DEPOSIT ACCOUNTS | LRAB NOV 2022 SHORT NOTES
This article deals with the JAIIB exam topic- Deposit Accounts, as well as an overview of the JAIIB Nov study material.
JAIIB EXAM NOV 2022
The JAIIB exam in November 2022 is among the most challenging tests that IIBF takes twice a year. The JAIIB exam for November 2022 is approaching, and we have excellent JAIIB study materials for that exam to assist you with your preparation, which we will discuss later in this article. However, before we do that, we want to give you some background information on one of the most crucial JAIIB exam topics for November 2022: Deposit Accounts.
Money deposited in banks for storage is referred to as a bank deposit. These deposits are made to various deposit accounts, including savings, checking, and money market accounts. According to the terms and circumstances governing the account agreement, the account holder has the authority to withdraw any monies that have been deposited.
The deposit itself represents a debt that the bank owes to the depositor. Instead of referring to the real money that has been put in, bank deposits speak about this liability. When a person establishes a bank account and deposits cash, he relinquishes legal ownership of the money, which the bank then acquires as an asset. The account is thus a debt to the bank.
Read Also: JAIIB EXAM NOVEMBER 2022 NOTIFICATION
DIFFERENT TYPES OF BANK DEPOSIT ACCOUNTS
Demand Deposit Account: Current
- The most fundamental checking account is the current account, commonly known as a demand deposit account. Customers deposit money, which is then immediately available for withdrawal by the account user as they see fit. These accounts frequently permit withdrawals using debit or credit cards, checks, or over-the-counter withdrawal slips. In some instances, banks charge monthly fees for current accounts; however, if the account user satisfies other conditions, such as setting up direct deposit or completing a minimum number of monthly transfers to a savings account, the bank may waive the fee.
- Savings accounts pay interest on deposits to account holders. But in other circumstances, account holders could be charged a monthly fee if they don’t keep a specific balance or a specific amount of deposits. Despite not having paper checks or cards like current accounts, savings accounts nonetheless make it reasonably simple for account holders to access their money.
Fixed Deposit Accounts
- For cautious investors, a fixed deposit is the best sort of deposit. A fixed deposit account is one where you deposit money with the bank for a set period of time. For the duration of the deposit, interest is earned on the fixed amount. To withdraw both the principal and interest payment when the deposit matures, you might decide to open a cumulative fixed deposit account. Alternatively, you can choose to get a set monthly or quarterly interest payment. You are unable to withdraw funds from fixed deposit accounts until they mature. If you do, you must pay the penalty, which is a specified sum determined by the bank.
Recurring Deposit Accounts
- With fixed deposits, you typically deposit a single quantity of money. On the other hand, a recurring deposit account allows you to make set deposits at regular times, typically monthly or quarterly. You can save a little bit each month with recurring instalments to achieve the bigger objective of accumulating a lump sum. Typically, for the duration of your investment, you must deposit the same fixed amount on the chosen day. Natural maturity tenures for RDs range from six months to ten years. Similar to FDs, if you choose to close your recurring deposit account early, you must pay a penalty, and the bank will lower the interest rates as a result.
LRAB JAIIB NOV 2022 STUDY MATERIAL
An exclusive set of JAIIB LRAB study materials is provided to you by Learning Sessions. LRAB JAIIB Study Material 2022 has been created by knowledgeable instructors at Learning Sessions. For your benefit, Learning Sessions has provided you with JAIIB’s LRAB paper Exams’ Study Material, which is thorough, clear conceptually, and sufficient to pass the said Exam in one attempt. As you are aware, it is helpful to have proper guidance and quality resources when preparing for JAIIB 2022.
The collection of Learning Sessions JAIIB LRAB (as well as other JAIIB courses) Study Material comprises Online LRAB Live Classes, Recorded Video Lectures, Epdfs which come along with video lecture bundle, Mock tests, questions from the previous year’s exams.
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Video lectures are made by our expert tutors in respect to the latest syllabus of LRAB. These lectures are made chapter-wise to facilitate easy learning. There are two languages (bilingual) accessibility available for the video course (English mix Hindi & English only).
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- Test Series by JAIIB in 2022.
- Making a self-evaluation is an important part of your JAIIB Exam preparation. Furthermore, although IIBF does not administer mock exams, you can practise on the LRAB test papers that Learning Sessions provides by taking the Test Series.
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- Epdfs are available along with the video lectures in our package for LRAB Study Material. These Epdfs are accessible on both Android and iOS apps.
DESIGN OF LEARNING SESSIONS’ JAIIB LRAB COURSE
The JAIIB LRAB course was created by the Learning Sessions team with the assistance of subject matter specialists who are familiar with the Junior Associates Exam’s 2022 syllabus. Exam-oriented questions have been concentrated on when creating the LRAB content, increasing the likelihood that students will pass. While we prepare the course, we take into account all the following factors:
- Exam trends and the pattern.
- The JAIIB course syllabus and the kind of questions that have been asked.
- Clarity in concept is provided by a thorough explanation.
- Detailed Q&A explanations with video solutions are advantageous.
- One location for all the study materials (videos, ePDFs, and tests).
- affordable study pack bundles.
- Accessible via both web and mobile applications.
Read Also: JAIIB LRAB LATEST NOV SYLLABUS 2022
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