Banking Awareness Quiz for Bank Exams 2021- 16th April

Q1. Which one is not the type of deposit accounts?
(a)Current accounts
(b)Savings accounts
(c)Loan accounts
(d)Fixed Deposit accounts
(e)All of these

Q2. How many types of deposit are there?
(a)Demand deposits
(b)Time deposits
(c)Both A and B
(d)Assets Deposit
(e)None of these

Q3. ____________ account is opened by the investor while registering with an investment broker.
(a) Recurring Account
(b) Saving Bank Account
(c) Fixed Deposit Account
(d) Dematerialized Account
(e)None of these

Q4. ……………………………is a type of deposit account that caters to professionals and businessmen alike.
(a)Current Account
(b)Savings Account
(c)Fixed Deposit Account
(d)Recurring Account
(e)All of the above

Q5. Nomination can be done in
(a)Recurring Deposit account
(b)Saving Bank account
(c) Fixed Deposit account
(d)All of the above
(e)None of these

Q6. Bank pays interest on
(a)Loans
(b)Deposits
(c)Both (a) & (b)
(d)Advances
(e)None of these

Q7. Which type of deposits gives highest rate of interest?
(a)Current deposit
(b) Fixed deposit
(c) Recurring deposit
(d)Demand deposit
(e)None of these

Q8. In Recurring Deposits
(a)Period of deposit is fixed tenure
(b) A fixed sum is deposited every month (c) Interest is paid at FDR rate
(d)All the above
(e)None of these

Q9. Which is the most common type of time deposit?
(a)Current account
(b)Salary account
(c)Fixed deposits
(d)Saving account
(e)None of these

Q10. Maximum tenure of Fixed Deposit is
(a)7 years
(b)5 years
(c)6 years
(d)10 years
(e)8 years

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Solutions

S1.Ans(c)
Sol. Bank deposit accounts may be classified as follows: Savings Bank Account, Current Deposit Account, Fixed Deposit Account, and Recurring Deposit Account.

S2.Ans(c)
Sol. There are two types of deposit accounts that you can open in a bank, time deposits and demand deposits.

S3.Ans(d)
Sol. Dematerialized Account or DEMAT refers to a deposit made at Indian financial institution that can be used for investing in share of stock and other financial assets.

S4.Ans(a)
Sol. Current Account is a type of deposit account that caters to professionals and businessmen alike.

S5.Ans(d)
Sol. Nomination facilities are available on in deposit accounts, on articles deposited for safe custody, on safe deposit lockers.

S6.Ans(b)
Sol. Bank pays interest on deposits.

S7.Ans(b)
Sol. Fixed deposit gives highest rate of interest.

S8.Ans(d)
Sol. Recurring Deposits features: Period of deposit is fixed tenure, A fixed sum is deposited every month, Interest is paid at FDR rate.

S9.Ans(c)
Sol. Fixed Deposit (FD) is a financial instrument that provides safe and guaranteed return on your investment.

S10.Ans(d)
Sol. Maximum tenure of Fixed Deposit is 10 years.

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