Types of Bank account Quiz-1

Types of Bank account Quiz-1

Quiz

 

1. Which of the following is typically NOT offered with a saving account?
   1.   Debit card
   2.   Checkbook
   3.   Online banking
   4.   Credit line
2. What is a Recurring Deposit (RD) account?
   1.   An account for storing foreign currency
   2.   A long-term fixed deposit account
   3.   A deposit account with a fixed monthly contribution
   4.   An account for daily transactions
3. Which of the following is a benefit of having a multiple option deposit account?
   1.   You can earn higher interest rates than with a traditional savings account.
   2.   You have more flexibility in how you manage your money.
   3.   You can access your money easily, even if you need it in an emergency.
   4.   All of the above
4. What happens if you withdraw funds from a fixed deposit account before maturity?
   1.   No consequences or penalties
   2.   You receive a higher interest rate
   3.   You lose all your funds
   4.   You may incur penalties or receive lower interest
5. Which of the following is a characteristic of a saving account?
   1.   High-risk investments
   2.   Limited or no withdrawals
   3.   Higher returns than stocks
   4.   No interest earned
6. In a Recurring Deposit (RD) account, the depositor:
   1.   Can deposit a lump sum amount at any time
   2.   Needs to deposit a fixed amount regularly over a specified period
   3.   Can withdraw funds anytime without penalties
   4.   Can withdraw only after the account matures
7. Can a Recurring Deposit (RD) account be prematurely closed?
   1.   Yes, without any penalties
   2.   Yes, but penalties or reduced interest may apply
   3.   No, it must be held until maturity
   4.   Only if the account balance exceeds a specific threshold
8. What is the primary purpose of the minimum balance requirement in a saving account?
   1.   To prevent customers from withdrawing funds
   2.   To earn additional interest
   3.   To cover account maintenance costs
   4.   To invest in the stock market
9. What is the tenure range for a Recurring Deposit (RD) account?
   1.   Fixed at one year only
   2.   Typically ranges from 6 months to 5 years
   3.   Varies based on daily fluctuations
   4.   Can be extended indefinitely
10. What might be the main advantage of a bank current account over a savings account?
    1.   Higher interest rates
    2.   Unlimited transactions
    3.   Tax benefits
    4.   Fixed withdrawal limits
11. What is a bank current account primarily designed for?
    1.   Long-term savings
    2.   Everyday transactions and payments
    3.   High-interest earnings
    4.   Mortgage payments
12. Which of the following is a feature of a bank current account?
    1.   Fixed interest rate
    2.   Limited transactions
    3.   Overdraft facility
    4.   Investment opportunities
13. What is an overdraft facility in a bank current account?
    1.   A type of investment option
    2.   A feature that allows the account holder to spend beyond the account balance
    3.   A method to earn extra interest on the account balance
    4.   A requirement to maintain a minimum balance
14. What is the main characteristic of a fixed deposit account?
    1.   Variable interest rates
    2.   High liquidity
    3.   Flexible withdrawal options
    4.   Fixed interest rate and maturity period
15. Which of the following statements about fixed deposit accounts is true?
    1.   Interest is earned on the principal amount
    2.   They offer unlimited withdrawals
    3.   The interest rate fluctuates daily
    4.   They are ideal for short-term savings goals
16. When can you typically withdraw funds from a fixed deposit account without penalties?
    1.   Anytime during the fixed period
    2.   Only after the account matures
    3.   Only during the first week after deposit
    4.   Only on weekends
17. Which entity typically insures the deposits in a saving account against bank failure?
    1.   World Bank
    2.   International Monetary Fund (IMF)
    3.   Central bank of India
    4.   Deposit Insurance and Credit Guarantee Corporation (DICGC)
18. What is a "pay-as-you-go" feature in a bank current account?
    1.   A feature that automatically invests surplus funds
    2.   A feature that allows deferred payments on bills
    3.   A feature that charges fees for some transactions
    4.   A feature that provides high interest on savings
19. How frequently can the account holder make withdrawals from a Multiple Option Deposit (MOD) account?
    1.   Only once at the time of maturity
    2.   Only once every year
    3.   Multiple times, subject to certain limits and conditions
    4.   Withdrawals are not allowed
20. The interest earned on a saving account is usually:
    1.   Fixed and never changes
    2.   Higher than inflation rate
    3.   Tax-free
    4.   Dependent on the account balance