BANKING GENERAL KNOWLEDGE
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Power of Attorney in favor of V
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A Letter of Authority in favor of V
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Either a) or b) above
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None of the above
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cannot give such authority
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Detailed explanation-1: -Joint Accounts are like Regular Bank Accounts, except they are operated by more than one account holder. Not every account holder of a Joint Account can deposit and withdraw money, transfer funds, make ATM withdrawals, issue cheques, etc.
Detailed explanation-2: -A zero-balance account refers to a savings bank account, which has a zero balance in it and yet not charged. It is legally known as Basic Savings Bank Deposit (BSBD) account as per the Reserve Bank of India (RBI) guideline.
Detailed explanation-3: -A savings account is a type of bank account that enables individuals to deposit money and earn interest on their balance while also allowing them to withdraw the funds as needed.
Detailed explanation-4: -Those who do not have official documents can open small accounts. These accounts can be opened on the basis of self-attested photographs and the signature of the holder in the presence of a bank official, but such accounts come with limitations.