Banking Awareness Based on TYPES OF BANK ACCOUNTS | Daily Banking Awareness Quiz

Banking Awareness Based on TYPES OF BANK ACCOUNTS  | Daily Banking Awareness Quiz

Banking Awareness Quiz for SBI Clerk, SBI PO, RBI, IBPS PO/Clerk/RRB/SO & other Banking & competitive exams 2020-21. Banking Awareness is an important part of any banking and Financial exam. You can Attempt Banking Awareness Quiz.

Q1.Which bank account offers overdraft facility to its customers?
(a)Savings account
(b)Recurring Deposit Account
(c)DEMAT Account
(d)Current Account
(e)All of the above

Answer & Explanation
Ans.1.(d)
Exp.Overdraft facility is available for current bank accounts.

Q2.which bank account has no limit to the number of times the account holder can deposit money in this account but there is a restriction on the number of times money can be withdrawn from this account?
(a)Savings account
(b)Recurring Deposit Account
(c)DEMAT Account
(d)Current Account
(e)Fixed Deposit Account

Answer & Explanation
Ans.2.(a)
Exp.There is no limit to the number of times the account holder can deposit money in Svings account but there is a restriction on the number of times money can be withdrawn from this account.

Q3.Fxed deposits(FD’s)accounts allows customers-
(a)To earn interest on quarterly basis for keeping a certain sum of money locked in for a given time, that is until the FD matures
(b)To convert their money deposited in these accounts to INR at prevailing exchange rates
(c)To earn a fixed rate of interest for keeping a certain sum of money locked in for a given time, that is until the FD matures
(d)Both(a(&(b)
(e)All of the above

Answer & Explanation
Ans.3.(c)
Exp.A fixed deposit (FD) account allows the customers to earn a fixed rate of interest for keeping a certain sum of money locked in for a given time, that is until the FD matures.

Q4.FDs range between a maturity period of-
(a)Ten Days to 12 years
(b)one month to 2 years
(c)six months to 10 years
(d)seven weeks to 5 years
(e)seven days to 10 years

Answer & Explanation
Ans.4.(e)
Exp.FDs range between a maturity period of seven days to 10 years.

Q5.Which of the following is/are types NRI bank accounts?
(a)Non-resident ordinary (NRO) savings accounts
(b)Non-resident external (NRE) savings accounts
(c)Foreign currency non-resident (FCNR) account
(d)All of the above
(e)Only (a)&(c)

Answer & Explanation
Ans.5.(d)
Exp.Different types of NRI bank accounts-Non-resident ordinary (NRO) savings accounts ,Non-resident external (NRE) savings accounts & Foreign currency non-resident (FCNR) account.

Q6.Which is Not a type of DEMAT account?
(a)Regular Demat Accounts
(b)Repatriable Demat Accounts
(c)Non-repatriable Demat Accounts
(d)Recurring Demat account
(e)Both (a)&(b)

Answer & Explanation
Ans.6.(d)
Exp.(d)Recurring Demat account is not any kind of DEMAT account.

Q7.The maturity period of an RD could range between-
(a)three months to 10 years
(b)six weeks to 12 years
(c)one month to 5 years
(d)six months to 10 years
(e)six months to 15 years

Answer & Explanation
Ans.7.(d)
Exp.The maturity period of an RD could range between six months to 10 years.

Q8.Any Individual resident outside India can open which account?
(a)Saving Account
(b)Recurring Deposit Account
(c)NRO ( Non-Resident Ordinary Rupees) Account
(d)Basic Savings Bank Deposit Accounts (BSBDA)
(e)All of the above

Answer & Explanation
Ans.8.(c)
Exp.Any Individual resident outside India can open NRO ( Non-Resident Ordinary Rupees) Account.

Q9. Basic Savings Bank Deposit Accounts (BSBDA) does not offer?
(a)ATM card
(b)ATM cum Debit card
(c)Rupay card
(d)Credit card
(e)None of the above

Answer & Explanation
Ans.9.(d)
Exp.Basic Savings Bank Deposit Accounts (BSBDA) does not offer credit card facility.

Q10.under which bank account Cash withdrawals & transfers must not exceed Rs.10, 000/- in a month?
(a)Basic Savings Bank Deposit Accounts (BSBDA)
(b)NRO ( Non-Resident Ordinary Rupees) Account
(c)NRE ( Non-Resident External Rupees) Account
(d)DEMAT account
(e) Basic Saving bank Deposit Accounts Small scheme (BSBDS)

Answer & Explanation
Ans.10.(e)
Exp.Under Basic Saving bank Deposit Accounts Small scheme (BSBDS) Cash withdrawals & transfers must not exceed Rs.10, 000/- in a month.

 

 

 

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