D is having a Savings Bank account. He wishes to appoint another person V to operate the account in his absence. Then D can give

BANKING GENERAL KNOWLEDGE

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Power of Attorney in favor of V
B	A Letter of Authority in favor of V
C	Either a) or b) above
D	None of the above
E	cannot give such authority

Explanation:

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.

There is 1 question to complete.