Revision Notes for ICSE Class 10 Math Chapter 2 - Free PDF Download
FAQs on ICSE Class 10 Mathematics Revision Notes Chapter 2 - Banking
1. On what platform ICSE Class 10 students can access the revision notes of Maths Chapter 2 Banking?
ICSE board Class 10 students can access the revision notes of Maths Chapter 2 Banking on Vedantu. The revision notes of this chapter are available in PDF format. Students can download them and use them anytime. Further, the notes are prepared by our Maths experts who have a thorough knowledge of this field. These notes are drafted keeping in mind the intelligence quotient of class 10 students, so they don't face problems while comprehending the concepts. These notes are one of the reliable study materials during tests or exams. Students can download free study material and PDF from Vedantu app and website.
2. What is a Bank and Its Functions?
A bank is an organization or constitution which regulates the exchange of money between people. It involves lending and depositing money.
The Functions of a Bank are:
A bank pays interest on a received amount of money as a deposit.
Receive interest on the lent money to borrowers.
Transfers money from one account to another.
Provides a loan facility.
Get payments on public services like gas bills, electricity bills, water bills, telephone bills, insurance, education fees, etc.
Collects taxes like sales tax, income tax, house tax, etc.
Regulates the selling and buying of shares or security bonds.
3. What are the steps to open a bank account?
To Open a Bank Account, A Person Should Follow The Given Steps:
The first thing a person needs to do is visit the bank and get an application form. He may also receive the form online.
To fill the application form, the account holder has to write complete details like name, contact number, type of account, signature, etc. And submit it back.
After this, he has to deposit a fixed initial amount to open an account.
For depositing, the bank provides a pay-in-slip to fill the required amount for a deposit.
For withdrawing, the bank offers a chequebook, withdrawal form or an ATM card.
4. Is Class 10 Maths Chapter 2 Banking tough?
According to ICSE Board Class, 10 students, Chapter 2 Banking is slightly tough. The questions asked from this chapter are difficult and consume more time. To solve the questions of this chapter with ease, students are recommended to clear the concepts and practice more application-based questions. For this purpose, they can practise questions from the books prescribed by the ICSE board, solve last years' question papers, appear for mock tests, revise topics from notes, seek help from teachers for clearing doubts, etc.
5. What is a Recurring Deposit Account?
In a Recurring Deposit Account, the account holder deposits a specific amount of money in the account every 30 days for a fixed period. The time duration can vary from 3 months to 12 years or maybe more. The time duration for the deposit is decided by the bank. At the end of the period, the account holder gets a lump sum amount which includes the money that was deposited earlier along with the interest (Compounded quarterly) earned by the deposit money.
The formula for calculating the maturity value of the recurring deposit is Maturity Amount= Sum Deposit+Interest Gained.