Banking Term Deposits Quiz

What is a time deposit or term deposit?

• A deposit that can be withdrawn anytime without penalty

• An interest-bearing bank deposit with a specified period of maturity

• A non-interest bearing bank deposit

• A deposit with no specified maturity period

What is the definition of 'Bulk Deposit' as per RBI Master Direction on Interest Rates on Deposits?

• Single Rupee term deposit of less than 2 Crore

• Single Rupee term deposit of 1 Crore and above

• Single Rupee term deposit of 2 Crore and above

• Single Rupee term deposit of 5 Crore and above

What is the penalty for premature closure of Domestic/NRO term deposits of less than Rs.2 Crore?

• 0.50%

• No penalty

• 1.00%

• 2.00%

What is the additional interest rate offered to Senior Citizens for Retail Term Deposits with tenor of 180 days and above?

• 2.00%

• 1.50%

• 1.00%

• 0.50%

What is the penalty for premature closure of Domestic/NRO CALLABLE term deposit of Rs. 2 Crore & above?

• No penalty

• 0.50%

• 2.00%

• 1.00%

What happens to Term Deposits which have not been repaid or renewed on the due date?

• They are treated as overdue deposits and payable on demand

• They are transferred to a different bank

• They are automatically renewed for another term

• They are closed without any penalty

What is the minimum amount required to open a Canara Tax Saver deposit?

• Rs. 2000/-

• Rs. 1000/-

• Rs. 500/-

• Rs. 100/-

What is the minimum period for Recurring Deposits?

• 1 month

• 6 months

• 1 year

• 3 months

What is the special feature of Canara Dhanvarsha Account?

• Up to four number of installment skips are permitted

• Free standing instruction for the credit of Dhanvarsha

• Flexibility of depositing additional amount up to 5 times of regular installments

• Deposits can be made only once a month

What is the maximum period for which deposits are normally accepted?

• 5 years

• 10 years

• 20 years

• 15 years