Debt Recovery Agent Interview Questions and Answers

Current account is for frequent transactions while savings account is for saving money.

• Current account is used for business or personal transactions with high frequency.

• Savings account is used for saving money and earning interest.

• Current account usually has higher fees and charges than savings account.

• Savings account has a limit on the number of withdrawals per month.

• Examples of current account include checking account, while savings account include money market account.

Collection and recovery refer to the process of pursuing and obtaining payment from individuals or businesses who owe money.

• Collection involves contacting debtors to remind them of their outstanding debts

• Recovery involves taking legal action or using other methods to recover the debt

• Knowledge of relevant laws and regulations is important in this field

• Effective communication skills are essential for negotiating payment plans or settlements

Employees play a crucial role in debt recovery by contacting debtors, negotiating payment plans, and ensuring timely payments.

• Contacting debtors to discuss outstanding debts

• Negotiating payment plans based on debtor's financial situation

• Ensuring timely payments are made by debtors

• Documenting all communication and payment agreements

• Escalating cases to supervisors or legal team when necessary

The function of a bank is to provide financial services to customers, including accepting deposits, lending money, and facilitating transactions.

• Accepting deposits from customers

• Lending money to customers

• Facilitating transactions between customers

• Providing financial advice and services

• Managing risk and ensuring financial stability

• Supporting economic growth and development

• Offering various types of accounts, such as savings, checking, and investment accounts

A financial institution that accepts deposits and channels the money into lending activities.

• Bank is a financial institution that provides various financial services to its customers.

• It accepts deposits from customers and uses that money to provide loans and credit to other customers.

• Banks also offer services such as checking and savings accounts, credit cards, and investment products.

• Examples of banks include JPMorgan Chase, Bank of America, and Wells Fargo.

There are various types of deposits such as security deposit, advance deposit, and recurring deposit.

• Security deposit is paid as a guarantee against any damage or loss caused by the debtor.

• Advance deposit is paid in advance for goods or services to be received in the future.

• Recurring deposit is a type of savings account where a fixed amount is deposited at regular intervals for a fixed period of time.

• Other types of deposits include fixed deposit, demand deposit, and time depo...read more