Answers:
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Bank
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Depository
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1. Holds funds in an account
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1. Holds securities in an account
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2. Transfers funds between accounts on
the instructions of the account holder
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2. Transfers securities between accounts on the instructions of the beneficiary owner account holder.
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3. Renders services like safe keeping of
the money (funds) of customers in book entry form.
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3. Renders services like safe keeping of
securities (shares, bonds, debentures etc.) of the customers in book entry form.
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4. A bank needs written consent of the customer (like a cheque) for debiting
his account.
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4. A depository needs written consent
(debit instruction slip) of the account
holder for debiting his account.
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