What is the primary relationship between banker and customer answer? (2024)

What is the primary relationship between banker and customer answer?

This means when a banker receives deposit from a customer, if the deposit is to the credit of the customer, the banker becomes a debtor and the customer creditor. Thus, in all savings account where the customer's account is in credit balance, the banker is the debtor and the customer, creditor.

What is the primary relationship between Banker and customer?

There is a primary relationship between Banker and customer is debtor and Creditor. But who is what at a particular moment depends on the state of the customer's account. If the account shows a credit balance, the banker will be a debtor and the customer a creditor.

What is the relationship between banks and customers?

One of the most important aspects of the banker-customer relationship is the debtor-creditor relationship. When a customer deposits money into a bank account, the bank becomes a debtor to the customer and owes them the money back on demand. This relationship is governed by the law of contract.

Which of the following is the most important relationship between Banker and customer?

Explanation: A) Debtor and Creditor is the correct response. A banker's relationship with a customer is primarily one between a debtor and a creditor.

What is the primary relationship with a bank?

PRIMARY BANKING RELATIONSHIP . At all times that Lender has any outstanding commitments for a loan or loans to Borrower, Borrower shall maintain its primary banking accounts with Lender.

What is the primary relationship between Banker and customer Mcq?

Answer: Debtor and creditor.

What are the duties of Banker and customer?

To honor cheques: The banker must honor the customer's cheques, provided that there are sufficient funds in the customer's account to cover the amount of the cheque. To keep the customer's account safe: The banker has a duty to take reasonable care to protect the customer's account from fraud and other losses.

Why is customer relationship important in banking sector?

It helps drive revenue growth by increasing customer retention and cross-sell opportunities. It induces customers to grow their business with the bank and increase their expenses on banking products and services. Also, it helps increase revenues by adding new products that customers might need from the bank.

What is the relationship between a banker and a customer in case of safe deposit locker?

According to the Union Bank of India website, “ The relationship between the bank and the locker holder is that of Licensor and Licensee. Underlying facility is an agreement between the Bank (licensor) and the customer (Licensee) allowing use of the former's locker by the latter.

How can the relationship between banker and customer be terminated?

The bank-customer relationship, being a contractual bond, may terminate via agreement or consent, notice of termination, death or dissolution of one of the parties, sequestration, insanity of the customer, and the natural effluxion of time.

What are the rights of bankers?

However, some general rights that bankers typically have include: The right to charge interest and fees. Bankers have the right to charge interest on loans and other forms of credit, as well as fees for services such as account maintenance, wire transfers, and check processing. The right to set off customer accounts.

What is the relationship when a person has raised loan from a bank?

When bank lends money to customer then bank becomes Creditor and customer who receives money becomes Debtor. So, lending of money creates Creditor and Debtor relationship between bank and the customer. While lending home loan banks generally takes some assets or security with the banks in order to give loan.

Who is lunatic in banking?

The banker should obtain a Certificate of Sanity from a competent authority after which such a person is allowed to operate on the account. Lunatics are the people who are unsound in mind. They are incapable of entering into valid contracts. Hence, a banker cannot open an account in the name of lunatic.

What is a relationship Banker at a bank?

What is a Relationship Banker? A relationship banker, also known as a personal banker, is the liaison between the customer and the financial institution, building and maintaining that relationship and offering advice on everything from personal and business accounts to investments, loans and trust management services.

What is the relationship between Banker and customer in Jaiib?

The general relationship between banker and customer. When a customer deposits money with his bank, the customer becomes a lender and the bank becomes a borrower. The money handed over to the bank is a debt. The relationship between the banker and the customer is that of a debtor and a creditor.

Which is the most secure way of payment through Cheque?

Crossed Cheque

The lines ensure that irrespective of who presents the cheque, the payment will only be made to the individual whose name is written on the cheque, in other words, the a/c payee along with his/her account number. These cheques are relatively safe because they can be encashed only at the drawee's bank.

Who is a customer to a banker?

What does Customer of a bank mean? A customer is a person who has an account with a bank or has a relationship with the banker even though he has no account with the bank.

What is one of the main responsibilities of a banker?

Banker is a professional who is responsible for managing financial transactions of clients. Bankers provide financial advice to clients, and help them with investments, loans, and other financial services. Bankers should have a good understanding of financial markets, banking regulations, and accounting principles.

What is a general relationship?

General relationship: All other relationships fall into this category; i.e., a general relationship is one in which the min-max cardinalities of a participating entity is neither (1,1) nor (0,1), as shown in Figure 4. ... Context 2.

What is the relationship between a Banker and a customer in case of safe deposit locker?

According to the Union Bank of India website, “ The relationship between the bank and the locker holder is that of Licensor and Licensee. Underlying facility is an agreement between the Bank (licensor) and the customer (Licensee) allowing use of the former's locker by the latter.

What are the rights of bankers and customers?

Banks have the right to keep goods and securities belonging to the debtor as a security, until the loan is repaid by the debtor. Banks have only the right to maintain the security of the debtor and not to sell. The banker has the right to set off customer accounts.

How can the relationship between Banker and customer be terminated?

The bank-customer relationship, being a contractual bond, may terminate via agreement or consent, notice of termination, death or dissolution of one of the parties, sequestration, insanity of the customer, and the natural effluxion of time.

What is the relationship between banker and customer when the customer opens deposit account?

When a customer opens a bank account with the bank, he fills the form and other requisites compulsory for the same. When he deposits money in his bank account, he becomes a creditor to the bank. The bank becomes the debtor.

What is the relationship between the hirer of a locker and the banker?

What is the Legal relationship of a banker with a locker holder? The banker is the Lessor or a Landlord, while the locker holder is the Lessee or a Tenant.

Is a safe deposit box a customer relationship?

An account also includes a relationship established to provide a safe deposit box or other safekeeping services or to provide cash management, custodian, or trust services.