types of banks Flashcards
types of deposits
- demand deposit 2. term deposit
demand deposit?
current and saving ac.
term deposit?
recurring and fixed ac.
what is saving bank ac. ?
can be open with minimum initial deposit
money can be deposit at anytime
types of saving ac.
basic saving bank deposit ac. (BSBDA)
basic saving bank deposit ac small scheme (BSBDS)
BSBDA is AKA
no frills ac. 2005 AND zero balance ac
when was BSBDA renamed
2012
which yojana was linked to BSBDA and when
Pradhan mantri jandhan yojana in 2014
what are KYC documents?
know your customer
how to open a BSBDS Ac.
sled arrested photograph, putting signature or thumb print in the presence of an official bank.
a limited no. of transactions is available otherwise extra charges will be there ; in BSBDA. (true or faule)
true
what is BSBDS
it is a small ac. for those Ppl who do not have any KYC documents
how long are small accounts valid for
12 months
what is remittance
money from foreign
in which ac it is not compulsory to maintain a minimum balance
BSBDA
what all cards will be given under BSBDA
atm card, atm cum debit card, repay card
without KYC the remittances can be credited to small ac. (true or false)
false,
what is the current deposit ac.
ac. where withdrawal can be made any no. of times
which facility is provided to only a current ac holder
overdrarft facility
what is the difference b/w loan and advance
loan is for both long and short term. advance is for only the short term. loan is provided after the need, advance is provided before the need
objective of saving and currrent ac
S- to encourage saving of a person
C-to support regular and frequent transection
opening balance for saving and current ac.
S- less amount is required to open
C- high amount
what is term deposit
that cannot be withdrawn before a set date, or for which the notice of withdrawal is required
fixed deposit
cash should remain within ac for a certain period, not transferable.
