Bank Interview Questions and Answers with Full Form and Taxes of Banking Terms
Bank Interview Questions
Question 1. Who issues currencies notes in India?
Answer 1. Currencies
notes are issued by reserve bank of India.
Question
2. Who issues coins in India?
Answer 2. All coins
(1, 2, 5, and 10) are issued by finance ministry.
Question
3. Who is the current Finance Minister of India in 2018?
Answer 3. Arun
Jaitley
Question
4. Who is the current RBI governor of India?
Answer 4. Urjit
Patel
Question
5. Name various Mints issuing India?
Answer 5. The
Indian government mints operate fours mints in the country for the production
of coins. They are in
- Mumbai –Maharashtra
- Kolkata-west Bengal
- Hyderabad – telangana
- Noida – Uttar Pradesh
Question
6. Name two Mutual funds available in India?
Answer 6. The
following Two types of mutual funds available in India.
- Dynamic funds- your money will be invested in debt and money – market instrument. The maturity of the funds will vary according to the investments that are makes.
- Index funds- under the category of mutual funds, your money will be invested according to how a stock market index functions. The NAV for these funds will be closely follow the rise or fall in the index.
Question
7. Write various denominations of
currency notes in India?
Answer 7. The
reverse bank of India has introduced bank notes in the mahatma Gandhi series
since 1996 has so far denomination of RS 5 , 10, 20, 50 100, 500,1000
Question
8. Name five types of loans which bank offers to individuals?
Answer 8. The
following five types of loans which bank offers to individuals.
- Student loans
- Mortgages loans
- Auto loans
- Loans for veterans
- Pay day loan
Question
9. Name two insurance companies other than LIC and I pru?
Answer 9: The following two types of insurance companies.
- Tata ALG General insurance company Limited = it is an Indian general insurance company and a joint venture between the Tata group and American international group. The Tata group holds 51% stake in the insurance venture and ALG holding the balances of 26% percent. It provies insurance to individuals and corporate. Its offers to range of general insurance products including insurance for automobile,home,personal accidents,travels,etc..
- The peerless insurance company limited = it was founded in NARAYANGANJI, Bangladesh by radhyashyam Roy in 1932. The company shifted base to Kolkata in 1935.
Question
10. Who regulates mutual funds schemes in India?
Answer 10. Mutual funds are regulated by securities and
exchange board of India (SEBI).
Question
11. What is the difference between ‘Cheque’ and ‘Demand draft’?
Both are used for the transfer of the amount between two
accounts of same banks or different bank. ‘Cheque’ is issued by an individual
who holds the account in a bank, while ‘Demand draft’ is issued by the bank on
request, and will charge you for the service. Also, demand draft cannot be
cancelled, while cheques can be cancelled once issued.
Question
11. What are the different types of ‘Fixed Deposits’?
There are two different types of ‘Fixed Deposits’ listed
below-
Special Term Deposits: In this type of ‘Fixed Deposits’,
the earned interest on the deposit is added to the principal amount and
compounded quarterly. This amount is accumulated and repaid with the principal
amount on maturity of the deposit.
Ordinary Term Deposits: In this type of ‘Fixed Deposits’,
the earned credit is credited to the investor’s account, once in a quarter. In
some cases, interest may be credited on a monthly basis.
The earned interest on fixed deposits is non-taxable. You
can also take a loan against your fixed deposit.
Taxation
Basics | Direct and Indirect Taxes of Government of India
Ø CUSTOM
DUTY
Ø EXCISE
DUTY
ADDITIONAL
DUTY OF EXCISE
Ø SERVICE
TAX
Ø PRODUCT
SPECIFIES LIKE AUTOMOBILE CESS
Ø INFRASTRUCTURE
CESS CLEAN ENERGY CESS
Ø RESEARCH
& DEVELOPMENT CESS
Custom Duty
What
is the custom duty?
Custom duty is a variant of indirect tax and is
applicable on all goods imported and a few goods exported out of the country.
Duties levied on import of goods are termed as import duty while duties levied
on exported goods are termed as exports duty.
Custom duty in India is defined under the customer act,
1962 and enables the government to levy on exports and imports, prohibit export
and import of good, procedures for importing/exporting and offences, penalties
etc. All matter related to custom duty fall under the Central Board of Excise
& Customs (CBES). The CBEC, in turn, is a division of the department of
Revenue of the Ministry of Finance.
Types
of Custom Duty
· Basic custom duty = basic custom duty is
applicable on imported items that fall
under the ambit of section 12 of the custom Act,1962. The levied rates may be
standard or preferential as per the country of import.
· Additional customs duty = the duty is levied
on imported items under section 3 of customs tariff Act, 1975. This duty is
calculated on the aggregate value of goods including BDC and landing
charge.
Custom
Duty Rates
Custom duty rates can be specific (rupess per unit) or ad
valorem (percentage of value). In general, duty varies anywhere from 0% to
150%, with the average rate lying around 11.90%.
Other fees related to custom duties include:
·
Landing charge -1% CIF
·
Countervailing Duty (CVD) –(0%, 6%,or 12%(CIFD+LC)
·
CEX(education and higher education
cess)-3%CVD
·
CESS(edcuction +higher education) -3%(duty +
CEX(education and higher education cess)+CVD)
·
Additional CVD -4%(CIFD+LC+CVD+CESS+CEX)
Full Form of Banks and Useful Banking Related Terms
NEFT =National Electronic Funds Transfer
RTGS= Read Time Gross Settlement
KYC=Know Your Customer
ATM=Automated Teller Machine
ICICI=Credit and Investment Corporation of India
CMS=Content Management System
CAT=Common Admission Test
CTD=Crime Investigation Department
MICR UCTC=Unique Customer Identification Code
CDD=Customer Due Diligence
HDFC=Housing Development Finance Corporation
CBS FTU-IND=Financial Intelligence Unit India
CBS=Core Banking Solution
CIBIL=Credit Information Bureau India Ltd
MICR=Magnetic Ink Character Recognition
BPR=Business Process Reengineering
CTS= Cheque Truncation System & Clear to Send
POS=Point Of Sale
SBI = State Bank of India.
IDBI = the Industrial Development Bank of India
UCO = United Commercial Bank.
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