________ is a temporary pass through account held by a third party during the process of a transaction between two parties. A. Savings Bank Account B. Current Account C. Deposit Account D. Escrow Account E. None of the Above

________ is a temporary pass through account held by a third party during the process of a transaction between two parties. A. Savings Bank Account B. Current Account C. Deposit Account D. Escrow Account E. None of the Above
by

1 Answer

Answer :

D. Escrow Account Explanation: Escrow Account: Account in which funds are accumulated for specific disbursements. It is a temporary pass through account held by a third party during the process of a transaction between two parties.
by
selected

Related questions

An account for which a bank acts as an uninterested third party is termed as _______ A. Savings Account B. Current Account C. Reserve Account D. Escrow Account

Description : An account for which a bank acts as an uninterested third party is termed as _______ A. Savings Account B. Current Account C. Reserve Account D. Escrow Account

Last Answer : D. Escrow Account Explanation: An escrow account is a temporary pass through account held by a third party during the process of a transaction between two parties. Definition: An escrow account ... pass through account held by a third party during the process of a transaction between two parties.

An EEFC account can be held only in the form of ________ A. Savings Bank Account B. Deposit Account C. Current Account D. Both (B) and (C) E. None of the Above

Description : An EEFC account can be held only in the form of ________ A. Savings Bank Account B. Deposit Account C. Current Account D. Both (B) and (C) E. None of the Above

Last Answer : C. Current Account Explanation: An EEFC account can be held only in the form of a current account. No interest is payable on EEFC accounts.

An EEFC account can be held only in the form of a ________ A. Current Account B. Savings Bank Account C. loan Account D. All of the Above E. None of the Above

Description : An EEFC account can be held only in the form of a ________ A. Current Account B. Savings Bank Account C. loan Account D. All of the Above E. None of the Above

Last Answer : A. Current Account Explanation: An EEFC(Exchange Earners‘ Foreign Currency Account) account can be held only in the form of a current account. No interest is payable on EEFC accounts.

How many Basic Savings Bank Deposit Account(BSBDA) can be opened by an individual? A. One B. Two C. Three D. Four E. None of the Above

Description : How many Basic Savings Bank Deposit Account(BSBDA) can be opened by an individual? A. One B. Two C. Three D. Four E. None of the Above

Last Answer : A. One Explanation: An individual is eligible to have only one ‗Basic Savings Bank Deposit Account‘ in one bank.

What are the other deposit accounts can be opened by an individual in where one holds „Basic Savings Bank Deposit Account‟? A. Fixed Deposit B. Recurring Deposit C. Another BSBDA D. Both A and B E. None of the Above

Description : What are the other deposit accounts can be opened by an individual in where one holds „Basic Savings Bank Deposit Account‟? A. Fixed Deposit B. Recurring Deposit C. Another BSBDA D. Both A and B E. None of the Above

Last Answer : D. Both A and B Explanation: One can have Term/Fixed Deposit, Recurring Deposit etc., accounts in the bank where one holds ‗Basic Savings Bank Deposit Account.

What is the minimum initial deposit required for opening a Basic Savings Bank Deposit Account(BSBDA)? A. 500 B. 1000 C. 100 D. No initial deposit

Description : What is the minimum initial deposit required for opening a Basic Savings Bank Deposit Account(BSBDA)? A. 500 B. 1000 C. 100 D. No initial deposit

Last Answer : D. No initial deposit Explanation: There is no requirement for any initial deposit for opening a BSBDA.

Banks can not generally accept interest-free deposits. which of the following is an exception to this rule? A. Current Account B. Savings Account of Minors C. Deposit from Minority groups D. BSBDA E. None of the Above

Description : Banks can not generally accept interest-free deposits. which of the following is an exception to this rule? A. Current Account B. Savings Account of Minors C. Deposit from Minority groups D. BSBDA E. None of the Above

Last Answer : A. Current Account Explanation: Banks cannot accept interest free deposits other than in current account.

Banks in the US, active with the FDIC, only insure $100,000. So if a person has, for example, 10 million dollars and wants to deposit the money in a bank, does he have to look for 100 banks or is there another way to invest that is as low risk as a savings account?

Description : Banks in the US, active with the FDIC, only insure $100,000. So if a person has, for example, 10 million dollars and wants to deposit the money in a bank, does he have to look for 100 banks or is there another way to invest that is as low risk as a savings account?

Last Answer : A person with 10 million dollars probably has a diversified investment portfolio with a variety of risk levels and return levels. As a result, his insurance is that not everything will collapse at the ... 10% above inflation, banks are a very poor choice for someone with lots of money to invest.

Balance in a current account is classified as ________ A. Hybrid Deposit B. Term Deposit C. Demand Deposit D. Flexi Deposit E. other than those given as options

Description : Balance in a current account is classified as ________ A. Hybrid Deposit B. Term Deposit C. Demand Deposit D. Flexi Deposit E. other than those given as options

Last Answer : C. Demand Deposit Explanation: Current accounts form a large portion of demand deposits of a bank. It can be opened by Individuals, Business entities (firms, company), Institutions, Government bodies / departments, Societies, Liquidators, Receivers, and Trusts.

An account which is maintained by depositing undistributed parts of profit for future needs is known as ________ A. Savings Account B. Current Account C. Reserve Account D. None of the Above

Description : An account which is maintained by depositing undistributed parts of profit for future needs is known as ________ A. Savings Account B. Current Account C. Reserve Account D. None of the Above

Last Answer : C. Reserve Account Explanation: Funds taken out of earnings to provide for anticipated future payments is called Reserve Account.

A trad-able form of loan is normally termed as ________ A. Certificate of Deposit (CD) B. Inter Bank term Money C. Bill Re-discounting D. Debt Instrument E. None of the Above

Description : A trad-able form of loan is normally termed as ________ A. Certificate of Deposit (CD) B. Inter Bank term Money C. Bill Re-discounting D. Debt Instrument E. None of the Above

Last Answer : D. Debt Instrument Explanation: A trad-able form of loan is normally termed as a Debt Instrument. They are usually obligations of issuer of such instrument as regards certain future cash flow representing Interest & Principal, which the issuer would pay to the legal owner of the Instrument.

In case the depositor not made any transaction in PPF account. a) Rs 50/- will be collected for the one financial year b) Rs 100/- will be collected for no transaction was made for two financial year in shape of cash and credited into UCR c) Condone default is called to the defaulted deposit d) All the above

Description : In case the depositor not made any transaction in PPF account. a) Rs 50/- will be collected for the one financial year b) Rs 100/- will be collected for no transaction was made for two financial ... of cash and credited into UCR c) Condone default is called to the defaulted deposit d) All the above

Last Answer : d) All the above

An account which remains in operative for an extended period of time is referred as ________ A. DEMAT Account B. Dormant Account C. Nominal Account D. Deposit Account

Description : An account which remains in operative for an extended period of time is referred as ________ A. DEMAT Account B. Dormant Account C. Nominal Account D. Deposit Account

Last Answer : B. Dormant Account Explanation: When there has been no financial activity for a long period of time, other than posting of interest, an account can be classified as dormant.

A minimum yearly deposit of ________ is required to open and maintain a PPF account, and a maximum deposit of _____. A. Rs. 500 and Rs 1.50 lakhs B. Rs. 1000 and Rs 2.50 lakhs C. Rs. 2000 and Rs 3.50 lakhs D. Rs. 5000 and Rs 4.50 lakhs

Description : A minimum yearly deposit of ________ is required to open and maintain a PPF account, and a maximum deposit of _____. A. Rs. 500 and Rs 1.50 lakhs B. Rs. 1000 and Rs 2.50 lakhs C. Rs. 2000 and Rs 3.50 lakhs D. Rs. 5000 and Rs 4.50 lakhs

Last Answer : A. Rs. 500 and Rs 1.50 lakhs Explanation: A minimum yearly deposit of Rs. 500 is required to open and maintain a PPF account, and a maximum deposit of Rs.1.5 lakhs (as on Financial year 2015- ... Income Tax Act. The amount can be deposited in lump sum or in a maximum of 12 instalments per year.

The initial deposit for opening of savings account shall be accepted in cash wef a) 01.01.1990 b) 05.02.2000 d) 12.02.2005 d) None of these

Description : The initial deposit for opening of savings account shall be accepted in cash wef a) 01.01.1990 b) 05.02.2000 d) 12.02.2005 d) None of these

Last Answer : a) 01.01.1990

In what manner fee for getting the nomination cancelled in a Savings account is to be paid? a) In shape of cash b) By deposit to UCR c) In shape of stamp affixed on the application d) None of these

Description : In what manner fee for getting the nomination cancelled in a Savings account is to be paid? a) In shape of cash b) By deposit to UCR c) In shape of stamp affixed on the application d) None of these

Last Answer : c) In shape of stamp affixed on the application

A negotiable instrument delivered to a person conditionally or for safe custody, but not for the purpose of negotiation is called _________ A. Protest B. Escrow C. Noting D. All of the Above E. None of the Above

Description : A negotiable instrument delivered to a person conditionally or for safe custody, but not for the purpose of negotiation is called _________ A. Protest B. Escrow C. Noting D. All of the Above E. None of the Above

Last Answer : B. Escrow Explanation: An escrow account is a temporary pass through account held by a third party during the process of a transaction between two parties.

My checking account was garnished on Friay. I receive my salary through direct deposit at my bank, and they took all of it! Isn't this illegal I need help. The garnishment is for bills while in the hospital for a week and subsequent anti biotic treatment?

Description : My checking account was garnished on Friay. I receive my salary through direct deposit at my bank, and they took all of it! Isn't this illegal I need help. The garnishment is for bills while in the hospital for a week and subsequent anti biotic treatment?

Last Answer : No that had to go to court to be able to do that. You will have to prove how much you need to live on and they will take the rest. Unfortunately, this is very legal. You should have received a legal notice informing you of the garnishment.

Documentary evidence originating from third parties and held by the entity.

Description : Documentary evidence originating from third parties and held by the entity.

Last Answer : Documentary evidence originating from and held by the third party.

If a CPA recklessly abandons standards of due care and diligence while performing an audit, he or she may be held liable tounknown third parties for:a. Gross negligence.b. Fraudulent misconduct.c. Gross misconduct.d. Contributory negligence.

Description : If a CPA recklessly abandons standards of due care and diligence while performing an audit, he or she may be held liable to unknown third parties for: a. Gross negligence. b. Fraudulent misconduct. c. Gross misconduct. d. Contributory negligence.

Last Answer : Gross negligence

Mark the correct option a) Minor cannot appoint a messenger for making withdrawal from SB account b) At the time of making a withdrawal by cheque from saving account not necessary to provide pass bookc) The amount annual interest added in a saving account may not be treated as transaction in that accountd) All the above

Description : Mark the correct option a) Minor cannot appoint a messenger for making withdrawal from SB account b) At the time of making a withdrawal by cheque from saving account not necessary to provide pass book ... added in a saving account may not be treated as transaction in that account d) All the above

Last Answer : d) All the above

What is the currency deposit ratio (cdr)? a) ratio of money held by the public in currency to that of money held in bank deposits b) ratio of money held by public in bank deposits to that of money held by public in currency c) ratio of money held in demand drafts to that of money held in treasury bonds d) none of the above

Description : What is the currency deposit ratio (cdr)? a) ratio of money held by the public in currency to that of money held in bank deposits b) ratio of money held by public in bank deposits to that of money ... ratio of money held in demand drafts to that of money held in treasury bonds d) none of the above

Last Answer : a) ratio of money held by the public in currency to that of money held in bank deposits

The Aadhaar-Enabled Payment Systems(AEPS) is a bank led model that facilitates banking facilities by allowing transactions at Point of Sale through the Business Correspondent (BC) using the Aadhaar authentication number. Aadhaar enabled basic types of banking do not include A. Balance Enquiry B. Cash Withdrawal C. Online Payment D. Cash Deposit E. Aadhaar to Aadhaar funds transfer

Description : The Aadhaar-Enabled Payment Systems(AEPS) is a bank led model that facilitates banking facilities by allowing transactions at Point of Sale through the Business Correspondent (BC) using the Aadhaar ... . Cash Withdrawal C. Online Payment D. Cash Deposit E. Aadhaar to Aadhaar funds transfer

Last Answer : C. Online Payment Explanation: Services Offered by AEPS: Balance Enquiry Cash Withdrawal Cash Deposit Aadhaar to Aadhaar Fund Transfer Gateway Authentication Services

Which of the following is not necessarily a party to a forfaiting transaction? A. exporter B. importer C. broker D. bank E. forfaiter

Description : Which of the following is not necessarily a party to a forfaiting transaction? A. exporter B. importer C. broker D. bank E. forfaiter

Last Answer : C. broker

In what manner the fee for issue of duplicate pass book of savings account is paid by the depositor? a) By cash b) By crediting to UCR c) Postage stamp equa

Description : In what manner the fee for issue of duplicate pass book of savings account is paid by the depositor? a) By cash b) By crediting to UCR c) Postage stamp equa

Last Answer : c) Postage stamp equal to the value of the fee to be affixed on the application

UPI will eliminate the need of entering ________ details A. Bank Account Number B. IFSC Code C. CVV code D. All of the Above E. None of the Above.

Description : UPI will eliminate the need of entering ________ details A. Bank Account Number B. IFSC Code C. CVV code D. All of the Above E. None of the Above.

Last Answer : D. All of the Above Explanation: UPI can be used for shopping at the supermarket, or online shopping as well. It will eliminate the need of entering card details such as number, expiry date, CVV code and OTP.

The national agency mandated to control, analyse and disseminate Suspicious Transaction Reports(STR), Cash Transaction Reports and counterfeit currency reports to various investigative agencies of the country after receiving it from banks and other financial intermediaries is ________ A. RBI B. Financial Intelligence Unit(FIU) C. Intelligence Bureau(IB) D. Central Bureau of Investigation(CBI) E. Central Intelligence Unit(CIU)

Description : The national agency mandated to control, analyse and disseminate Suspicious Transaction Reports(STR), Cash Transaction Reports and counterfeit currency reports to various investigative agencies of the country after ... (IB) D. Central Bureau of Investigation(CBI) E. Central Intelligence Unit(CIU)

Last Answer : B. Financial Intelligence Unit(FIU) Explanation: The FIU is the national agency mandated to collect, analyse and disseminate Suspicious Transaction Reports (STRs), Cash Transaction Reports ... country after receiving it from banks and other financial intermediaries under a stipulated mechanism.

Mark the correct option a) After maturity , the senior citizen account will be extended further 3 year b) The account continued after maturity, the deposit shall earn interest at the rate applicable to the new account opened. c) In case the account not extended on maturity and closed at any time the saving bank interest applicable d) There is no maximum time limit for PMI e) All the above

Description : Mark the correct option a) After maturity , the senior citizen account will be extended further 3 year b) The account continued after maturity, the deposit shall earn interest at the rate applicable to the ... bank interest applicable d) There is no maximum time limit for PMI e) All the above

Last Answer : e) All the above

Which of the following is not necessarily a party to a forfaiting transaction? a. Exporter b. Broker c. Bank

Description : Which of the following is not necessarily a party to a forfaiting transaction? a. Exporter b. Broker c. Bank

Last Answer : b. Broker is not necessarily a party to a forfaiting transaction. Forfaiting is a financing technique used in international trade to mitigate the risk of non-payment by the importer. It involves ... be involved in facilitating the transaction, but it is not a necessary party to the transaction.

An NBFC-MFI is defined as a non-deposit taking NBFC (other than a company licensed under Section 25 of the Indian Companies Act, 1956) with Minimum Net Owned Funds of ________ A. Rs.5 crore B. Rs.4 crore C. Rs.3 crore D. Rs.2 crore E. None of the Above

Description : An NBFC-MFI is defined as a non-deposit taking NBFC (other than a company licensed under Section 25 of the Indian Companies Act, 1956) with Minimum Net Owned Funds of ________ A. Rs.5 crore B. Rs.4 crore C. Rs.3 crore D. Rs.2 crore E. None of the Above

Last Answer : A. Rs.5 crore Explanation: Non Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) licensed under Section 25 of the Indian Companies Act, 1956) with Minimum Net Owned Funds of Rs.5 crore.

According to RBI guidelines the term „bulk deposit‟ is used for single rupee term deposit of ________ A. Rs. 1 crore and above B. Rs, 25 lakh and above C. Rs, 75 lakh and above D. Rs, 50 lakh and above E. Rs, 15 lakh and above

Description : According to RBI guidelines the term „bulk deposit‟ is used for single rupee term deposit of ________ A. Rs. 1 crore and above B. Rs, 25 lakh and above C. Rs, 75 lakh and above D. Rs, 50 lakh and above E. Rs, 15 lakh and above

Last Answer : A. Rs. 1 crore and above Explanation: Bulk Deposit means single Rupee term deposits of 1 Crore and above.

If transactions not made by the cardholder appear on the statement of account the card holder should dispute them with the card issuing Bank within how many days of the transaction date?

Description : If transactions not made by the cardholder appear on the statement of account the card holder should dispute them with the card issuing Bank within how many days of the transaction date?

Last Answer : 30

The rate of Simple Interest in UBI & BOI are in the ratio of 5:4. Mr.Naveen wants to deposit his total savings in two banks in such a way that he receive equal half-yearly interest from both banks.He should deposit in both banks UBI & BOI in the ratio of a) 2:5 b) 1:5 c) 4:5 d) 3:5 e) None of these

Description : The rate of Simple Interest in UBI & BOI are in the ratio of 5:4. Mr.Naveen wants to deposit his total savings in two banks in such a way that he receive equal half-yearly interest from both banks.He should deposit in both banks UBI & BOI in the ratio of a) 2:5 b) 1:5 c) 4:5 d) 3:5 e) None of these

Last Answer : R1 =5x R2=4x T1=T2=1/2 yr [P1*5x*(1/2)]/100 = [P2*4x*(1/2)]/100 P1:P2 = 4:5 Answer: c)

In National Electronic Funds Transfer (NEFT) maximum amount per transaction is limited to ________ A. Rs.75000 B. Rs.50000 C. Rs.80000 D. Rs.90000

Description : In National Electronic Funds Transfer (NEFT) maximum amount per transaction is limited to ________ A. Rs.75000 B. Rs.50000 C. Rs.80000 D. Rs.90000

Last Answer : B. Rs.50000 Explanation: No. There is no limit - either minimum or maximum - on the amount of funds that could be transferred using NEFT. However, maximum amount per transaction is ... -based remittances within India and also for remittances to Nepal under the Indo-Nepal Remittance Facility Scheme.

Can one give deposit money to any bank account without consent?

Description : Can one give deposit money to any bank account without consent?

Last Answer : Yes, if you have the account number, you can make a deposit.

If I made a deposit this morning and my account says the money is "pending," can I make purchases greater than the amount in my bank account?

Description : If I made a deposit this morning and my account says the money is "pending," can I make purchases greater than the amount in my bank account?

Last Answer : can I make purchases greater than the amount in my bank account? one would imagine not…

Is there a limit on how much money I can deposit in my bank account?

Description : Is there a limit on how much money I can deposit in my bank account?

Last Answer : answer:No you would have to give some of it to me. :D Googling resulted in a mention of a $100,000 cap of the FDIC would cover. So, I think @WestRiverrat has it right.

Can I deposit a rebate prepaid debit card into my bank account or do I have to spend it at a store?

Description : Can I deposit a rebate prepaid debit card into my bank account or do I have to spend it at a store?

Last Answer : you could spend it on groceries… that way it wouldn’t be something you don’t need.

I want to open a checking account at Bank of America, what is the minimum deposit required?

Description : I want to open a checking account at Bank of America, what is the minimum deposit required?

Last Answer : To open a checking account with Bank of America you need at least a $25 opening deposit for basic checking. If you want an interest or business checking account then you need a $100 opening deposit.

Change my bank account for direct deposit?

Description : Change my bank account for direct deposit?

Last Answer : My current bank checking account is invalid. How do I change the account number to the new checking account ???

Mark the correct option a) Maximum 12 deposit can be made in a financial year and more than one deposit can be made in one month b) Only one account can be opened in Post office or SBI or any nationalized banks. c) The account can be transferred from one PO to another and PO to State bank or nationalized bank vice versa. d) All the above

Description : Mark the correct option a) Maximum 12 deposit can be made in a financial year and more than one deposit can be made in one month b) Only one account can be opened in Post office or SBI or any ... from one PO to another and PO to State bank or nationalized bank vice versa. d) All the above

Last Answer : d) All the above

Consider the following schemas: Branch = (Branch-name, Assets, Branch-city) Customer = (Customer-name, Bank-name, Customer-city) Borrow = (Branch-name, loan-number, customer account-number) Deposit = (Branch-name, Account-number, Customer-name, Balance) Using relational Algebra, the query that finds customers who have balance more than 10,000 is ................. (A) πcustomer-name(σbalance> 10000(Deposit)) (B) σcustomer-name(σbalance> 10000(Deposit)) (C) πcustomer-name(σbalance> 10000(Borrow)) (D) σcustomer-name(σbalance> 10000(Borrow))

Description : Consider the following schemas: Branch = (Branch-name, Assets, Branch-city) Customer = (Customer-name, Bank-name, Customer-city) Borrow = (Branch-name, loan-number, customer account-number) Deposit = ... )) (C) πcustomer-name(σbalance> 10000(Borrow)) (D) σcustomer-name(σbalance> 10000(Borrow))

Last Answer : (A) πcustomer-name(σbalance> 10000(Deposit)) 

Which one is the third party payment providers who offer digital wallets for E- merchants? a) Oxi cash b) Pay mat c) Pay pass d) All of the above

Description : Which one is the third party payment providers who offer digital wallets for E- merchants? a) Oxi cash b) Pay mat c) Pay pass d) All of the above

Last Answer : d) All of the above

Deposit Insurance and Credit Guarantee Corporation ( DICGC) is a subsidiary of ________ A. RBI B. IDBI C. 34 Government of India owned / controlled institutions D. None of the Above

Description : Deposit Insurance and Credit Guarantee Corporation ( DICGC) is a subsidiary of ________ A. RBI B. IDBI C. 34 Government of India owned / controlled institutions D. None of the Above

Last Answer : A. RBI Explanation: Deposit Insurance and Credit Guarantee Corporation ( DICGC) is a subsidiary of Reserve Bank of India. It was established under Deposit Insurance and Credit Guarantee Corporation Act, 1961 for ... recurring deposits for up to the limit of Rs. 100,000 of each deposits in a bank.

In which of the following types of banking, there is a direct execution of transaction between a bank and its consumers? A. Retail Banking B. Universal Banking C. Virtual Banking D. Unit Banking E. other than those given as options

Description : In which of the following types of banking, there is a direct execution of transaction between a bank and its consumers? A. Retail Banking B. Universal Banking C. Virtual Banking D. Unit Banking E. other than those given as options

Last Answer : A. Retail Banking Explanation: Retail banking also known as Consumer Banking is the provision of services by a bank to individual consumers, rather than to companies, corporations or other ... include savings and transactional accounts, mortgages, personal loans, debit cards, and credit cards.

What is the fullform of eSBTR? A. Electronic Secured Basic Transaction Receipt B. Electronic Stamp Bank Treasury Receipt C. Electronic Stamp Bank Transaction Receipt D. Electronic Secured Bank Treasury Receipt E. Electronic Secured Basic Treasury Receipt

Description : What is the fullform of eSBTR? A. Electronic Secured Basic Transaction Receipt B. Electronic Stamp Bank Treasury Receipt C. Electronic Stamp Bank Transaction Receipt D. Electronic Secured Bank Treasury Receipt E. Electronic Secured Basic Treasury Receipt

Last Answer : D. Electronic Secured Bank Treasury Receipt Explanation: e-SBTR, is an Electronic – Secured Bank and Treasury Receipt, issued by the Officer of the participating bank, on secured Government stationery, on payment of Stamp- duty in Virtual Treasury.

Businessman generally operates savings bank account.

Description : Businessman generally operates savings bank account.

Last Answer : State whether the following statement are True or False with reason : Businessman generally operates savings bank account.

When a customer opens a bank savings account the bank essentially becomes a(n) .?

Description : When a customer opens a bank savings account the bank essentially becomes a(n) .?

Last Answer : borrower

What has cidney savings account with National Bank. She earns 4 interest compounded yearly on 1250.00. What amount will she receive in interest in three years?

Description : What has cidney savings account with National Bank. She earns 4 interest compounded yearly on 1250.00. What amount will she receive in interest in three years?

Last Answer : What is the answer ?