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Icse Mathematics MCQ Banking

The document contains 15 multiple choice questions about recurring deposit accounts in banking. Some key details covered in the questions include: - R.D stands for Recurring Deposit - The term for an R.D account can vary from 3 months to 10 years - Interest rates on R.D accounts are set by the Reserve Bank of India - Formulas are provided to calculate maturity values of R.D accounts - Questions provide examples of customers depositing different amounts monthly in R.D accounts at various interest rates to calculate maturity values.

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PATASHIMUL GRAM PACHAYAT
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4K views

Icse Mathematics MCQ Banking

The document contains 15 multiple choice questions about recurring deposit accounts in banking. Some key details covered in the questions include: - R.D stands for Recurring Deposit - The term for an R.D account can vary from 3 months to 10 years - Interest rates on R.D accounts are set by the Reserve Bank of India - Formulas are provided to calculate maturity values of R.D accounts - Questions provide examples of customers depositing different amounts monthly in R.D accounts at various interest rates to calculate maturity values.

Uploaded by

PATASHIMUL GRAM PACHAYAT
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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MCQ – Banking (Chapter – 2)

For Board Exam, Semester–1, November 2021

Q1. In R.D account R.D stands for

a) Reserve Deposit b) Random Deposit

c) Recurring Deposit d) Reverse Deposit

Q2. Time Period (Term) for R.D account may vary from

a) 1Year to 10 Years b) 3 Months to 10 Years

c) 6months to 10 Years d) 1Year - 5 Years

Q3. Interest rate of R.D is fixed by

a) State Government b) Central Government

c) Reserve bank of India d) Post Office

Q4. The Interest on Recurring Deposit Account scheme is compounded as

a) Quarterly b) Monthly
c) Half Yearly d) Annually

Q5. Formula to calculate maturity value of Recurring Deposit account is


𝑝𝑝𝑝𝑝(𝑛𝑛+1) 𝑟𝑟 𝑝𝑝𝑝𝑝(𝑛𝑛+1) 𝑟𝑟
a) 𝑛𝑛𝑛𝑛 + × b) 𝑛𝑛 + ×
2×12 100 2×12 100
𝑝𝑝(𝑛𝑛+1) 𝑟𝑟 𝑝𝑝𝑝𝑝(𝑛𝑛+1)
c) 𝑛𝑛𝑛𝑛 + × d) 𝑝𝑝 +
2×12 100 2×12

Q6. Recurring Deposit account is also known as

a) Fixed deposit account b) Current account

c) Saving Account d) Cumulative Deposit account

Q7. Computing Interest/maturity value on a Recurring Deposit account, time is


always taken in

a) Quarters b) Years

c) Months d) Days
Section B
Q8. Bala deposit Rs 200 per month for 36 months in a bank Recurring Deposit
Account. If the bank pays interest at the rate of 11% per annum, find the amount
she gets on maturity.

a) Rs.8428 b) Rs.1221 c) Rs.8421 d) Rs.7200

Q9. Sameer has a Recurring Deposit Account in a bank. He deposits Rs. 2500/- per
month for 2 years. If he get Rs. 66250/- at the time of maturity, find the interest paid
by the bank

a) Rs. 66250 b) Rs. 6250 c) Rs. 60000 d) Rs.16250

Q10. Kritika has a Cumulative Time Deposit Account in Bank of Baroda. He


deposits Rs 200 per month for a period of 3 years. If at the time of maturity she
gets Rs.8088, find the rate of interest.

a) 8% p.a b) 11% p.a c) 7.2% p.a d) None of these

Q11. Mr. X has a recurring deposit account in a bank for 2 years at 6% simple
interest. If he get Rs 1200/- as interest at the time of maturity find monthly
installment.

a) Rs 200 b) Rs 400 c) Rs 500 d) Rs 800

Q12. Katrina deposit a certain sum of money each month in a Recurring Deposit
Account of bank. If the rate of interest is 8% per annum and Katrina gets Rs. 8088
from bank after 3 years, find the value of his monthly installment

a) Rs 2696 b) Rs 200 c) Rs 674 d) None of these

Q13. Rama has a Recurring Deposit Account of Rs. 300 per month.If the rate of
interest is 12% per annum and the maturity value of this account is Rs. 8100. Find
the time (In Years) of this recurring deposit account
1
a) 2 b) 24 c) 1 d) None of these
2
Q14. Rekha deposit Rs 1500 per month in a Recurring Deposit Scheme of a bank
for 9 months. If she gets Rs. Rs 675/- as interest at the time of maturity find the
rate of interest if the interest is calculated at the end of each month

a) 12% b) 10% c) 6% d) 8%

Q15. Mr. Bajaj needs Rs. 30000 after 2 years. What least money (in multiple of Rs.5)
must he deposit every month in a Recurring Deposit Account to get required
money at the end of 2 year? The rate of interest being 8% p.a.

a) Rs1153 b) Rs 15000 c) Rs 1155 d) Rs. 1500

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