT?
Ans.    This account is opened for a fixed period such as six months or longer period. The amount cannot be with drawn till the expiry of fixed period. High rate Of interest is allowed on fixed deposit.
Q. 6     WRITE THE NAME OF BOOKS ISSUED BY THE BANK AT THE TIME
OF OPENING AN ACCOUNT?
Ans.    1. Pay in slip ii. Cheque Book       iii. Pass Book.
Q. 7     DEFINE PAY IN SLIP?
Ans.    A printed slip is used for depositing amount into the bank.
Q. 8     DEFINE CHEQUE BOOK?
Ans.    A printed Cheque book is issued by the bank to the account holder for
            His amount from said bank.
Q. 9     WHAT IS PASS BOOK?
Ans.    It is a copy of account holder’s ledger in the bank.
Q.10    DEFINE CHEQUE?
And.    A cheque is a printed document which is used by the account holder for  drawings his amount from the aid bank.
Q.11    DEFINE BANK DRAFT?
Ans.    Bank draft is used for transferring money from one place to another. It is an order drawn by a bank on one of its branches.
Q.12    WHAT IS POSTAL ORDER?
Ans.    It is written order made by one post office on an other for transferring
            Money.
Q.13    DEFINE POST DATED CHEQUE?
Ans.    If future date is written on a cheque. It is called post dated cheque.
            e.g. cheque issued on 1st March 2005 and written date on cheque
            is 30th June,2005.




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