BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
5 min
|
|
|
7 min
|
|
|
8 min
|
|
|
10 min
|
Detailed explanation-1: -Banks and other financial institutions may accept any maturity term that a customer requests, as long as it is a minimum of 30 days. Once the investment matures, the funds can be withdrawn without penalty. Or, the investor may choose to renew the time deposit account for another term.
Detailed explanation-2: -The Bank is required to obtain Permanent Account Number (PAN) of the customer or declaration in Form No. 60 or 61 as per the I.T. Act (vide Section 39A) from the person opening the account. Term Deposit Accounts can be opened for a minimum period of 7 days up to maximum period of 10 years.
Detailed explanation-3: -According to the new rules, PAN and Aadhaar will be required for depositing cash of Rs 20 lakh or more in a bank or post office in any one financial year. The Central Board of Direct Taxes (CBDT) has issued new rules under the Income Tax (15th Amendment) Rules, 2022.