SSLC Social Science (EM): Banking Transactions | Model Question-answers

SSLC Social Science Solved Questions/Model Questions and Answers (Q&A) on the Lesson: Banking Transactions for the SSLC English Medium students have been updated in this post below. The students of SSLC can make use of this Online Study Package to get good scores in the SSLC examinations.

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SSLC Social Science (EM): Banking Transactions | Model Question-answers

BANKING TRANSACTIONS

One Marks Questions

Answer: “Banque”

Answer: The Reserve Bank of India (RBI)

Answer: SBI

Answer: Post Offices

Answer: Savings Bank Account

Answer: Term or Fixed Deposit Account

One Marks Questions

Answer: A banking company may be defined as a company that transacts the business with finance.

Answer: The services of banks are called Banking.

Answer: Any sort of activity involving money or exchange of money in an account is viewed as bank transaction.

Answer: The Reserve Bank of India (RBI) is known as the Mother of Banks or Bankers Bank or Central Bank of India.

Answer: All the banking transactions in India are controlled by The Reserve Bank of India (RBI). So it is known as Mother of Banks or Bankers Bank or Central Bank of India.

Answer: The recent development in the banking industry is the inclusion of Post Offices into its fold.

Answer: Savings Bank Account

Answer: Savings Bank Account

Answer: Current Account

Answer: Current Account

Answer: Recurring Deposit Account

Answer: Recurring Deposit Account.

Term or Fixed Deposit Account

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Two Marks Questions

Answer:
1) Dealing with Money
2)Individual/Firm/Company
3) Acceptance of Deposits
4) Lending Loans
5) Payment and Withdrawal
6) Agency and Utility Services
7) Profit and Service Orientation
8) Ever-Increasing Functions
9) Connecting Link
10) Banking Business
11) Name Identity

Answer:
Accepting deposits from the public and others.
1) Lending money to the public (Loans) and other institutions.
2) Transferring money from one place to another (Remittances)
3) Collecting money on cheques, drafts and bills.
4) Discounting of bills.
5) Hiring safe deposit lockers.
6) Conducting foreign exchange transactions.
7) Keeping valuables in safe custody.
8) Issuing letters of credit and guarantee.
9) Conducting government transactions.

Answer:
1. General relationship :
    A. Primary Relationship
   B. Subsidiary Relationship
   C. Agent and Principal Relationship.
2. Special relationship
   A. Obligation to honour cheques.
   B. Obligation to maintain the secrecy of accounts.

Answer:
1) Debit Card and Credit Cards
2) Safe Deposit Lockers
3) Personal Loans
4) Trust Services
5) Home and Vehicle Loans
6) Signature Guarantees
7) Mutual Funds
8) E-Banking

Answer:
1) Issue of National Savings Certificate
2) KissanVikasPatra
3) Monthly Recurring deposits
4) Postal Life Insurance
5) Pension payment
6) Money transfer

Answer:
1) Central Bank or Reserve Bank of India
2) Commercial Banks
3) Industrial Development Banks
4) Land Development Banks
5) Indigenous Banks (Moneylenders or Sahukars)
6) Co-operative Banks

Answer:
1) Savings Bank Account
2) Current Account
3) Recurring Deposit Account
4) Term or Fixed Deposit Account

Answer:
1) This type of account is generally opened in banks.
2) by salaried persons or by the persons who have a fixed regular income.
3) This facility is also given to the students, senior citizens, pensioners etc.
4) Savings accounts are opened to encourage people to save money and pool their savings.
5) There is no restriction on the number and amount of deposits.
6) The money can be withdrawn either by cheque or through a withdrawal slip available in the respective bank.

Answer:
1) Decide the type of account which you want to open
2) Approach the bank of your choice and meet its office
3) Fill up the Bank account form or proposal form
4) Give a reference for opening your Bank account
5) Submit the Bank account form duly filled
6) The officer will verify all the particulars submitted
7) Initial Deposit

Answer:
1) Bank account facilitates safe custody of the money.
2) Bank account helps in making payments.
3) Bank account helps in the collection of money.
4) Bank account holders get advances and loans.
5) Bank account helps in smooth financial transactions.
6) Bank account holders can get a safe deposit locker facility.

Savings Bank Account Current Bank Account
This type of account is generally opened in banks by salaried persons or by the persons who have a fixed regular income. A current account is opened by businessmen who have a large number of regular transactions with the Bank.
There is no restriction on the number and amount of deposits. In the current account, the amount can be deposited or withdraw.

Recurring Deposit Account Term Fixed Deposit Account
These deposit accounts are generally opened for a purpose to be saved for a future date. This type of account is opened for a fixed period by depositing a particular sum of money.
For future requirements deposits are made regularly on monthly basis. The Deposit amount cannot be withdrawn before the expiry of the term.
After the period is over the total amount is repaid with interest. The Deposit amount cannot be withdrawn before the expiry of the term.
For future requirements deposits are made regularly on monthly basis. The Rate of interest is more dependent upon the term in this deposit account.

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