BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Banks can accept only time deposit from public
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Banks can accept only demand deposit from public
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Banks can accept both demand and time deposit from Public
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Banks can accept demand and time deposit from Government only
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Detailed explanation-1: -Banks can accept both demand and time deposits from public.
Detailed explanation-2: -The bank rate is the rate at which the central bank lends money to the commercial banks by buying their eligible rated securities-bills of exchange or commercial paper. The MSF is maintained at 25 bps higher than the repo rate. The Bank Rate is published under Section 49 of the RBI Act, 1934.
Detailed explanation-3: -Central bank is the national bank of a country that regulates all the other banks and financial institutions and provides services to the nation.
Detailed explanation-4: -The activity shown on your bank statement includes information such as processed deductions and deposits, your average daily balance, and any interest earned. You will not see your current balance or any pending transactions.
Detailed explanation-5: -The primary source of income for banks is the difference between the interest charged from the borrowers and the interest paid to the depositors. Banks usually collect higher interest from loans than the interest they provide for deposits.