Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsBANKING AND MONETARY POLICY3 Marks
Question
List down different methods of payment and withdrawal facility provided by banks
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Answer
Primary functions:
$1.$ Accepting deposits: A bank acts as a custodian by accepting people s’ savings in the form of deposits and gives interest in return. Types of deposits a bank accepts: There are four different ways in which a bank accepts deposits. They are: Current Account Deposits, Savings Account Deposits, Recurring Deposit Account and Fixed Deposits. A customer may deposit money in banks by opening any of these accounts.
$2.$ Payment and withdrawal facilities: A bank provides easy payment and withdrawal facility to its customers. The various facilities are cheque, withdrawal slips and drafts, pay order, $ATM$ Facilities $($Automatic Teller Machine$),$ internet banking, debit card and credit card.
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