Frequently Asked Interview Questions: The Banking Industry is one of the most rapidly growing industries in India. Many banks related directly or indirectly to the government have come up. There has also been a remarkable rise in the number of private sector banks. All this has led to a great upsurge in the number of job opportunities. Also, banking is one such profession that promises a reliable career because of factors like high income, incessant perks and above all a reputed and well to do a job. Owing to these dynamics, there has also been a remarkable increase in the number of aspirants who wish to or have already applied for a job in the banking industry.
For attaining a job in any bank one has to clear some written tests. Once the tests are cleared, an aspirant has to undergo a personal interview where he/she is grilled and questioned by a panel of experts.
Studying for the exam from a predetermined syllabus can be considered relatively stress-free as we know the topics from which questions can be expected. But in the interview, it is practically impossible to predict the questions that can be asked by the panel. Hence, there is one common query that storms almost every aspirant’s mind which is “How and what to prepare for the interview questions for the bank interview?”. Therefore, we have come up with this article in order to resolve this problem. Here, we are going to highlight various questions that are usually asked and the way to answer them.
Frequently Asked Interview Questions
A candidate will be asked various questions related to banking, but first and foremost he/she will be asked to tell about themselves.
Whats your Identity?
The question is “Tell us something about yourself?”. Almost every aspirant is asked this question and one must try to keep the description short.
- One must not recite the same things as written in the resume as they have already been read by the panel.
- Tell them about your family background, education and other achievements.
- Always pay attention while writing your resume as most of the questions asked by the panel will revolve around on what is written in your resume.
- Be thorough with what you have written to avoid giving wrong answers.
- Always do your homework and try to gather maximum info about the organization that you have applied for before going for an interview.
- Read about the history, main members, objective and future goals. This will illustrate your interest in joining the organization.
- Visit the official website to know more about the organization.
What are your Strengths/ Weaknesses?
This question is somewhat tricky and can lead you in a problem if not answered carefully.
- Always try to present a strength which is good for a banking job. Never mention wrong details as cross-questioning can land you in trouble.
- You can give an example of your previous work where you were able to portray your strength.
- Be prepared as the panel can also ask you questions about how your qualities will be able beneficial to the bank.
- For weakness, try to answer with a reply that doesn’t give a bad impression. Never say no as this will leave them with an impression that you are not ready to share your weakness with them. And after you mention your weakness, don’t forget to mention how you are working towards improving yourself.
Many aspirants are asked this question who belong to fields that are not related to banking.
- You will come across questions like “Why are you applying for bank job with some other degree?” or, “Aren’t you overqualified for this job?”
- In this case, you must show that you are keen on joining banking industry and not because you didn’t have any other option.
- Also, be prepared to answer questions related to your field.
Where do you see yourself after 5 years?
This question is typically asked in order to inquire an aspirant’s future apprehensions and his career plans.
- Always analyze the scope and possibilities before answering such a question and reply accordingly.
- Never reply that you want to be in where they are today as this answer isn’t going to impress them.
- Describe your qualities and qualification and sell them the idea of how these qualities can be aid the goodwill of their bank.
- Compare your profile with the post and substantiate that how you can be a better preference for them.
- Challenges faced by banking industry
- Check and Demand Draft
- Private and Nationalized Bank
- Sensex and Nifty
- Repo Rate and Reverse Repo Rate
- CRR, SLR and Bank Rate
- Important Banking Terms:
- GAAR (General Anti – Avoidance Rule), GDP and GST (Goods and Service Tax)
- CAR (Capital Adequacy Ratio)
- Balance Sheet and NPA
- BASEL Norms (Basel 1,2,3)
- Banking Regulation Act, Money Laundering, Financial Inclusion
- SARFAESI ACT
- Roles of RBI, NABARD, SEBI, IRDA.
- Bank Account Types and Rate of Interests on Them
- CTS (Cheque Truncation System)
- Info about FDI
- Direct and Indirect taxes
We’ve tried to include most of the common points that are significant. But the list of questions is exhaustive and endless. So, don’t just rely on this data and try to explore as much as you can. Always keep in mind to show them your efficiency, hard-working nature, ability to be flexible and the desire to work with them. Make them believe by demonstrating that you can handle the pressures of this industry. If you all these tips, there is nothing that can stop you from getting hired. We wish you good luck in your endeavor.