Frequently Asked Banking Interview Questions – 14
Dear Readers
Now as the interview dates of RRB All Grades and IBPS PO are scheduled we bring to you very common banking interview questions with out set No 13 based on foreign Exchange. We will be updating material and Videos on a regular basis to help maximum number of candidates to cherish their dreams.
Usually the time interval for interview for RRb exams and IBPS PO lies between 7-9 minutes and more depending on the interest you are generating.
Questions
What are HUF Accounts?
Answer :: HUF Accounts are known as Hindu Undivided Family accounts. HUF is a family with husband, wife and children (and children’s spouses if any) living together. The property owned by this family will be through lineal ascendants or any ancestors. There are a set of laws that govern property ownership, marriages, taxation etc for a legally declared HUF. IT department of India has a format of taxation for a HUF; tax benefits can be availed from this format. In HUF accounts:- Karta of a HUF is the senior most male member of the family and in financial terms he can also be called manager of the family. In this account a corpus is created where every family member can pool their income. The corpus will be handled by or authorized to handle by Karta (head of the family). Signature of karta will be required for every transaction from the bank. These accounts are similar to individual saving bank accounts; there will be various tax benefits that are available for an individual’s account while the income of members is being pooled in HUF account.
- What are tax saver deposits?
Answer:: Sir tax saver deposits are deposits made by account holders to save tax upto Rs1,50,000/-. In tax saver deposit the amount is locked in for a period of 5 years during which interest as per banking norms is paid to the depositor.
- What are imports?
Answer:: Sir Imports are the products which are purchased by a country/individual from other countries. India is a major importer of Crude oil, defence equipments. - What do you mean by tax deduction at source?
Answer:: Sir, Tax deduction at source means that tax is debitted on the amount before it is paid to you. For e.g. the salary earned by individuals, if taxable, the tax is deducted by the employer before crediting the salary to the employee account. Similarly in deposits which earn a yearly interest of Rs10,000/- tax is deducted at source by the bank on the interest above Rs10,000/-. - Have you heard about KCC? If yes, please explain it.
Answer:: Sir , KCC is Kissan Credit Card. It is a 5 year term loan which is given to a farmer on basis of per acre/bigah/hectare of land and type of crop he has to grow. This loan works on a incremental basis of 10% every year. For e.g. if the limit of a KCC is fixed at 200000 in 5 years, then in the 1st year the farmer will get 1,40,000/- and then a increment of 10% every year. Interest subvention is given to farmers on such loans by the government. A farmer need to deposit amount in full once every year, to avail KCC facility.
- What do you mean by interest Subvention?
Answer:: Sir Interest subvention can be understood as the interest being paid by the government to make loans cheaper, and boost employment and agricultural activities in the country.
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