Answer in brief

1) State four types of deposits.
Ans :1) Time Deposits: Time deposits are called time deposits because they are repaid to the customers after the expiry of decided time.
2) Fixed Deposit: A fixed deposit account is an account where a fixed amount is kept for a fixed period of time bearing a fixed interest rate. The rate of interest is more as compared to saving bank account and varies with the deposit period.
3) Recurring Deposit: It is operated by salaried persons and businessmen having a regular income. A certain fixed sum of money is deposited into the account every month. Withdrawal of accumulated amount along with interest is paid after the maturity date.
4) Demand Deposits: Demand deposits are those which are repaid to customers whenever they demand. That means money can be withdrawn as per the wish of the customer through withdrawal slips, Cheques, ATM cards, online transfer, etc.

2) State four modes of transport.
Modes of transport: Generally, transportation is carried through various modes such as railways, roads, waterways, and the airway. Modes of transport are as follows:
1)  Road Transport: Roads are means that connect people and places on the surface of the land. It provides all-over connectivity in any terrain as compared to other modes of transport. Various means of transport are used under road transport such as bullock carts, cycles, rickshaws, buses, cars, etc. 
2)  Rail Transport: Transportation of goods and passengers on rail lines through trains is called as rail transport. It occupies an important place inland transport system of our country and is the most dependable mode of transport to carry goods and passengers over a long distances.
3)  Air Transport: Air transport carries goods and passengers through airways by using different aircraft like passenger aircraft, cargo aircraft, helicopters, etc. This is the fastest mode of transport but it does not provide door to door service. Air transport is also a suitable mode in case of an emergency like war, medical, natural calamities, rescue operations, etc. Air transport is classified as domestic transport and international transport.
4) Water Transport: Water transport refers to the movement of goods and passengers on waterways by using various means like boats, steamers, launches, ships, etc. With the help of these means, goods and passengers are carried to different places, both within as well as outside the country. When the goods and passengers move inside the country, it is known as inland water transport. When the different means of transport are used to carry goods and passengers on the ocean or sea route, it is known as ocean or sea transport.

3) State four life insurance policies?
Ans :Types of life insurance policies:
1) Whole Life Policy: Under this policy, the whole life of a person is insured. The insured cannot receive money from the insurance company until he is alive. The rate of premium is normally low. The money becomes payable on the death of the insured person to the nominee or the legal heir of the deceased policyholder. 
2) Endowment Insurance Policy: Insurance is taken for a specific period under this policy. The sum assured along with bonus is given on the death of the insured to dependents or on the expiry of the specific period, to the insured. 
3) Term Insurance Policy: The term insurance policy is taken for a specific period. Term insurance policy has the lowest premium among all insurance policies. Premium is fixed and does not change during the term of the policy. In case of untimely death, the dependents will receive the benefit amount specified in the term life insurance agreement. 
4) Annuity Policy: The insured has to pay the premium in a lump sum or in installments over a certain period of time. The insured will receive back a specific sum periodically from a specified date onwards, either for life or for a fixed number of years. It is like a pension payment scheme.

4) State any four features of business services?
Ans: Features of services:
1) Intangibility: Service is not a physical product that can be touched or seen. A service can be experienced by the buyer or the receiver. Services lack material form, and therefore they are intangible.
2) Inseparability: The unique characteristic of services is that the service and the service provider cannot be separated. The presence of service providers is there at the time of delivering services to customers. In the case of service production and consumption take place at the same time.
3) Inconsistency:  Services are heterogeneous. There can be no perfect standardization of services. Even if the service provider remains the same, the quality of the service may differ from time to time. For example, the same restaurant can give a different experience to two different customers. 
4) Perishability: The production and consumption of services are inseparable because the storage of services is not possible. Being an intangible transaction there can never be an inventory of services. Unlike goods, they cannot be stored for future sale.

5) State money remittance services of the postal department?
Ans :
1) Money Remittance Services:
a) Electronic Money Transfer (eMO): A money order is an order issued by the Post Office for the payment of a sum of money to the person whose name is mentioned in the money order. It is sent through the agency of the Post. Office. A ‘Payee’ is the person named in the money order as the person to whom the money is to be paid. The advantage of sending money to someone through a money order is that the money is delivered at the house or his place of stay.
b) Instant Money Order (IMO): India Post presents Instant Money Order (IMO), the instant on-line money transfer service that is instant, convenient, reliable, and affordable. IMO is an instant web-based money transfer service through Post Offices (IMO Centre) in India between two resident individuals in Indian Territory. One can transfer money from INR 1,000/- to INR 50,000/from designated IMO Post Offices. It is simple to send and receive money. 
c) International Money Transfer: Money Transfer Service Scheme is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only inward personal remittances are permissible. Department of Posts, Government of India with the Western Union Financial Services, a state of the art International Money transfer Service is now available through the Post Offices in India, which enables instantaneous remittance of money from around 195 countries and territories to India.