Podcast
Questions and Answers
Match the lettered terms to the numbers to have a meaningful English text.
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
Cheque
An agreement instructing a bank to pay a specific amount to a person or entity.
Deposit
Deposit
Putting money into an account.
Withdrawal
Withdrawal
Taking money out of an account.
Deposit slip
Deposit slip
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Savings accounts
Savings accounts
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Passbook
Passbook
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Current accounts
Current accounts
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Bills of exchange
Bills of exchange
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Issuing
Issuing
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Account
Account
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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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Description
An overview of the two primary types of banking accounts: deposit accounts and current accounts. Deposit accounts usually require deposit slips and may have withdrawal conditions. Common withdrawals from current accounts are made by cheque. Interest is usually not earned on current accounts.
