Tag: accounts and other services

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Questions Related to accounts and other services

Multiple choice 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

A bank draft can be dishonored.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
B Correct answer
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.

Multiple choice 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

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

  1. 3 months

  2. 4 months

  3. 5 months

  4. 6 months
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

As per RBI regulations, the validity period for a bank draft (demand draft) is 3 months from the date of issue.

Multiple choice 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

Electronic banking is a form of Virtual Banking ________.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
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.

Multiple choice 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

__________is the process of transfering funds through mobile phones.

  1. ECS

  2. IMPS

  3. CTS

  4. NEFT
Reveal answer Fill a bubble to check yourself
B Correct answer
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.

Multiple choice 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

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

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
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.

Multiple choice 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

A fee is applicable for processing NEFT transaction.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
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.