{"id":12771,"date":"2023-04-05T11:58:25","date_gmt":"2023-04-05T06:28:25","guid":{"rendered":"https:\/\/onlinefreenotes.com\/?p=12771"},"modified":"2023-04-05T11:58:25","modified_gmt":"2023-04-05T06:28:25","slug":"modern-day-banking","status":"publish","type":"post","link":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/modern-day-banking\/","title":{"rendered":"Modern Day Banking: NBSE Class 10 Financial Literacy answers"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"536\" src=\"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-content\/uploads\/2023\/04\/modern-day-banking-1024x536.png\" alt=\"modern day banking\" class=\"wp-image-12772\" srcset=\"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-content\/uploads\/2023\/04\/modern-day-banking-1024x536.png 1024w, https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-content\/uploads\/2023\/04\/modern-day-banking-300x157.png 300w, https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-content\/uploads\/2023\/04\/modern-day-banking-768x402.png 768w, https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-content\/uploads\/2023\/04\/modern-day-banking.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Here, you will find summaries, questions, answers, textbook solutions, pdf, extras etc. of (Nagaland Board)\u00a0<a href=\"http:\/\/nbsenl.edu.in\/\" target=\"_blank\" rel=\"noopener\">NBSE\u00a0<\/a>Class 10 Financial Literacy Chapter 2: Modern Day Banking. These solutions, however, should be only treated as references and can be modified\/changed.\u00a0<\/p>\n\n\n\n<div class=\"wp-block-ultimate-post-table-of-content ultp-block-51f324\"><div class=\"ultp-block-wrapper\"><div class=\"ultp-block-toc\"><div class=\"ultp-toc-header\"><div class=\"ultp-toc-heading\">Table of Contents<\/div><div class=\"ultp-collapsible-toggle  ultp-collapsible-right\"><a class=\"ultp-collapsible-text ultp-collapsible-open\" href=\"javascript:;\">[Open]<\/a><a class=\"ultp-collapsible-text ultp-collapsible-hide\" href=\"javascript:;\">[Close]<\/a><\/div><\/div><div class=\"ultp-block-toc-style1 ultp-block-toc-body\" style=\"display:block;\"><ul class=\"ultp-toc-lists\"><li><a href=\"\/2025\/onlinefreenotes\/#Summary\">Summary<\/a><\/li><li><a href=\"\/2025\/onlinefreenotes\/#Textual_questions_and_answers_MCQs\">Textual questions and answers (MCQs)<\/a><\/li><li><a href=\"\/2025\/onlinefreenotes\/#Extra\/additional_MCQs\">Extra\/additional MCQs<\/a><\/li><\/ul><\/div><\/div><\/div><\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"Summary\"><strong>Summary<\/strong><\/h4>\n\n\n\n<p>The Reserve Bank of India has issued guidelines allowing minors to operate bank accounts independently with a view to promote financial inclusion. A Savings Account is meant for depositing and withdrawing money whenever required, leaving the balance for savings. Banks pay interest for the savings, with the rate of interest ranging between 3.5% to 6% per annum. There is no restriction on the number and amount of deposits, but withdrawals are subjected to certain restrictions. Savings account helps to inculcate a habit of savings in individuals as well as families.<\/p>\n\n\n\n<p>A Fixed Deposit Account, or FD Account, is an account where a sum of money is deposited or invested for a specific time period. The money deposited into this account is usually not withdrawn before the expiry of the Fixed Deposit Term, hence it is also called a Term Deposit Account. Banks pay a higher rate of interest for Fixed Deposits than in case of Savings accounts.<\/p>\n\n\n\n<p>A Current Account is usually used by business persons, firms, and companies, with the objective of carrying out business transactions rather than savings or investment. Banks do not pay any interest on the amount held in the current account.<\/p>\n\n\n\n<p>A Recurring Deposit Account, or RD Account, is for those who want to save a fixed sum of money periodically, usually every month. The rate of interest on RD Account is usually higher, with the period of deposit being minimum six months and maximum ten years. The interest rates vary according to plans.<\/p>\n\n\n\n<p>Minors above 10 years of age can independently open and operate bank accounts, while children below the age of 10 years can open a bank account with the help of their guardian. To open a Savings Account, minors above 10 years of age need the following documents: ID and address proof of minor, photograph of minor, declaration from minor, and declaration along with ID proof of guardian (for guardian consent account).<\/p>\n\n\n\n<p>At a bank, customers can find various counters for different services, such as Reception or &#8220;May I help you&#8221; counter, Deposit counter, Withdrawal counter, and Miscellaneous counter. The Deposit counter is used to deposit cash or cheques into an account, while the Withdrawal counter is used to withdraw cash from the account.<\/p>\n\n\n\n<p>In Modern Banking, transfer of funds has become much more convenient and hassle-free. From issuance of cheque and demand draft, it has moved to NEFT, RTGS, and now IMPS. A cheque is an instrument used for banking transactions, which is a written mandate given by the account holder to his\/her bank to make the payment as per the details mentioned therein. A Demand Draft is an instrument through which the payer remits the money to the receiver with an arrangement through a Bank.<\/p>\n\n\n\n<p>For electronic transfer of money, banks provide three options: NEFT, RTGS, and IMPS. NEFT is the most popular method of transferring funds, which is an electronic fund transfer system that settles transactions in batches during the bank&#8217;s working hours. RTGS happens in real-time and gross basis, where the transaction is settled individually, and is meant for high-value transactions of minimum 2 lakh. IMPS is for instant money transfer, with the service available 24 hours a day, and a maximum transfer limit of 2 lakh.<\/p>\n\n\n\n<p>Starting early in life with savings and investments is always beneficial, and opening a bank account for a minor child, often called a Junior account by some banks, is a great way to teach them the meaning of money and savings while planning for their future.<\/p>\n\n\n\n\n\n<h4 class=\"wp-block-heading\" id=\"Textual_questions_and_answers_MCQs\"><strong>Textual questions and answers (MCQs)<\/strong><\/h4>\n\n\n\n<p><strong>1. Banks are ______ Institutions.<\/strong><\/p>\n\n\n\n<p>(a) Financial (b) Educational (c) Charitable<\/p>\n\n\n\n<p><strong>Answer: (a) Financial<\/strong><\/p>\n\n\n\n<p><strong>2. ______ Account is mainly used by business persons.<\/strong><\/p>\n\n\n\n<p>(a) Current (b) Savings (c) Recurring Deposit<\/p>\n\n\n\n<p><strong>Answer: (a) Current<\/strong><\/p>\n\n\n\n<p><strong>3. A sum of money not required at the moment can be deposited in _____<\/strong><\/p>\n\n\n\n<p>(a) Savings Account (b) Term Deposit Account (c) Recurring Deposit Account<\/p>\n\n\n\n<p><strong>Answer: <\/strong>(b) Term Deposit Account<\/p>\n\n\n\n<p><strong>4. IMPS Stands for _____<\/strong><\/p>\n\n\n\n<p>(a) Immediate Payment Service (b) Instant Payment Service (c) Immediate Payment Solution<\/p>\n\n\n\n<p><strong>Answer: <\/strong>(a) Immediate Payment Service<\/p>\n\n\n\n<p><strong>5. The rate of interest ranges in Savings Account between _____<\/strong><\/p>\n\n\n\n<p>(a) 8% to 10% per annum (b) 5% to 8% per annum (c) 3.5% to 6% per annum<\/p>\n\n\n\n<p><strong>Answer: <\/strong>(c) 3.5% to 6% per annum<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"Extra\/additional_MCQs\"><strong>Extra\/additional MCQs<\/strong><\/h4>\n\n\n\n<p><strong>1. What is the primary purpose of a Savings Account?<\/strong><\/p>\n\n\n\n<p>A. Saving purposes B. Business transactions C. Fixed investments D. Periodic deposits<\/p>\n\n\n\n<p><strong>Answer:<\/strong> A. Saving purposes<\/p>\n\n\n\n<p><strong>2. What is the typical interest rate range for a Savings Account?<\/strong><\/p>\n\n\n\n<p>A. 1% to 2% B. 2.5% to 4% C. 3.5% to 6% D. 7% to 9%<\/p>\n\n\n\n<p><strong>Answer:<\/strong> C. 3.5% to 6%<\/p>\n\n\n\n<p><strong>3. What type of account is also known as a Term Deposit Account?<\/strong><\/p>\n\n\n\n<p>A. Savings Account B. Current Account C. Fixed Deposit Account D. Recurring Deposit Account<\/p>\n\n\n\n<p><strong>Answer:<\/strong> C. Fixed Deposit Account<\/p>\n\n\n\n\n\n<p><strong>Q. Who generally uses a Current Account?<\/strong><\/p>\n\n\n\n<p>A. Individuals B. Business persons C. Minors D. College students<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. Business persons<\/p>\n\n\n\n<p><strong>Q. What type of account allows a fixed sum of money to be deposited periodically?<\/strong><\/p>\n\n\n\n<p>A. Savings Account B. Current Account C. Fixed Deposit Account D. Recurring Deposit Account<\/p>\n\n\n\n<p><strong>Answer:<\/strong> D. Recurring Deposit Account<\/p>\n\n\n\n<p><strong>Q. What is the minimum age for a minor to independently open and operate a bank account?<\/strong><\/p>\n\n\n\n<p>A. 8 years B. 10 years C. 12 years D. 15 years<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. 10 years<\/p>\n\n\n\n<p><strong>Q. What is the maximum period for a Recurring Deposit Account?<\/strong><\/p>\n\n\n\n<p>A. 5 years B. 7 years C. 10 years D. 12 years<\/p>\n\n\n\n<p><strong>Answer:<\/strong> C. 10 years<\/p>\n\n\n\n<p><strong>Q. Which instrument is used for banking transactions and involves a written mandate by the account holder?<\/strong><\/p>\n\n\n\n<p>A. Demand Draft B. Cheque C. NEFT D. IMPS<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. Cheque<\/p>\n\n\n\n<p><strong>Q. What is the instrument through which the payer remits money to the receiver with an arrangement through a bank?<\/strong><\/p>\n\n\n\n<p>A. Demand Draft B. Cheque C. NEFT D. IMPS<\/p>\n\n\n\n<p><strong>Answer:<\/strong> A. Demand Draft<\/p>\n\n\n\n<p><strong>Q. What is the most popular method of transferring funds electronically?<\/strong><\/p>\n\n\n\n<p>A. NEFT B. RTGS C. IMPS D. Cheque<\/p>\n\n\n\n<p><strong>Answer:<\/strong> A. NEFT<\/p>\n\n\n\n<p><strong>Q. What is the minimum amount for an RTGS transaction?<\/strong><\/p>\n\n\n\n<p>A. 50,000 B. 1 lakh C. 2 lakh D. 5 lakh<\/p>\n\n\n\n<p><strong>Answer:<\/strong> C. 2 lakh<\/p>\n\n\n\n<p><strong>Q. In which fund transfer method does the money get transferred instantly?<\/strong><\/p>\n\n\n\n<p>A. NEFT B. RTGS C. IMPS D. Cheque<\/p>\n\n\n\n<p><strong>Answer:<\/strong> C. IMPS<\/p>\n\n\n\n<p><strong>Q. What is the maximum amount that can be sent via IMPS?<\/strong><\/p>\n\n\n\n<p>A. 1 lakh B. 2 lakh C. 5 lakh D. 10 lakh<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. 2 lakh<\/p>\n\n\n\n<p><strong>Q. For how long is a Demand Draft valid?<\/strong><\/p>\n\n\n\n<p>A. 30 days B. 60 days C. 90 days D. 120 days<\/p>\n\n\n\n<p><strong>Answer:<\/strong> C. 90 days<\/p>\n\n\n\n<p><strong>Q. Which account would Rahul open if he wants to spend some money out of the prize amount of 1000?<\/strong><\/p>\n\n\n\n<p>A. Savings Account B. Current Account C. Fixed Deposit Account D. Recurring Deposit Account<\/p>\n\n\n\n<p><strong>Answer:<\/strong> A. Savings Account<\/p>\n\n\n\n<p><strong>Q. At which counter can an account holder deposit cash or cheques?<\/strong><\/p>\n\n\n\n<p>A. Reception B. Deposit counter C. Withdrawal counter D. Miscellaneous counter<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. Deposit counter<\/p>\n\n\n\n<p><strong>Q. At which counter can an account holder withdraw cash?<\/strong><\/p>\n\n\n\n<p>A. Reception B. Deposit counter C. Withdrawal counter D. Miscellaneous counter<\/p>\n\n\n\n<p><strong>Answer:<\/strong> C. Withdrawal counter<\/p>\n\n\n\n<p><strong>Q. Which document is needed to withdraw money from a bank account?<\/strong><\/p>\n\n\n\n<p>A. Pay-in slip B. Cheque C. Demand Draft D. Passbook<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. Cheque<\/p>\n\n\n\n<p><strong>Q. What is the maximum limit for an NEFT money transfer according to the Reserve Bank of India website?<\/strong><\/p>\n\n\n\n<p>A. 1 lakh B. 2 lakh C. 5 lakh D. No maximum limit<\/p>\n\n\n\n<p><strong>Answer:<\/strong> D. No maximum limit<\/p>\n\n\n\n<p><strong>Q. Which banking function has seen a sea change over the last few years?<\/strong><\/p>\n\n\n\n<p>A. Cheque issuance B. Demand Draft issuance C. Fund transfer D. Account opening<\/p>\n\n\n\n<p><strong>Answer:<\/strong> C. Fund transfer<\/p>\n\n\n\n<p><strong>Q. What type of account is NOT meant for savings or investment?<\/strong><\/p>\n\n\n\n<p>A. Savings Account B. Current Account C. Fixed Deposit Account D. Recurring Deposit Account<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. Current Account<\/p>\n\n\n\n<p><strong>Q. What is the minimum period for a Recurring Deposit Account?<\/strong><\/p>\n\n\n\n<p>A. 3 months B. 6 months C. 9 months D. 12 months<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. 6 months<\/p>\n\n\n\n<p><strong>Q. What type of account is meant for depositing money and withdrawing money whenever required?<\/strong><\/p>\n\n\n\n<p>A. Savings Account B. Current Account C. Fixed Deposit Account D. Recurring Deposit Account<\/p>\n\n\n\n<p><strong>Answer:<\/strong> A. Savings Account<\/p>\n\n\n\n<p><strong>Q. Which account is used to carry out business transactions?<\/strong><\/p>\n\n\n\n<p>A. Savings Account B. Current Account C. Fixed Deposit Account D. Recurring Deposit Account<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. Current Account<\/p>\n\n\n\n<p><strong>Q. What type of account is meant for depositing a sum of money for a specific time period?<\/strong><\/p>\n\n\n\n<p>A. Savings Account B. Current Account C. Fixed Deposit Account D. Recurring Deposit Account<\/p>\n\n\n\n<p><strong>Answer:<\/strong> C. Fixed Deposit Account<\/p>\n\n\n\n<p><strong>Q. What should never be signed in a blank state?<\/strong><\/p>\n\n\n\n<p>A. Demand Draft B. Cheque C. Pay-in slip D. Passbook<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. Cheque<\/p>\n\n\n\n<p><strong>Q. What type of bank account is often called a Junior account by some banks?<\/strong><\/p>\n\n\n\n<p>A. Savings Account B. Current Account C. Fixed Deposit Account D. Recurring Deposit Account<\/p>\n\n\n\n<p><strong>Answer:<\/strong> A. Savings Account<\/p>\n\n\n\n<p><strong>Q. Which fund transfer method settles transactions in batches?<\/strong><\/p>\n\n\n\n<p>A. NEFT B. RTGS C. IMPS D. Cheque<\/p>\n\n\n\n<p><strong>Answer:<\/strong> A. NEFT<\/p>\n\n\n\n<p><strong>Q. Which fund transfer method is meant for high-value transactions?<\/strong><\/p>\n\n\n\n<p>A. NEFT B. RTGS C. IMPS D. Cheque<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. RTGS<\/p>\n\n\n\n<p><strong>Q. Which type of account helps to inculcate a habit of savings in individuals and families?<\/strong><\/p>\n\n\n\n<p>A. Savings Account B. Current Account C. Fixed Deposit Account D. Recurring Deposit Account<\/p>\n\n\n\n<p><strong>Answer:<\/strong> A. Savings Account<\/p>\n\n\n\n<p><strong>Q. What is the maximum period for a Recurring Deposit Account?<\/strong><\/p>\n\n\n\n<p>A. 5 years B. 7 years C. 10 years D. 15 years<\/p>\n\n\n\n<p><strong>Answer:<\/strong> C. 10 years<\/p>\n\n\n\n<p><strong>Q. What type of account requires a fixed sum of money to be deposited periodically, usually every month?<\/strong><\/p>\n\n\n\n<p>A. Savings Account B. Current Account C. Fixed Deposit Account D. Recurring Deposit Account<\/p>\n\n\n\n<p><strong>Answer:<\/strong> D. Recurring Deposit Account<\/p>\n\n\n\n<p><strong>Q. Which fund transfer method allows for instant money transfer?<\/strong><\/p>\n\n\n\n<p>A. NEFT B. RTGS C. IMPS D. Cheque<\/p>\n\n\n\n<p><strong>Answer:<\/strong> C. IMPS<\/p>\n\n\n\n<p><strong>Q. In the case of a Demand Draft, who guarantees to honor the instrument?<\/strong><\/p>\n\n\n\n<p>A. Payer B. Receiver C. Bank D. Third Party<\/p>\n\n\n\n<p><strong>Answer:<\/strong> C. Bank<\/p>\n\n\n\n<p><strong>Q. Which banking instrument is a written mandate given by the account holder to his\/her bank to make payment as per the details mentioned?<\/strong><\/p>\n\n\n\n<p>A. Cheque B. Demand Draft C. Pay-in slip D. Passbook<\/p>\n\n\n\n<p><strong>Answer:<\/strong> A. Cheque<\/p>\n\n\n\n<p><strong>Q. What is the maximum limit for an IMPS money transfer?<\/strong><\/p>\n\n\n\n<p>A. 1 lakh B. 2 lakh C. 5 lakh D. No maximum limit<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. 2 lakh<\/p>\n\n\n\n<p><strong>Q. What is the minimum transaction amount for RTGS?<\/strong><\/p>\n\n\n\n<p>A. 1 lakh B. 2 lakh C. 5 lakh D. 10 lakh<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. 2 lakh<\/p>\n\n\n\n<p><strong>Q. What is the maximum transaction amount for IMPS?<\/strong><\/p>\n\n\n\n<p>A. 1 lakh B. 2 lakh C. 5 lakh D. No maximum limit<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. 2 lakh<\/p>\n\n\n\n<p><strong>Q. Which of the following is NOT an electronic fund transfer system?<\/strong><\/p>\n\n\n\n<p>A. NEFT B. RTGS C. IMPS D. Cheque<\/p>\n\n\n\n<p><strong>Answer:<\/strong> D. Cheque<\/p>\n\n\n\n<p><strong>Q. What is the validity period of a Demand Draft once issued?<\/strong><\/p>\n\n\n\n<p>A. 30 days B. 60 days C. 90 days D. 120 days<\/p>\n\n\n\n<p><strong>Answer:<\/strong> C. 90 days<\/p>\n\n\n\n<p><strong>Q. Which of the following counters is used for services like issuance of demand draft, banker&#8217;s cheque, and bank guarantee?<\/strong><\/p>\n\n\n\n<p>A. Reception B. Deposit counter C. Withdrawal counter D. Miscellaneous counter<\/p>\n\n\n\n<p><strong>Answer:<\/strong> D. Miscellaneous counter<\/p>\n\n\n\n<p><strong>Q. What is the minimum age for minors to independently open and operate a bank account?<\/strong><\/p>\n\n\n\n<p>A. 8 years B. 10 years C. 12 years D. 14 years<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. 10 years<\/p>\n\n\n\n<p><strong>Q. Which of the following documents is NOT required for minors above 10 years of age to open a Savings Account?<\/strong><\/p>\n\n\n\n<p>A. Id and address proof of minor B. Photograph of minor C. Declaration from Minor D. Birth certificate of guardian<\/p>\n\n\n\n<p><strong>Answer:<\/strong> D. Birth certificate of guardian<\/p>\n\n\n\n<p><br><strong>Q. Which type of account is meant for depositing and withdrawing money whenever required, leaving the balance for savings?<\/strong><\/p>\n\n\n\n<p>A. Savings Account B. Current Account C. Fixed Deposit Account D. Recurring Deposit Account<\/p>\n\n\n\n<p><strong>Answer:<\/strong> A. Savings Account<\/p>\n\n\n\n<p><strong>Q. What type of account is used by business persons, firms, and companies for carrying out business transactions?<\/strong><\/p>\n\n\n\n<p>A. Savings Account B. Current Account C. Fixed Deposit Account D. Recurring Deposit Account<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. Current Account<\/p>\n\n\n\n<p><strong>Q. In which fund transfer method does the money get transferred during the bank&#8217;s working hours?<\/strong><\/p>\n\n\n\n<p>A. NEFT B. RTGS C. IMPS D. Demand Draft<\/p>\n\n\n\n<p><strong>Answer:<\/strong> A. NEFT<\/p>\n\n\n\n<p><strong>Q. What is the minimum period for a Recurring Deposit Account?<\/strong><\/p>\n\n\n\n<p>A. 3 months B. 6 months C. 1 year D. 2 years<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. 6 months<\/p>\n\n\n\n<p><strong>Q. Which counter is used to deposit cash or cheque into an account holder&#8217;s account?<\/strong><\/p>\n\n\n\n<p>A. Reception B. Deposit counter C. Withdrawal counter D. Miscellaneous counter<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. Deposit counter<\/p>\n\n\n\n<p><strong>Q. At which counter can you withdraw cash from your account?<\/strong><\/p>\n\n\n\n<p>A. Reception B. Deposit counter C. Withdrawal counter D. Miscellaneous counter<\/p>\n\n\n\n<p><strong>Answer:<\/strong> C. Withdrawal counter<\/p>\n\n\n\n<p><strong>Q. Which of the following is a risk associated with signing a blank cheque?<\/strong><\/p>\n\n\n\n<p>A. Identity theft B. Unauthorized access to account C. Any amount can be filled in D. Bank charges<\/p>\n\n\n\n<p><strong>Answer:<\/strong> C. Any amount can be filled in<\/p>\n\n\n\n<p><strong>Q. Which of the following is a popular method of transferring funds electronically?<\/strong><\/p>\n\n\n\n<p>A. Cheque B. Demand Draft C. NEFT D. RTGS<\/p>\n\n\n\n<p><strong>Answer:<\/strong> C. NEFT<\/p>\n\n\n\n<p><strong>Q. Which of the following accounts is not meant for savings or investment purposes?<\/strong><\/p>\n\n\n\n<p>A. Savings Account B. Current Account C. Fixed Deposit Account D. Recurring Deposit Account<\/p>\n\n\n\n<p><strong>Answer:<\/strong> B. Current Account<\/p>\n\n\n\n\n\n<p><strong>53. Which type of account incurs a higher rate of interest compared to a Savings Account?<\/strong><\/p>\n\n\n\n<p>A. Current Account B. Fixed Deposit Account C. Recurring Deposit Account D. Both B and C<\/p>\n\n\n\n<p><strong>Answer:<\/strong> D. Both B and C<\/p>\n\n\n\n\n","protected":false},"excerpt":{"rendered":"<p>Here, you will find summaries, questions, answers, textbook solutions, pdf, extras etc. of (Nagaland Board)\u00a0NBSE\u00a0Class 10 Financial Literacy Chapter 2: Modern Day Banking. These solutions, however, should be only treated as references and can be modified\/changed.\u00a0 Summary The Reserve Bank of India has issued guidelines allowing minors to operate bank accounts independently with a view&hellip; <a class=\"more-link\" href=\"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/modern-day-banking\/\">Continue reading <span class=\"screen-reader-text\">Modern Day Banking: NBSE Class 10 Financial Literacy answers<\/span><\/a><\/p>\n","protected":false},"author":1044,"featured_media":12772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,34],"tags":[29,30,560,41,51,562,12,13,33,35,36,37,53],"class_list":["post-12771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nagaland","category-notes","tag-class-10","tag-extras","tag-financial-literacy","tag-hslc","tag-mcqs","tag-modern-day-banking","tag-nagaland-board","tag-nbse","tag-notes","tag-pdf","tag-questions","tag-solutions","tag-textual-answers","entry"],"acf":[],"_links":{"self":[{"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/posts\/12771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/users\/1044"}],"replies":[{"embeddable":true,"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/comments?post=12771"}],"version-history":[{"count":0,"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/posts\/12771\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/media\/12772"}],"wp:attachment":[{"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/media?parent=12771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/categories?post=12771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/tags?post=12771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}