Utkarsh Small Finance Bank
Puropale Creations & IT Solutions Interview Questions and Answers
Q1. How bank generate income from saving account?
Banks generate income from saving accounts through interest rates and fees.
Banks offer interest rates on savings accounts, which is a percentage of the account balance paid to the account holder.
Banks may charge fees for certain transactions or services related to the savings account.
Banks may also invest the funds from savings accounts to generate additional income.
The income generated from savings accounts is a source of revenue for the bank.
Q2. What is the source of income of bank?
Banks earn income through various sources including interest on loans, fees for services, and investments.
Interest on loans
Fees for services such as account maintenance, ATM usage, and wire transfers
Investments in stocks, bonds, and other financial instruments
Credit card interest and fees
Foreign exchange transactions
Mortgage servicing fees
Merchant services
Insurance products
Wealth management services
Q3. What is saving account?
A savings account is a type of bank account where you can deposit and withdraw money, earn interest on the balance, and usually have limited transactions.
Savings account is a type of deposit account offered by banks and credit unions
It allows you to save money and earn interest on the balance
The interest rate is usually lower than other investment options
There are often limits on the number of transactions you can make per month
Savings accounts are FDIC insured up to $250,000...read more
Q4. What is anti money laundering?
Anti money laundering refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income.
It involves identifying and verifying the identity of customers and monitoring their financial transactions.
It aims to detect and report suspicious activities that may indicate money laundering or terrorist financing.
Financial institutions and other regulated entities are required to implement anti-money launder...read more
Q5. What is money laundering?
Money laundering is the process of making illegally obtained money appear to have been obtained through legal means.
It involves disguising the proceeds of illegal activities as legitimate funds.
Money laundering can be done through various methods such as shell companies, offshore accounts, and real estate investments.
It is often associated with organized crime, drug trafficking, and terrorism financing.
Money laundering is a serious crime and is punishable by law.
Examples of m...read more
Q6. Distance issue if any?
No distance issue as long as operations can be managed remotely.
Operations can be managed remotely using technology.
Distance can be overcome by using video conferencing, email, and other communication tools.
Physical distance may require occasional travel, but it should not be a major issue.
Remote work has become more common and feasible due to advancements in technology.
Distance may also provide opportunities for expanding operations in new locations.
Q7. Timing issue if any?
No timing issues currently exist.
There are no known timing issues at the moment.
We have implemented measures to prevent any potential timing issues.
Our team regularly monitors operations to ensure timely execution.
We have contingency plans in place to address any unexpected timing issues.
More about working at Utkarsh Small Finance Bank
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