FINANCIAL EDUCATION

LEARNING VAULT

Know Your Banking - General Banking
Remittances

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1. Although Cheque and Bank draft are negotiable instruments and serve as means of payment, a draft cannot be issued by a customer

True
False

2.If a demand draft is lost by the purchaser of the draft , he will not be able to get the money from the bank

True
False

3. The purchaser of the demand draft must be an account holder of the bank.

True
False

4. Demand draft is paid only after a week of date of issuance.

True
False

5. Demand draft once purchased can not be cancelled.

True
False

6. The payment of demand draft cannot be stopped by the purchaser

True
False

7. Once a demand draft is lost, the purchaser can get a duplicate subject to certain conditions and payment of charges.

True
False

8. Payee of the demand draft can get a duplicate demand draft if the original is lost.

True
False

9. For housing loans, the bank pays the cost of stamp fees.

True
False

10. Mutilated currency notes can be exchanged only at private sector banks.

True
False

11. Bank recovers charges when the customer purchases travellers cheques.

True
False

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