Banking

Exercise

  1. Mrs Chatterjee opened a savings account in Canara Bank on 4th January, 2000, with Rs 2000. On 8th January, she deposited Rs 560 and on 10th January, she withdrew Rs 376·50 by a cheque. On 16th January she withdrew Rs 500 and on 23rd January she deposited Rs 235·45 by a cheque. She withdrew Rs 400 on 13th March. Write the entries in her passbook and find the interest due to her for the period ending 31st March at 5% p.a.
  2. Mr Kumar opened a savings account in Punjab National Bank on 3rd January 1999 with Rs 5000. His transactions during the year 1999 were as under:
    January 12, deposited Rs 3718·46 by cheque
    February 7, deposited Rs 2000·00 by cash
    May 16, withdrew Rs 4102·50 by cheque
    June 3, withdrew Rs 1500·00
    June 26, withdrew Rs 700·00
    August 13, deposited Rs 6726·80 by cheque
    September 10, deposited Rs 3000·00 by cash
    November 4, withdrew Rs 2500·00
    Write the entries in his passbook. He closed his account on 19th December, 1999. If the bank paid interest (computed annually) at 5·5%, find the amount he received on the day of closing his account.

  3. An incomplete page from a savings account passbook is given below:
    Date Particulars Amount(Withdrawals)
    Rs P
    Amont(Deposit)
    Rs P
    Balance
    Rs P
    1-4-98 B / F ... ... 6227.60
    3-4-98 To self 1700.00 ... ...
    16-4-98 By cash ... 3250.00 ...
    9-7-98 By cheque ... 828.17 ...
    10-9-98 By cash ... 2500.00 ...
    13-9-98 By cheque 1519.30 ... ...
    30-9-98 By interest ... ... ...
    7-10-98 By cash ... 600.00 ...
    2-1-99 To self 3000.0 ... ...
    7-3-99 By cheque ... 740.00 ...
    31-3-99 By interest ... ... ...

    If the bank pays interest at the rate of 6% p.a. compounded half-yearly, complete the above page of the passbook.
  4. A page from Anshul's savings bank passbook is given below:
    Date
    Year 2000
    Particulars Amount(Withdrawals)
    Rs P
    Amount(Deposit)
    Rs P
    Balance
    Rs P
    January 1 B/F ... ... 8026.15
    January 5 By cash ... 650.00 8676.15
    February 13 To self 2500.00 ... 6176.15
    June 4 By Cheque ... 385.00 6561.15
    July 19 By Cheque 718.50 ... 5842.15

    He closed the account on 25th July 2000 and received Rs 6042·45. Calculate the rate of interest.
  5. Karuna deposits Rs 250 per month in a bank recurring deposit account for 3 years. What amount will she get on maturity?
  6. Prabha saves Rs 100 per month and puts it in a bank recurring deposit scheme. In order to have a total amount of Rs 6000 nearly, how many instalments must she deposit?
  7. Kamal deposits Rs 350 per month in a cumulative deposit account for 5 years. What amount will he get on maturity?
  8. Sabrina deposits Rs 80 per month in a cumulative deposit scheme for 6 years. Find the amount (to the nearest rupee) payable to her on maturity.
  9. Rajesh needs Rs 25000 after 5 years. How much money should he invest every month in a recurring deposit scheme to get approximately the required amount after 5 years?

Answers

1. Rs 21·33   2. Rs 12087·16
3.
Date Particulars Amount(Withdrawals)
Rs P
Amont(Deposit)
Rs P
Balance
Rs P
1-4-98 B / F ... ... 6227.60
3-4-98 To self 1700.00 ... 4527.60
16-4-98 By cash ... 3250.00 7777.60
9-7-98 By cheque ... 828.17 8605.77
10-9-98 By cash ... 2500.00 11105.77
13-9-98 By cheque 1519.30 ... 9586.47
30-9-98 By interest ... 234.50 9820.97
7-10-98 By cash ... 600.00 10420.97
2-1-99 To self 3000.0 ... 7420.97
7-3-99 By cheque ... 740.00 8160.97
31-3-99 By interest ... 271.30 8432.27

4. 6%                        5. Rs 11024·50      6. 48
7. Rs 29567·30         8. Rs 8710             9. Rs 300