Bank Transactions — Flashcards

Answer

The term 'Bank' is derived from the old Italian word 'Banco' or French word 'Banque', both meaning a 'Bench' or money exchange table. This reflects the historical practice of money changers conducting…

Answer

A banking company is a financial institution that transacts business with finance. It accepts deposits from the public who want to save money and lends it to those who need it in the form of loans. Ba…

Answer

1. Dealing with money - Banks are financial institutions that handle public money 2. Acceptance of deposits - Banks accept and safeguard customer deposits 3. Lending loans - Banks provide loans for va…

Answer

RBI stands for Reserve Bank of India. It is called the 'Mother of Banks' or 'Bankers Bank' or 'Central Bank of India' because it controls all banking transactions in India and formulates monetary poli…

Answer

A type of bank account generally opened by salaried persons or those with fixed regular income, including students, senior citizens, and pensioners. It encourages people to save money with no restrict…

Answer

A bank account opened by businessmen who have frequent banking transactions including deposits, withdrawals, and contra transactions. Money can be deposited or withdrawn multiple times in a day. Banks…

Answer

Recurring Deposit Account: Regular monthly deposits for future needs (wedding, car purchase). Money deposited monthly and returned with interest after the period. Term Deposit Account: Fixed sum depo…

Answer

1. Decide the type of account you want to open 2. Approach the bank and meet the officer 3. Fill up the bank account form with specimen signatures 4. Give reference/introduction from existing account …