BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bank deposit
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Foreign currency
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Loan
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All of the above
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Detailed explanation-1: -When an account holder deposits funds at a bank, the bank can use that money to lend to other consumers or businesses. In return for the right to use these funds for lending, they will pay the depositor compensation in the form of interest on the account balance.
Detailed explanation-2: -Banks allow people to deposit their money as savings. These savings earn them a small interest when withdrawn. The deposits made can be withdrawn at any time. This is called demand deposit.
Detailed explanation-3: -Bank deposits are of two types-demand deposit and time deposit. Under a demand deposit, which is for a conventional savings account, the depositor can withdraw money at any time.
Detailed explanation-4: -Traditionally, there are four types of bank deposits in India, which are-Current Account, Recurring Deposits, Savings Accounts, and Fixed Deposit Accounts. Each type has its advantages.
Detailed explanation-5: -The Federal Deposit Insurance Corporation (FDIC) is an independent federal government agency which insures deposits in commercial banks and thrifts.