Kerala Syllabus STD 6 Social Science: Chapter 11 Let's Save for the Future - Questions and Answers | Teaching Manual

Study Notes for Class 6 Social Science - Towards South Indian History | Text Books Solution Social Science (English Medium) Chapter 11 സ്വരുക്കൂട്ടാം... കരുതിവയ്ക്കാം | Teaching Manual & Teachers Handbook | പഠന സഹായികൾ അയക്കാൻ താല്പര്യമുള്ളവർ ഈ നമ്പറിൽ വാട്സാപ്പ് ചെയ്യുക: 9497346250. 
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Chapter 11: Let's Save for the Future - Questions and Answers & Model Question
♦ What is a bank?
Banks are financial institutions that accept money from the public as deposits and provide loans to those in need, following certain criteria.

♦ How banks in their present form came into being. Prepare a Note.
• The individuals lending the surplus money to the needy led to the emergence of local moneylenders. 
• As the number of people who needed loans increased, the money lenders had to find more money. For this, they started accepting deposits. • This led to the formation of financial institutions. 
• The ability to repay the loan and reliability were the criteria for lending money by these institutions. 
• When the acceptance of deposits and lending loans increased excessively, individuals were unable to perform this function themselves. • This paved way for the rise of financial institutions, including banks.

♦ Anything that is accepted in exchange for goods and services
can generally be called -----------
 Money 

♦ What are the changes that took place in economic activities when the local financial institutions developed into banks?
• More people started getting loans
• The level of exploitation decreased
• Habit of saving increased among the people

♦ When did a new banking system begin in India?
It began with the arrival of the English East India Company.

♦ Which was the first bank in India?
The Bank of Hindustan.

♦ In which year was the Bank of Hindustan established?
1770.

♦ Which was the first bank in Kerala?
The Nedungadi Bank.

♦ In which year was the Nedungadi Bank established?
1899

♦ Where was the headquarters of the Nedungadi Bank?
Kozhikode.

♦ Who founded the Nedungadi Bank?
Appu Nedungadi.

♦ Which is the Central Bank of India?
The Reserve Bank of India.

♦ In which year was the Reserve Bank of India established?
1935.

♦ Where is the headquarters of the Reserve Bank of India?
Mumbai.

♦ What are the major functions of the Reserve Bank of India?
• Issue all currency notes except the one-rupee note
• Controls loans
• Known as the 'banker's bank'
• Functions as banker to the government
♦ Prepare a reading card including the details of the Reserve Bank.
Name: The Reserve Bank of India.
Established: 1935
Functions: Printing Currency, Controlling Loans, Banker to the Government, Banker's Bank

♦ What are the important functions of Banks?
• Banks are institutions that accept deposits from the public and grant loans to the needy, subject to conditions. 

♦ Observe the picture and complete the list.
Depositors Borrowers
• Accept deposits from individuals, institutions, and government
• Give back the deposit amount with interest		• Grant loans to individuals, institutions, and the government
• Collect the loan amount with interest
♦ Banks are the intermediaries between depositors and borrowers. Justify this statement.
Banks accept deposits from individuals, institutions, and government. The bank returns the deposits with interest after a specified period. The bank lends money to the needy from such deposits. The borrowers repay this amount to the bank with interest. Banks act as intermediaries between the
depositors and the borrowers. They work on the basis of general rules and norms.

♦ Who is a banker?
The banker is a person or establishment that carries out the banking business.

♦ Interest
The additional amount that a person has to pay when he repays a loan and the additional amount he gets on his deposits, can be said as interest.

♦ Examine the pictures given below and find out whether the interest rate is higher for deposits or loans. Prepare a note.
There is interest on deposits and loans. The bank charges a certain amount as interest from the people who take loans. From this, the bank finds the amount for its operations and pays interest to those who deposit money in the bank. The rate of interest on loans will be higher than the rate of interest given for deposits. The difference between these interests is the main revenue of the banks.

♦ What are the documents that were submitted to the bank along with the filled-in application to open an account? List them.
• Passport-size photo
• Copy of Adhar card
• Mobile phone number

♦ What is a bank account?
A bank account is an arrangement for making financial transactions between a bank and a customer. These are recorded in a passbook.

♦ A system for recording financial transactions between a bank and a customer is --------
Passbook

♦ At what age can a person open a bank account on their own?
Anyone above the age of ten.

♦ Children below ten years old can open a bank account with -------
With their guardian, as a joint account.

♦ What are the benefits of a bank account for students? 
• To get various grants
• For receiving scholarships
• Encourages a saving habit
• To get various government financial aids

♦ How many types of bank accounts can be classified based on ownership? Which are they? Prepare a note.
Based on ownership, bank accounts can be mainly classified into three types.
• Individual Account: An account opened in the name of an individual. Only that person can make transactions through that account.
• Joint Account: Joint account is opened by  two or more individuals or institutions jointly
• Institutional Account: An account opened in the name of an institution. An authorised person in the institution opens the account and makes transactions.
♦ Prepare a note including the characteristics of the different types of Deposits. 
Deposits can be classified according to their characteristics into savings Deposits, current Deposits, fixed Deposits, and recurring Deposits.
• Savings Deposit
This deposit is to instil the habit of saving in individuals. Individual and joint account holders can start savings deposit. The bank pays low interest on these deposits. Money can be deposited as many times as they want. However, there are some restrictions to withdraw money.
• Current  Deposit
This investment is aimed at traders and industrialists. Any number of transactions can be made in a day. There are no restrictions on depositing and withdrawing money. No interest is paid for this account.
• Fixed Deposit
This is an account where the deposit is made only once and it is withdrawn with interest after a certain period. The bank pays higher interest on such deposits.
• Recurring Deposit
This is another form of fixed deposit. A fixed amount is deposited in this account at regular intervals (daily, weekly, monthly) for a specific period of time. The amount can be withdrawn only after the maturity period. It earns higher interest than savings deposit.

♦ Let's complete the worksheet.
♦ Are there any facilities at school to instil the habit of saving?
The Central Government launched the Sanchayika Scheme for school students. Now it is known as 'Students Saving Scheme'. 

♦ Look at the collage.
♦ Are you familiar with the names of these banks? 
• Union Bank of India
• Canara Bank
• State Bank of India (SBI)
• Kerala Bank
♦ Add the names of other banks you know.
• Punjab National Bank (PNB)
• Bank of Baroda (BoB)
• Bank of India 
• Indian Bank, etc.

♦ Name the Different types of banks.
• Commercial banks
• Co-operative banks
• Development banks

♦ Prepare a note on different types of banks and their features.
• Commercial banks
Commercial banks are the oldest banks with a large number of branches in the banking sector. They provide services such as accepting deposits, granting loans, locker facility, debit card, credit card, and online banking to their customers. Commercial banks can be classified into two categories as public sector banks and private sector banks. In India, the largest commercial bank in public sector is the State Bank of India (SBI).
• Co-operative banks
Co-operative banks were started with the aim of providing loans with low interest rate to farmers, artisans and small-scale industrialists. The main objectives of co-operative banks are to promote selfhelp and mutual help, inculcate the habit of saving among the people, increase investment and to
protect the people from the exploitation of private money lenders. Kerala Bank, formed by the Government of Kerala, is one such bank. Co-operative banks operating in rural areas are called Rural Co-operative Banks and those operating in the urban areas are called Urban Co-operative Banks.
• Development banks
Development banks are banks that provide long-term loans in the industrial-commercial -agricultural sectors. Eg: Industrial Finance Corporation of India (IFCI), National Bank for Agriculture and Rural Development (NABARD).

♦ The banks that are fully owned and operated by the government are called ------.
Public sector banks
Example: Union Bank, Canara Bank.

♦ Who owns and operates private banks?
Private banks are owned and operated by private individuals.
Example: South Indian Bank, Federal Bank

♦ Name the co‑operative bank formed by the Government of Kerala.
Kerala Bank.

♦ The bank formed by merging the State Co-operative Bank and the District Co-operative Banks 
Kerala Bank

♦ Where is the headquarters of Kerala Bank?
Thiruvananthapuram.

♦ Which are the oldest banks with a large number of branches in the banking sector?
Commercial banks.

♦ Name any two services provided by commercial banks.
Accepting deposits and granting loans.
(Other correct answers: locker facility, debit card, credit card, online banking)
♦ Into how many categories can commercial banks be classified?
Two categories – public sector banks and private sector banks.

♦ Which is the largest public sector commercial bank in India?
State Bank of India (SBI).

♦ Commercial banks provide ______ facility to keep valuables safe.
Locker facility.

♦ What are the main objectives of co‑operative banks?
• Promote self‑help and mutual help
• Inculcate the habit of saving among people
• Increase investment
• Protect people from exploitation by private money lenders



♦ What are co‑operative banks in rural areas called?
Rural Co‑operative Banks.

♦ What are co‑operative banks in urban areas called?
Urban Co‑operative Banks.

♦ Name the sectors in which development banks provide loans.
Industrial, commercial, and agricultural sectors.

♦ Give two examples of development banks in India.
Industrial Finance Corporation of India (IFCI) and National Bank for Agriculture and Rural Development (NABARD).

♦ NABARD is a ................ bank in India.
Development bank.

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