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Understanding Bank Holds

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Questions and Answers

What is the amount mentioned in the statement that is held due to unrecovered service charges?

₹2,500.00
₹3,066.18 (correct)
₹4,000.00
₹3,600.25

On what date is the statement issued for the unrecovered service charges?

22 Nov 2024 (correct)
22 Dec 2024
22 Jan 2025
22 Nov 2023

Which bank is holding the amount due to unrecovered service charges?

HDFC Bank (correct)
ICICI Bank
State Bank of India
Axis Bank

What is the primary reason given for holding the amount?

<p>Unrecovered service charges (C)</p> Signup and view all the answers

Which of the following amounts is NOT mentioned in the statement?

<p>₹4,500.00 (A), ₹5,000.00 (B), ₹2,000.00 (D)</p> Signup and view all the answers

Flashcards

What is a financial hold?

A financial hold occurs when your bank temporarily limits access to your funds due to pending or unresolved charges.

What is the hold amount?

The amount of money that is currently being held by the bank.

What is the holding bank?

The bank responsible for placing the hold on the funds.

What are service charges?

Service charges are fees charged by the bank for specific services or transactions.

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What is the reason for the hold?

The reason for the financial hold on the account, stating that the hold is due to unresolved service charges.

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Study Notes

Statement Summary

Date: 22 Nov 2024
Amount held: ₹3,066.18
Reason for hold: Unrecovered service charges
Holder of funds: HDFC Bank

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