{"id":18955,"date":"2024-09-18T13:07:50","date_gmt":"2024-09-18T07:37:50","guid":{"rendered":"https:\/\/onlinefreenotes.com\/?p=18955"},"modified":"2025-12-12T08:58:59","modified_gmt":"2025-12-12T08:58:59","slug":"what-is-a-bank-nbse-class-9","status":"publish","type":"post","link":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/what-is-a-bank-nbse-class-9\/","title":{"rendered":"What is a Bank? \u2014<span style=\"font-weight: normal;\"> <\/span>NBSE Class 9 Financial Literacy"},"content":{"rendered":"\n<p>Get summary, textual answers, solutions, notes, extras, MCQs, PDF of&nbsp;<a href=\"https:\/\/nbsenl.edu.in\/\" target=\"_blank\" rel=\"noopener\">NBSE<\/a>&nbsp;Class 9 Financial Literacy Unit 6 What is a Bank?. However, the educational materials should only be used for reference, and students are encouraged to make necessary changes.<\/p>\n\n\n  <style>\r\n    .notice {\r\n      background: yellow;       \/* simple yellow background *\/\r\n      text-align: center;       \/* centre alignment *\/\r\n      padding: 12px 16px;\r\n      margin: 20px auto;\r\n      width: fit-content;       \/* shrink to text and centre via auto margins *\/\r\n      font-family: Arial, sans-serif;\r\n    }\r\n  <\/style>\r\n  <div class=\"notice\">\r\n    If you notice any errors in the notes, please mention them in the comments\r\n  <\/div>\r\n<nav id=\"toc\" class=\"toc-box\"><\/nav>\r\n<style>\r\n.toc-box{\r\n  border:1px solid #e5e7eb;\r\n  border-radius:8px;\r\n  background:#fff;\r\n  margin:20px 0;\r\n  font-family:Arial, Helvetica, sans-serif\r\n}\r\n.toc-header{\r\n  padding:10px 14px;\r\n  font-size:16px;\r\n  font-weight:600;\r\n  border-bottom:1px solid #eef2f7;\r\n  background:#f8fafc\r\n}\r\n.toc-content{\r\n  padding:12px 18px\r\n}\r\n\r\n\/* Base list *\/\r\n.toc-content ul{\r\n  margin:0 25px;\r\n  padding-left:0;\r\n  list-style:none\r\n}\r\n\r\n\/* Level-based bullets *\/\r\n.toc-content li{\r\n  position:relative;\r\n  margin:6px 0;\r\n  margin-left:6px;\r\n  line-height:1.5;\r\n\tlist-style:disc;\r\n}\r\n\r\n\/* H2 bullet \u25cf *\/\r\n.toc-content li.level-2{\r\n  list-style:disc;\r\n\t\r\n}\r\n\r\n\/* H3 bullet \u25cb *\/\r\n.toc-content li.level-3{\r\n  margin-left:26px;\r\n\tlist-style:disc;\r\n}\r\n\r\n\r\n\/* H4+ bullet \u2013 *\/\r\n.toc-content li.level-4{\r\n  margin-left:46px;\r\n\tlist-style:disc;\r\n}\r\n.toc-content li.level-5,\r\n.toc-content li.level-6{\r\n  margin-left:66px;\r\n\tlist-style:disc;\r\n}\r\n\r\n.toc-content a{\r\n  text-decoration:none;\r\n  color:#000\r\n}\r\n.toc-content a:hover{\r\n  text-decoration:underline\r\n}\r\n\r\nhtml{scroll-behavior:smooth}\r\nh1[id],h2[id],h3[id],h4[id],h5[id],h6[id]{\r\n  scroll-margin-top:110px\r\n}\r\n<\/style>\r\n\r\n<script>\r\ndocument.addEventListener('DOMContentLoaded', function () {\r\n\r\n  const toc = document.getElementById('toc');\r\n  if (!toc) return;\r\n\r\n  \/* MAIN CONTENT ONLY *\/\r\n  const content = document.querySelector('#pdf-content');\r\n\r\n  \/* EXCLUDE AREAS *\/\r\n  const excludeSelectors = `\r\n    .author, .byline, .entry-meta, .post-meta,\r\n    #comments, .comments-area, .comment-respond,\r\n    .comment-form, .comment-list,\r\n    .login, .login-required,\r\n    .sidebar, aside, footer, nav,\r\n    .widget, .widgets\r\n  `;\r\n\r\n  \/* TEXT TO IGNORE *\/\r\n  const ignoreText = [\r\n    'leave a comment',\r\n    'cancel reply',\r\n    'login required',\r\n    'get notes',\r\n    'ron\\'e dutta',\r\n    'comments'\r\n  ];\r\n\r\n  \r\nconst headings = [...content.querySelectorAll('h1,h2,h3,h4,h5,h6')]\r\n  .filter(h => !excludeSelectors || !h.closest(excludeSelectors))\r\n  .filter(h => {\r\n    const txt = h.textContent.trim().toLowerCase();\r\n    return txt.length > 0 && !ignoreText.some(t => txt.includes(t));\r\n  });\r\n\r\n\/\/alert(content);\r\n  if (!headings.length) {\r\n    toc.style.display = 'none';\r\n    return;\r\n  }\r\n\r\n  \/* UNIQUE IDs *\/\r\n  const used = {};\r\n  const slug = t => t.toLowerCase().trim()\r\n    .replace(\/[^a-z0-9\\s-]\/g, '')\r\n    .replace(\/\\s+\/g, '-');\r\n\r\n  headings.forEach(h => {\r\n    if (!h.id) {\r\n      let base = slug(h.textContent) || 'section';\r\n      used[base] = (used[base] || 0) + 1;\r\n      h.id = used[base] > 1 ? base + '-' + used[base] : base;\r\n    }\r\n  });\r\n\r\n  \/* BUILD TOC *\/\r\n  const ul = document.createElement('ul');\r\n\r\n  headings.forEach(h => {\r\n    const level = parseInt(h.tagName.substring(1));\r\n    if (level < 2) return; \/\/ skip H1 like your reference site\r\n\r\n    const li = document.createElement('li');\r\n    li.className = 'level-' + level;\r\n\r\n    const a = document.createElement('a');\r\n    a.href = '#' + h.id;\r\n    a.textContent = h.textContent.trim();\r\n\r\n    li.appendChild(a);\r\n    ul.appendChild(li);\r\n  });\r\n\r\n  toc.innerHTML = `\r\n    <div class=\"toc-header\">Table of Contents<\/div>\r\n    <div class=\"toc-content\"><\/div>\r\n  `;\r\n  toc.querySelector('.toc-content').appendChild(ul);\r\n\r\n});\r\n<\/script>\r\n\n\n\n\n<h4 class=\"wp-block-heading\" id=\"Summary\"><strong>Summary<\/strong><\/h4>\n\n\n\n<p>This chapter explains what a bank is and how it works. A bank is a place where people can deposit their money for safekeeping and withdraw it when needed. In return, the bank pays interest on the deposited amount. If someone needs more money than they have saved, banks can lend them money, which is called a loan. The borrower has to pay interest on the loan. For salaried people, loans are often paid back in small, regular payments called Equated Monthly Instalments (EMI).<\/p>\n\n\n\n<p>To open a bank account, a person needs to fill out a form and submit documents like proof of identity and address. The account can be opened in a single name or jointly with family or friends. Once the paperwork is done, the bank provides the account holder with a unique account number, a cheque book, a passbook, and sometimes internet banking details. Internet and phone banking make transactions easier for the account holder.<\/p>\n\n\n\n<p>Money can be deposited in the account using a pay-in slip, which is a form that provides the bank with details about the deposit. A withdrawal slip is used to take money out of the account. The passbook records all the transactions made in the account, including deposits and withdrawals.<\/p>\n\n\n\n<p>Banks offer different types of accounts. A savings account is meant for people who want to save money regularly. It earns interest, but there are some limits on how often deposits and withdrawals can be made. A current account is mostly used by businesses. It does not earn interest, but it allows more frequent transactions and the ability to borrow more money than is available in the account.<\/p>\n\n\n\n<p>This chapter also provides samples of pay-in slips, withdrawal forms, and passbooks, explaining the importance of each in managing bank transactions.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"Extra\/additional_questions_and_answers\"><strong>Textual MCQs<\/strong><\/h4>\n\n\n\n<p><strong>1. Banks pay the depositor ______ in return for depositing the money.<\/strong><\/p>\n\n\n\n<p>A. loan<br>B. interest<br>C. allowance<\/p>\n\n\n\n<p><strong>Answer<\/strong>: B. interest<\/p>\n\n\n\n<p><strong>2. When an account holder needs money over and above his savings for any purpose, then banks also lend money to him, which is known as a ______.<\/strong><\/p>\n\n\n\n<p>A. interest<br>B. loan<br>C. allowance<\/p>\n\n\n\n<p><strong>Answer<\/strong>: B. loan<\/p>\n\n\n\n<p><strong>3. The person who gets a loan from a bank can be termed as a ______.<\/strong><\/p>\n\n\n\n<p>A. lender<br>B. borrower<br>C. depositor<\/p>\n\n\n\n<p><strong>Answer<\/strong>: B. borrower<\/p>\n\n\n\n<p><strong>4. After opening a bank account, the bank allots a unique ______ number to the account holder.<\/strong><\/p>\n\n\n\n<p>A. account<br>B. ledger<br>C. folio<\/p>\n\n\n\n<p><strong>Answer<\/strong>: A. account<\/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 does a bank offer for depositing money?<\/strong><\/p>\n\n\n\n<p>A. Loan<br>B. Interest<br>C. Overdraft<br>D. Cheque<\/p>\n\n\n\n<p><strong>Answer<\/strong>: B. Interest<\/p>\n\n\n\n\n\n<p><strong>Q. What is the term for the amount paid by a borrower to the bank for a loan?<\/strong><\/p>\n\n\n\n<p>A. Principal<br>B. Interest<br>C. EMI<br>D. Deposit<\/p>\n\n\n\n<p><strong>Answer<\/strong>: B. Interest<\/p>\n\n\n\n<p><strong>Q. How can someone open a bank account?<\/strong><\/p>\n\n\n\n<p>A. By submitting a passbook<br>B. By filling an account-opening form<br>C. By depositing cash<br>D. By applying online only<\/p>\n\n\n\n<p><strong>Answer<\/strong>: B. By filling an account-opening form<\/p>\n\n\n\n<p><strong>Q. What type of bank account is typically held by salaried individuals?<\/strong><\/p>\n\n\n\n<p>A. Savings Bank Account<br>B. Current Account<br>C. Loan Account<br>D. Overdraft Account<\/p>\n\n\n\n<p><strong>Answer<\/strong>: A. Savings Bank Account<\/p>\n\n\n\n<p><strong>Q. What facility is given to current account holders?<\/strong><\/p>\n\n\n\n<p>A. Earning interest<br>B. Limited withdrawals<br>C. Overdraft<br>D. Limited deposits<\/p>\n\n\n\n<p><strong>Answer<\/strong>: C. Overdraft<\/p>\n\n\n\n<p><strong>Q. What document records all transactions in a bank account?<\/strong><\/p>\n\n\n\n<p>A. Cheque<br>B. Pay-in slip<br>C. Passbook<br>D. Withdrawal slip<\/p>\n\n\n\n<p><strong>Answer<\/strong>: C. Passbook<\/p>\n\n\n\n<p><strong>Q. What is an EMI related to?<\/strong><\/p>\n\n\n\n<p>A. Salary payments<br>B. Loan repayment<br>C. Account opening<br>D. Deposit limits<\/p>\n\n\n\n<p><strong>Answer<\/strong>: B. Loan repayment<\/p>\n\n\n\n<p><strong>Q. Which document is used to deposit cash or cheques into a bank account?<\/strong><\/p>\n\n\n\n<p>A. Withdrawal slip<br>B. Pay-in slip<br>C. Passbook<br>D. Cheque book<\/p>\n\n\n\n<p><strong>Answer<\/strong>: B. Pay-in slip<\/p>\n\n\n\n<p><strong>Q. How often is interest typically paid on a savings account?<\/strong><\/p>\n\n\n\n<p>A. Every month<br>B. Twice a year<br>C. Once a year<br>D. Every quarter<\/p>\n\n\n\n<p><strong>Answer<\/strong>: B. Twice a year<\/p>\n\n\n\n\n\n<p><strong>10. Who typically holds current accounts?<\/strong><\/p>\n\n\n\n<p>A. Students<br>B. Businessmen<br>C. Retirees<br>D. Housewives<\/p>\n\n\n\n<p><strong>Answer<\/strong>: B. Businessmen<\/p>\n\n\n\n\n","protected":false},"excerpt":{"rendered":"<p>Get summary, textual answers, solutions, notes, extras, MCQs, PDF of&nbsp;NBSE&nbsp;Class 9 Financial Literacy Unit 6 What is a Bank?. However, the educational materials should only be used for reference, and students are encouraged to make necessary changes. Summary This chapter explains what a bank is and how it works. A bank is a place where&hellip; <a class=\"more-link\" href=\"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/what-is-a-bank-nbse-class-9\/\">Continue reading <span class=\"screen-reader-text\">What is a Bank? \u2014<span style=\"font-weight: normal;\"> <\/span>NBSE Class 9 Financial Literacy<\/span><\/a><\/p>\n","protected":false},"author":1044,"featured_media":18959,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,34],"tags":[10,30,560,48,51,12,13,33,35,36,37,53,933],"class_list":["post-18955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nagaland","category-notes","tag-class-9","tag-extras","tag-financial-literacy","tag-hsslc","tag-mcqs","tag-nagaland-board","tag-nbse","tag-notes","tag-pdf","tag-questions","tag-solutions","tag-textual-answers","tag-what-is-a-bank","entry"],"acf":[],"_links":{"self":[{"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/posts\/18955","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=18955"}],"version-history":[{"count":1,"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/posts\/18955\/revisions"}],"predecessor-version":[{"id":32849,"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/posts\/18955\/revisions\/32849"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/media\/18959"}],"wp:attachment":[{"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/media?parent=18955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/categories?post=18955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mockupbw.site\/2025\/onlinefreenotes\/wp-json\/wp\/v2\/tags?post=18955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}