Good Morning
Dear Candidates,
Purpose :To prepare for written exam of SBI JUNIOR ASSOCIATES (CLERK)/ PO/IBPS PO/CLERK/RRB PO/ASSISTANT.
Must spend one hour for this section.
Out of this one hour :
Spend 15 min : visit following very useful website,:
http://bankinterview.in/
on home page you will link for 600 important questions on banking/financial aspects. click that
Learn following :
Electronic Clearing Service (ECS)
ECS is an electronic retail payment system for making bulk and repetitive payments such as payment of dividend, interest, salary, pension, etc., or for collection of amounts pertaining to payments to utility bills like telephone, electricity, house tax, water tax, etc or for loan installments of banks / financial institutions or regular investments of persons from one account to many accounts or vice versa. BANKNET and INFINET facilitate payment from a single account maintained in a bank branch to any number of accounts maintained with the branches of the same or other banks.
Current Account :
Current Accounts are used by business concerns to route their sales.
Savings Bank Account :
These deposits accounts are opened by individuals.
Recurring Deposit Accounts :
Dear Candidates,
Purpose :To prepare for written exam of SBI JUNIOR ASSOCIATES (CLERK)/ PO/IBPS PO/CLERK/RRB PO/ASSISTANT.
Must spend one hour for this section.
Out of this one hour :
Spend 15 min : visit following very useful website,:
http://bankinterview.in/
on home page you will link for 600 important questions on banking/financial aspects. click that
last year in all banking exam most questions came out of these questions only.
you must cram min 15 Questions out of these 600 QA today.
Spend 30 min :
read any current affair magazine
Spend 15 min:
TYPES OF CHEQUES(AS PER ITS NATURE):
1. Order Cheque : A cheque which is payable to a particular person or his order is called an order cheque.
2. Bearer Cheque : A cheque which is payable to a person whosoever bears, is called bearer cheque.
3. Blank Cheque : A cheque on which the drawer puts his signature and leaves all other columns blank is called a blank cheque.
4. Stale Cheque : The cheque which is more than three months old is a stale cheque.
5. Mutilated Cheque : If a cheque is torn or broken , it is termed as mutilated cheque.
6. Post Dated Cheque : If a cheque bears a date later than the present date, it is termed as post dated cheque.
7. Open Cheque : A cheque which has not been crossed is called an open cheque.
8. Crossed Cheque : A cheque which carries two parallel lines across the face of the cheque , is called crossed cheque.
What are Brown Label ATMs
Description and Meaning of Brown Label ATMs :
'Brown label' ATM are those Automated Teller Machines where hardware and the lease of the ATM machine is owned by a service provider, but cash management and connectivity to banking networks is provided by a sponsor bank whose brand is used on the ATM.
The `brown label' has come up as an alternative between bank-owned ATMs
Description and Meaning of Brown Label ATMs :
'Brown label' ATM are those Automated Teller Machines where hardware and the lease of the ATM machine is owned by a service provider, but cash management and connectivity to banking networks is provided by a sponsor bank whose brand is used on the ATM.
The `brown label' has come up as an alternative between bank-owned ATMs
Electronic Clearing Service (ECS)
ECS is an electronic retail payment system for making bulk and repetitive payments such as payment of dividend, interest, salary, pension, etc., or for collection of amounts pertaining to payments to utility bills like telephone, electricity, house tax, water tax, etc or for loan installments of banks / financial institutions or regular investments of persons from one account to many accounts or vice versa. BANKNET and INFINET facilitate payment from a single account maintained in a bank branch to any number of accounts maintained with the branches of the same or other banks.
TYPE OF DEPOSIT ACCOUNTS IN BANKS:
Types of deposit accounts are:
Types of deposit accounts are:
Current Accounts,
Saving Banking Accounts,
Recurring Deposits
and, Fixed Deposits.
Current Account :
Current Accounts are used by business concerns to route their sales.
There is no limits for number of transactions or the amount of transactions in a day.
No interest is paid by banks on these accounts.
Banks levies certain service charges, on such accounts.
Savings Bank Account :
These deposits accounts are opened by individuals.
These accounts carry specific interest that is payable by banks. this varies from bank to bank.
Number of transactions are also limited.
Nominal interest is paid on the balance in the account.
The depositor has the freedom to withdraw the amount deposited as and when he/she desires, however there are restrictions on the number of withdrawals over a period of time.
The interest on such deposits is calculated on daily product basis.
The interest on such deposits is calculated on daily product basis.
Recurring Deposit Accounts :
These accounts are opened for a fixed period.
customers has to deposit a fixed amount every month.
rate of interest is same as applicable on fixed deposits.
normally opened from 6 months to 120 months period.
FIXED DEPOSIT OR TERM DEPOSIT:
The customer deposits a lump sum amount at one go for a fixed period.
it can be for 7 days to 10 years.
pre mature payments allowed.
these accounts carry fixed rate of interest.
rate of interest varies from bank to bank.
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Deposit Accounts
As per Banking Regulations Act, Banking is accepting of money for the purposes of lending , investment and the money so accepted is payable on demand or otherwise.Thus Bank deposits can be broadly classified in to:
(1) Demand deposits
(2) Time /Term deposits
Demand deposits: -
Demand deposits are those deposits, which can be withdrawn on demand. Saving bank, current account and overdue deposits fall under this category. Customers having these accounts can withdraw their deposit s from the account at any time they desire.
Time/Term Deposits: -
Deposits, which are not payable on demand, are known as term or time deposits. "Term Deposits" or “Fixed Deposits” are deposits, where the depositor makes a lump sum deposit at one time for a fixed term and receives payment in future after the period for which the deposits have been kept. Rate of interest is contracted at the time of opening the account. Such deposits generally carry comparatively higher rate of interest depending on the time span In case a depositor wants prepayment i.e. payment before the due date, the amount is paid after leaving penalty.
As per Banking Regulations Act, Banking is accepting of money for the purposes of lending , investment and the money so accepted is payable on demand or otherwise.Thus Bank deposits can be broadly classified in to:
(1) Demand deposits
(2) Time /Term deposits
Demand deposits: -
Demand deposits are those deposits, which can be withdrawn on demand. Saving bank, current account and overdue deposits fall under this category. Customers having these accounts can withdraw their deposit s from the account at any time they desire.
Time/Term Deposits: -
Deposits, which are not payable on demand, are known as term or time deposits. "Term Deposits" or “Fixed Deposits” are deposits, where the depositor makes a lump sum deposit at one time for a fixed term and receives payment in future after the period for which the deposits have been kept. Rate of interest is contracted at the time of opening the account. Such deposits generally carry comparatively higher rate of interest depending on the time span In case a depositor wants prepayment i.e. payment before the due date, the amount is paid after leaving penalty.
Difference Between Saving and Current Account
The difference between saving and current account is discussed as follows:
1. Meaning
Saving account is opened by Resident Individuals (either singly or jointly), Associations, Trusts, Hindu Undivided Families (HUFs), Clubs, Societies etc. Institutions specially permitted by RBI. for the purpose of saving a part of their income.
Current account is opened by Individuals,joint account, sole proprietary concerns,partnership concerns,HUFs, COMPANIES,Association of persons,society,trusts,body co-operatives,charitable and other institutions. for business transactions.
2. Purpose
The main purpose of opening a saving account is to save an amount.
The main purpose of opening a current account is to facilitate regular business transactions.
3. Operated by
Saving account is operated by Resident Individuals (either singly or jointly), Associations, Trusts, Hindu Undivided Families (HUFs), Clubs, Societies etc. Institutions specially permitted by RBI.
Current account is operated by Individuals,joint account, sole proprietary concerns,partnership concerns,HUFs, COMPANIES,Association of persons,society,trusts,body co-operatives,charitable and other institutions.
4. Interest Rate
The saving account earns a nominal rate of interest. At present, it is about 4% p.a. (in India).(VARIES FROM BANK TO BANK)
Normally, banks do not pay interest on current account.
5. Minimum Amount
The saving account can be operated with lesser amount.(may be Rs 500/= or even Zero )
To open current account more amount is required.(may be Rs 1000/=)
The difference between saving and current account is discussed as follows:
1. Meaning
Saving account is opened by Resident Individuals (either singly or jointly), Associations, Trusts, Hindu Undivided Families (HUFs), Clubs, Societies etc. Institutions specially permitted by RBI. for the purpose of saving a part of their income.
Current account is opened by Individuals,joint account, sole proprietary concerns,partnership concerns,HUFs, COMPANIES,Association of persons,society,trusts,body co-operatives,charitable and other institutions. for business transactions.
2. Purpose
The main purpose of opening a saving account is to save an amount.
The main purpose of opening a current account is to facilitate regular business transactions.
3. Operated by
Saving account is operated by Resident Individuals (either singly or jointly), Associations, Trusts, Hindu Undivided Families (HUFs), Clubs, Societies etc. Institutions specially permitted by RBI.
Current account is operated by Individuals,joint account, sole proprietary concerns,partnership concerns,HUFs, COMPANIES,Association of persons,society,trusts,body co-operatives,charitable and other institutions.
4. Interest Rate
The saving account earns a nominal rate of interest. At present, it is about 4% p.a. (in India).(VARIES FROM BANK TO BANK)
Normally, banks do not pay interest on current account.
5. Minimum Amount
The saving account can be operated with lesser amount.(may be Rs 500/= or even Zero )
To open current account more amount is required.(may be Rs 1000/=)
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RECURRING DEPOSIT
Brief features of the product:
- Individual (singly or jointly) with others.
- Minor who have attained the age of 10 years and above in his/her own name on giving proof of age.
- Minors below the age of 10 years under guardianship of Natural/legal guardian.
- Proprietorship/Partnership Firm, Commercial Organization, Company / Corporate Body
- Hindu Undivided Family
- Association, Club, Society, Trust or Religious/Charitable Educational Institutions,
- Municipality or Panchayat, Government or Quasi-Government body.
- Illiterate and blind persons can also open accounts.
- 100/- and in multiples thereof
Terms & Conditions:
- Period of RD - 6 months to 120 months in multiple of 3 months
- Premature withdrawal is allowed.
- TDS is applicable.
- Withdrawals on maturity or one month after deposit of last installment, whichever is later.
- Generally loans/overdrafts against deposits are allowed.
- Interest on overdue deposit is paid as per prevalent policy of the bank from time to time.
- Interest on bank deposits is exempt from income tax up to a limit specified by
Income Tax authorities from time to time.
For written exam/ interview guidance , you may contact:
ANIL AGGARWAL SIR
EX CHIEF MANGER ,PUNJAB NATIONAL BANK.
Mobile: +91 9811340788
E-mail ID: anilakshita@yahoo.co.in
Office: Flat #49, Trilok Apartments, Patparganj, I.P. Extension, Delhi-110092.
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Website: http://bankinterview.in/
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