Very Very Easy
This account is used by individuals for money they want to save
Savings account
Which form/ slip do you fill for depositing money in a bank?
Deposit Slip
You use this machine to take money out of your accounts
ATM
You can ask a bank for this and they will lend you money, but you will have to pay interest on it.
Loan
Having an account at a bank can help me get a loan in the future. State True or False. Then, Justify.
Having a relationship with a bank can give you access to the credit cards and car or house loans offer they are running. Also, being able to show a lender that you have a strong banking history can help them decide to give you a loan.
This account is used for day to day transactions by businesses
Current Account
You can withdraw money from the bank by?
Filling Withdrawal Slip
Self-Cheque
Using Debit Card
You use this number at an ATM to take money out of your account.
Pin Number
In Commercial banks, its members are the owners and customers of the bank. (True/ False)
False. It is in case of cooperative banks
Central Bank of an economy is of utmost importance. State True or False. Then, Justify.
Central Banks are created to provide more stability to the markets and faith in the central currency.
A box in the bank for valuables and important documents
Locker
The action performed for moving money from one account to the other
Money Transfer
You use this card to take money directly from your account.
Debit card
Cooperative Banks run for the sole aim of earning profits. True/False
False. Cooperative Banks run for welfare of its members
Private Banks should be running a country's economy alone. State True or False. Then, justify.
Private banks do not have the authority to print currency. Moreover, they work for earning profits and not to do social welfare.
A person that works at a bank and helps you with deposits
Bank Teller/ Cashier
The person or organization that receives money from a cheque - Receiver/ Payee
Payee
This type of card you borrow money each transaction and you can pay it off at the end of the month (sometimes you earn rewards)
Credit card
It is necessary to fill this form while/after account opening so that the bank can know you better.
KYC (Know Your Customer) Form
You don't need a driver's license for opening a bank account. State True or False. Then, justify
True. In India, you need both a proof of identification and proof of residence for opening an account, but a driver's license is not compulsory. One need to posses an Aadhar card.
A person that looks after the management of a bank branch
Bank Manager
When your account does not have enough money to cover what you purchased with a cheque, what happens to the cheque?
Cheque bounces
You need not visit the bank for everything as almost every bank today provides _________ facility 24*7, at the convenience of your home.
Internet/Net Banking
Anyone can register for internet banking facility in any bank. Justify.
Individuals having an operating account at the concerned bank or financial institution can register for its internet banking facility.
You don’t have to be a country's citizen to get an account at a bank. State True or False. Then, justify.
True
Sometimes people live and work in a country but aren’t citizens. Even if someone isn’t a country's citizen, they’re allowed to have an account at a bank. To open the account, they’ll need specific forms of identification like their passport or an identification card from the government in their home country