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Utkarsh Small Finance Bank

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Puropale Creations & IT Solutions Interview Questions and Answers

Updated 5 Feb 2024
Popular Designations

Q1. How bank generate income from saving account?

Ans.

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.

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Q2. What is the source of income of bank?

Ans.

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

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Q3. What is saving account?

Ans.

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

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Q4. What is anti money laundering?

Ans.

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

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Q5. What is money laundering?

Ans.

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

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Q6. Distance issue if any?

Ans.

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.

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Q7. Timing issue if any?

Ans.

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.

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