Riaz Academy
BANKING
TRANSACTIONS
TRANSACTIONS
Q.1 WHAT
IS BANK.?
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.
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?
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.
Account 4. Foreign currency account.
Q.
3 DEFINE CURRENT ACCOUNT?
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.
There is no restrictions on it For drawings money from the bank.
Q.
4 DEFINE SAVING ACCOUNT?
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.
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?
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.
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
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.
Book.
Q.
7 DEFINE PAY IN SLIP?
7 DEFINE PAY IN SLIP?
Ans. A printed slip is used for depositing amount into the bank.
Q.
8 DEFINE CHEQUE BOOK?
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?
9 WHAT IS PASS BOOK?
Ans. It is a copy of account holder’s ledger in the bank.
Q.10
DEFINE CHEQUE?
DEFINE CHEQUE?
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?
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.
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?
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?
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
and written date on cheque
is 30th June,2005 .