In Class 9 NCERT curriculum, the term bank is introduced as an essential part of the financial system. A bank is a financial institution that accepts deposits from the public and provides loans and other financial services. This resource is ideal for students looking to build a solid foundation in understanding how banks operate and why they matter in both personal finance.
What is Bank Class 9 NCERT Solutions
I. Choose the correct answer.
Q. Banks pay the depositor __ in return for depositing the money.
a) Loan
b) Interest
c) Allowance
Q. When an account holder needs money over and above his savings for any purpose, then banks also lend money to him, which is known as __.
a) Interest
b) Loan
c) Allowance
Q. The person who gets a loan from a bank can be termed as __.
a) Lender
b) Borrower
c) Depositor
Q. After opening a bank account, the bank allots a unique __ number to the account holder.
a) account
b) ledger
c) folio
Q. __ can be deposited in an ATM.
a) Only cash
b) Only Cheque
c) Both cash and cheque
II. Fill in the blanks.
Q. A bank is a place where someone can money for saving and safe-keeping and __ it when necessary.
Q. __ is the amount paid by the borrower to the bank for availing the loan.
Show Answer ⟶Q. An ATM card issued by the banks gives the benefit of withdrawing __ from the ATM.
Show Answer ⟶Q. ____ helps you to make banking transactions online without going to the bank or ATM.
Show Answer ⟶Q. Fixed deposits and recurring deposits are considered as __ avenues for people.
Show Answer ⟶Q. When a depositor invests a lump sum amount with the bank for a predetermined period, it is known as ____.
Show Answer ⟶Q. Through internet banking __ can be transferred from one bank account to another bank account.
Show Answer ⟶III. Match the following.
- Electronic banking – cash deposit
- ATM – Internet banking
- Recurring deposit – Written mandate to make payments
- Cheque – cash withdrawal
- Pay-in slip – investment at periodic interval
Correct Match
- Electronic banking – Internet banking
- ATM – cash withdrawal
- Recurring deposit – investment at periodic intervals
- Cheque – cash withdrawal
- Pay-in slip – cash deposit
IV. True or False
Q. The bank account can be opened either in a single name or in joint names with members of the family or friends.
Show Answer ⟶Q. Your bank passbook gives a record of all the transactions that have been made in your family members’ bank account.
Show Answer ⟶Q. The pay-in slip should have the date mentioned by the depositor.
Show Answer ⟶Q. Crossing the cheque is mandatory when you intend to deposit money in another person’s bank account.
Show Answer ⟶Q. In general, a personal identification number is not necessary to make withdrawals from an ATM by using ATM/debit cards.
Show Answer ⟶V. Answer the following briefly.
Q. What is a bank passbook?
Answer: The passbook gives a record of all the transactions that have been made in your account. Hence, all the payments made/received from and into the account are recorded in the passbook.
Q. What is a chequebook?
Answer: A cheque is an instrument used for banking transactions. It is a written mandate given by the account holder to his bank to make the payment as per the details mentioned therein. The chequebook containing cheque leaves is used for making payment to others and withdrawing cash from the bank account.
Q. How will you open a bank account?
Answer: To become an account holder with a bank, you need to fill in an account-opening form and submit necessary documents like copies of proof of address, proof of identity, photographs, etc. The account can be opened either in a single name or in joint names with members of the family or friends.
Q. How do you make a cash deposit in a bank?
Answer: Two deposits can be made in a bank account by using a pay-in slip. The pay-in slip is used for depositing cheques as well as cash into your bank account. The pay-in slip contains the information of your bank account and is an instruction to the bank to deposit the money into your account.
Q. When you intend to pay money to a particular person to his bank account by way of cheque, what is to be written on the cheque?
Answer: The following are to be written on the cheque.
- Date on or after which payment can be made for the cheque.
- Name of the party to whom the payment is to be made.
- The amount to be paid (in figures and words), etc.
Q. What is a fixed deposit?
Answer: In a fixed deposit, the depositor invests a lump sum amount with the bank for a predetermined period. The bank offers a fixed return (interest rate) for the same; typically the rate is higher than what is offered on the savings bank account. The fixed deposit cannot be easily liquidated.
Q. What is a recurring deposit?
Answer: Recurring deposit is just like fixed deposit; investments in recurring deposits are made over a period of time. Hence, investors invest a given sum of money at regular intervals for a period, like every month or every quarter; at the end of the investment period, they get the predetermined amount.
VI. Answer in detail.
Q. What are the documents we receive after opening a bank account? Explain.
Answer: Once you become an account holder with the bank. The bank allots a unique account number to you. It also gives you documents like the pay-in slip, chequebookand passbook for your day-to-day transactions with the bank. Nowadaysbanks started giving internet banking usernames and passwords for account holders to do banking transactions through the internet.
Q. What are the contents of a pay-in slip?
Answer: The pay-in slip is used for depositing cheques as well as cash into your bank account. The pay-in slip contains the information of your bank account and is an instruction to the bank to deposit the money into your account. The pay-in slip normally contains the following details.
- Name of the account holder
- Bank account number
- Bank branch name
- Date of deposit
- Amount to be deposited in words and figures
- Signature of the depositor who deposits money
- Denominations of the currency.
- Details of the cheque which are to be deposited
Q. What are the contents of a cheque?
Answer: The following are to be written on the cheque.
- Date on or after which payment can be made for the cheque.
- Name of the party to whom the payment is to be made.
- The amount to be paid (in figures and words), etc.
Q. What is electronic banking? What are its uses?
Answer: Now, many banks offer electronic or internet banking, where the account holder need not visit the bank personally but can operate his account from his home through the internet. This saves time for the account holder and physical space for the banks. Electronic banking is gaining in popularity as computer usage is spreading in the country. Through electronic banking the following benefits are offered to the account holders by most of the banks.
- Checking bank balances
- Check the bank transaction.
- Bill payment facilities like electronic bill and telephone bill payment.
- Money transfer from your bank account to another bank account.
- Requesting for a chequebook to be sent to your house, etc.
Disclaimer: We have taken an effort to provide you with the accurate handout of “What is Bank Class 9 NCERT Solutions“. If you feel that there is any error or mistake, please contact me at anuraganand2017@gmail.com. The above CBSE study material present on our websites is for education purpose, not our copyrights.
All the above content and Screenshot are taken from Introduction to Financial Markets Class 9 NCERT Textbook, CBSE Sample Paper, CBSE Old Sample Paper, CBSE Board Paper and CBSE Support Material which is present in CBSEACADEMIC website, NCERT websiteThis Textbook and Support Material are legally copyright by Central Board of Secondary Education. We are only providing a medium and helping the students to improve the performances in the examination.
Images and content shown above are the property of individual organizations and are used here for reference purposes only. For more information, refer to the official CBSE textbooks available at cbseacademic.nic.in