Banking Services

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  • Q1

    SBI offers its customers a facility where the bank automatically transfers any balance in excess of 1 lakh in the customer's savings account to his/her fixed deposit account (in multiples of 5000). This type of account is

    Marks:1
    Answer:

    Multiple option deposit account.

    Explanation:
    SBI has offered a Multiple option deposit account to its customers. It is also called Multi option Deposit scheme.
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  • Q2

    Name the books issued by a bank to its customer after opening a bank account.

    Marks:1
    Answer:

    The two books issued by a bank for its customer are- cheque book and pass book.

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  • Q3

    What are fixed deposits?

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    Answer:

    Fixed Deposits are deposits made for a fixed period and with higher rate of interest than that offered on savings account.

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  • Q4

    For what purpose are Industrial banks established in India?

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    Answer:

    Industrial Banks are set up for the purpose of providing financial as well as technical assistance to industries.

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  • Q5

    State the primary function of commercial banks?

    Marks:1
    Answer:

    The primary function of commercial banks is accepting deposits and granting loans & advances.

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