01. BANK TRANSACTIONS
1) List out the characteristics relating to bank transactions.
a) Dealing with money.
b) They accept deposits from costumers.
c) They lend loans to the costumers.
d) Payment and with drawl services.
e) Agencies and utility services.
f) Profit and Service orientation etc.
2) What are the functions of Bank?
a) Accepting deposits from public and others.
b) Lending money to public as loans.
c) Transferring money from one place to another.
d) Collecting money, Cheques, draft and bills.
e) Hiring safe deposits lockers etc.
f) Discounting of bills.
3) Explain the relation between the bank and its customers.
There are two types of relation between bank and its customers.
1. General Relationship :
a) Debtor and Creditor relationship.
b) Subsidiary relationship.
c) Agent and principle relationship.
2. Special Relationship.
a) Obligation to honor Cheques
b) Obligation to maintain secrecy of accounts.
4) What are the advantages of opening a bank account?
a) Bank account facilitates a safe custody of money.
b) It helps in making payment.
c) It helps in collecting of money.
d) Account holder gets advances and loans.
e) Account holders get safe deposited locker facilities.
f) It develops saving attitude among people.
5) What are the procedures to open a bank account?
a) Decide the type of account.
b) Approach the bank of choice and meet its officer.
c) Kill up the bank account form or proposal form.
d) Give reference for opening as account.
e) Submit the fully filled form.
f) Verification of the proposal
g) Initial deposit to be made.
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