Banking Services

What is the main function of a bank?

• To build houses

• To offer medical care

• To provide financial services

• To sell goods

What is the purpose of a savings account?

• To earn interest on deposited money

• To spend money freely

• To donate money to charity

• To buy expensive items

What is the definition of e-banking?

• Banking through electronic means

• Banking through phone calls

• Banking through letters

• Banking through physical visits only

What is the purpose of net banking?

• To read physical books

• To watch movies online

• To perform banking activities via the internet

• To play video games

What is the main difference between a bank and a moneylender?

• Banks are legal, moneylenders are not

• Banks do not accept deposits

• Banks offer higher interest rates

• Moneylenders provide better customer service

Meaning of deposit and withdrawal

What does a bank do with our money?

• Keeps it in a bank

• lends to others for productive use

Bank acts as an Intermediary

• True

• False

Organize these options into the right categories

Groups:

(a) Banks

,

(b) Moneylenders

• Interest decided by RBI

• Individuals

• Organized Institutions

• People with less access to banking and agriculturists

• Rigid repayment

• Do not accept deposits

• Flexible repayment

• Accept deposits

• Legal

• Interest decided by self

• Illegal

• People and business

RBI stands for _______.

Answer explanation

Reserve Bank of India