What is a 'bank?'
Ans:- Bank is an institution which attracts deposit from public and lends the money to the needy persons at varied interest rates
Who are 'needy persons'?
Ans:- Persons who are in need of monetary assistance are treated as needy persons.
What are fixed deposits?
Ans:- Amount deposited for a particular period of time are called time deposit.These deposits are repayable after a fixed period
Name the types of deposits?
Ans:- Fixed or Time and Demand deposits
What are demand deposits?
Ans:- The deposits which can be withdrawn any time from the bank are known as 'demand deposit'
What is credit card?
Ans:- A credit card is a payment card issued to users as a system of payment. It allows the cardholder to pay for goods and services based on the holder's promise to pay for them. The issuer of the card creates a revolving account and grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user
What is mutual funds?
Ans:- A mutual fund is a type of professionally managed collective investment vehicle that pools money from many investors to purchase securities.
Ans:- Bank is an institution which attracts deposit from public and lends the money to the needy persons at varied interest rates
Who are 'needy persons'?
Ans:- Persons who are in need of monetary assistance are treated as needy persons.
Ans:- Amount deposited for a particular period of time are called time deposit.These deposits are repayable after a fixed period
Name the types of deposits?
Ans:- Fixed or Time and Demand deposits
What are demand deposits?
Ans:- The deposits which can be withdrawn any time from the bank are known as 'demand deposit'
What is credit card?
Ans:- A credit card is a payment card issued to users as a system of payment. It allows the cardholder to pay for goods and services based on the holder's promise to pay for them. The issuer of the card creates a revolving account and grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user
What is mutual funds?
Ans:- A mutual fund is a type of professionally managed collective investment vehicle that pools money from many investors to purchase securities.
More questions coming soon...
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