Refresher Training- IDFC First- May'23

Name the type of account which is not used for savings purpose?

• Savings Account

• Current account

Answer explanation

• Current account is mostly opened by businessmen. Associations, Institutions, Companies, Religious Institutions and other business-related works, the current account can be opened

​ (a)   ​ is a form of account wherein the account holder needs to deposit a fixed amount every month until it reaches the fixed maturity date. 

​ ​ (b)   is another type of bank account that can be opened in any Public or Private sector bank.

• Recurring Deposit Account
• Fixed Deposit account

What is the full form of DEMAT account?

• Dematerialized account

• Defaulter account

• Demature account

Answer explanation

Shares and securities which can be held in electronic format constitute the DEMAT account. The DEMAT account also stands for Dematerialized Account.

What type of account are best for everyday transactions?

• Savings account

• Current account

• DEMAT account

• NRI account

Answer explanation

Current accounts are best for day to day transactions as there is no fixed number of times that money can either be deposited or withdrawn from such accounts.

There are only two depository organisations which manage this type of bank account in India. They are ​ ​ (a)   and ​ ​ (b)  

• National Securities Depository Limited
• Central Depository Services Limited
• National Savings Deposit Limited
• Centralised Departmental Limited

Answer explanation

• There are only two depository organisations which manage this type of bank account in India.

• This includes: National Securities Depository Limited and Central Depository Services Limited

Match the following

• Fixed Deposit account

• Account folder needs to deposit a fixed amount for fixed period of time

• Savings account

• Opened by businessmen, companies, institutions

• DEMAT account

• Shares and securities which can be held in electronic format constitute

• Recurring Deposit account

• Eligible for students, pensioners, working professionals

• Current account

• Any individual or institution can open

Full form of NRI

• Non Resident Indian

• Non Residing Indian

• Non Recurring Indian

Match the following

• Foreign Bank

• 
• Private Sector Bank

• 
• Rural Bank

• 
• Public Sector Bank

• 

Banks with a reserve capital of less than 5 lakhs qualify as

​ (a)   ​

• Non-scheduled bank
• Scheduled bank
• private sector bank

__________banks work on a no profit, no loss basis