FINANCIAL EDUCATION

LEARNING VAULT

Know Your Banking - General Banking
Deposits

Kindly click on the options below to view the Learning Vault

1. If we place money with the bank in Fixed Deposit for a specific period, it can be withdrawn only at the time of maturity and not before maturity

True
False

2. Ration Card and Driving License can be produced by customers as documents to open an account with a bank under 'Know Your Customer(KYC)'Norms

True
False

3. An individual person of any age can open and operate his savings bank account.

True
False

4. Banks do not permit joint savings accounts.

True
False

5. While opening a new account banks insist on the first deposit (credit into the account) in the form of cash.

True
False

6. Photograph of the customer is an important requirement to open a savings account.

True
False

7. Banks do not ask for proof of residence while opening a savings bank account.

True
False

8. Minors can open current account with banks

True
False

9. Primary Agricultural Credit Societies are allowed to open savings bank account.

True
False

10. There are no restrictions on the number of credits in a saving bank account.

True
False

11.  There are no restrictions on the number of withdrawals in a saving bank account.

True
False

12.  Banks have a rule that savings bank account holder should keep specified minimum balance in the account.

True
False

13.  A person having a savings bank account does not need a separate introduction to open Term deposit account in the same bank.

True
False

14.  There is no limit/restriction on the period for which a term deposit can be kept in the bank.

True
False

15.  The rate of interest offered by the bank on term deposit is generally higher than that offered in the saving bank account.

True
False

16.  Nomination facility is available for term deposit accounts.

True
False

17.  Banks cannot pay monthly interest on fixed deposits.

True
False

18.  Current accounts offer higher interest rates than savings accounts.

True
False

19.  There is a minimum amount, as per each banks policy, below which fixed deposit accounts may not be opened.

True
False

20.  A senior citizen cannot open a deposit account jointly with non senior citizen.

True
False

21.  Senior citizens are paid a higher rate of interest on their deposit accounts.

True
False

22.  Proof of age is not required for senior citizens opening a bank account.

True
False

23.  A cheque is an order from a depositor telling the bank to pay a stated amount of cash to the person or business named on the cheque.

True
False

24.  A bound book of cheques with stubs is the depositor's record of the checking account

True
False

25.  A deposit or a paying-in slip is a blank form listing the details of coin, currency, or cheques to be deposited and the amount of deposit (it accompanies a deposit)

True
False

26.  A payee is the person or business to whom a cheque is written

True
False

27.  Cheques written in pencil are not acceptable.

True
False

28.  The person who signs a cheque is called the drawer

True
False

29.  The bank on which the cheque is written is the drawee.

True
False

30. A joint account is one which is opened and operated by at least three and maximum twelve persons

True
False

31.  Commercial banks do not accept the standing instructions from deposit account hollers.

True
False

32.  Banks issue bearer demand draft where payment can be obtained on the bank's counter.

True
False

33.  For customers, banks collect the checks drawn on other banks also

True
False

34.  Bill pay facility is extended to current account customers only

True
False

35.  Cheque becomes stale after one year from the date of issue.

True
False

36.  There is no expiry date for travellers' cheques.

True
False

37.  Cheque is a comparatively better mode of payment than cash.

True
False

38.  If the balance in Savings Bank Account falls below the minimum level stipulated by banks, banks levy penalty.

True
False

39.  An account ,once opened with a branch ,can not be shifted to any branch located in a differtent place?

True
False

40. Nomination is very important in the case of bank deposit

True
False

41. A minor can open a savings account to be operated by himself

True
False

Back