Banking: Deposit and Current Accounts

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Questions and Answers

Match the lettered terms to the numbers to have a meaningful English text.

1 = F) savings accounts 2 = D) account 3 = E) deposit slip 4 = G) passbook 5 = B) withdrawal 6 = A) bills of exchange 7 = C) issuing

Flashcards

Cheque

An agreement instructing a bank to pay a specific amount to a person or entity.

Deposit

Putting money into an account.

Withdrawal

Taking money out of an account.

Deposit slip

A document filled out when depositing funds.

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Savings accounts

Accounts where money is stored, often earning interest.

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Passbook

A record book for transactions in a savings account.

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Current accounts

Common accounts for frequent transactions.

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Bills of exchange

A written order instructing a bank to pay money.

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Issuing

Offering shares of a company for sale to the public.

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Account

An arrangement with a bank to hold money.

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Study Notes

  • Banking involves two main types of accounts: deposit accounts and current accounts.

Deposit Accounts

  • These accounts typically require the client to fill out a deposit slip when depositing money.
  • The credited amount is entered into the client's passbook.
  • There may be conditions for the withdrawal of money.
  • Clients may have to give advance notice (e.g., a week) or wait a specific period, such as three weeks.

Current Accounts

  • These are the most common type of accounts.
  • Withdrawals are commonly made by cheque.
  • Clients can deposit cash, cheques, or bills of exchange.
  • They can withdraw funds via cheque or transfer orders.
  • Interest is usually not earned on these accounts due to the flexibility of withdrawals.

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