Tag: bank 2 - accounts maintained by a bank

Questions Related to bank 2 - accounts maintained by a bank

A bank draft can be dishonored.

business organisation and correspondence bank 2 - accounts maintained by a bank functions and services of banks role of banks in economic development and modes of money transfer accounts and other services

  1. True

  2. False

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Correct Option: B
Explanation:

A bank draft can be dishonored- this is a false statement. Bank draft cannot be dishonored. As per the RBI guidelines, validity of a bank draft is 3 months. Bank draft guarantees the underlying funds. A bank draft is often defined as a cheque drawn by a bank on its own funds.

As per the RBI guidelines, validity of a bank draft is ___________.

business organisation and correspondence bank 2 - accounts maintained by a bank functions and services of banks role of banks in economic development and modes of money transfer accounts and other services

  1. 3 months

  2. 4 months

  3. 5 months

  4. 6 months

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Correct Option: A

Electronic banking is a form of Virtual Banking ________.

business organisation and correspondence bank 2 - accounts maintained by a bank functions and services of banks role of banks in economic development and modes of money transfer accounts and other services

  1. True

  2. False

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Correct Option: A
Explanation:

Electronic banking is a form of Virtual Banking- this is a true statement. Under e-banking, account holders get unlimited access to their account. Through e-banking customers can conduct transactions electronically. E-banking is a product designed for the purpose of online banking.

__________is the process of transfering funds through mobile phones.

business organisation and correspondence bank 2 - accounts maintained by a bank functions and services of banks role of banks in economic development and modes of money transfer accounts and other services

  1. ECS

  2. IMPS

  3. CTS

  4. NEFT

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Correct Option: B
Explanation:

IMPS is the process of transferring funds through mobile phones. IMPS stands for Immediate Payment Service. The service of IMPS is available 24/7 throughout the year including bank holidays. It offers an inter bank electronic fund transfer service through the use of mobile phones.

The timing of RTGS services at banks varies depending on the customer timings of the branch/bank.

business organisation and correspondence bank 2 - accounts maintained by a bank functions and services of banks role of banks in economic development and modes of money transfer accounts and other services

  1. True

  2. False

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Correct Option: A
Explanation:

The timing of RTGS services at banks varies depending on the customer timings of the branch/bank- this is a true statement. Minimum amount required to transfer funds through RTGS is Rs 2,00,000. RTGS stands for Real Time  Gross Settlement. It is an electronic form of funds transfer. The transmission takes place on a real time basis. The transfer of funds with RTGS is done for minimum of Rs. 2 lakh.

A fee is applicable for processing NEFT transaction.

business organisation and correspondence bank 2 - accounts maintained by a bank functions and services of banks role of banks in economic development and modes of money transfer accounts and other services

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

A fee is applicable for processing NEFT transaction- this is a true statement. When a transaction is made through NEFT, some service tax is charged with ranges from Rs. 2.5 to Rs 5. It is charged when funds are transferred from one bank account to another.