BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Locker must be opened by the customer in the branch.
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The Pre-maturity is not possible.
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Another account cannot be opened by customer.
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Nominee name need not be written.
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Detailed explanation-1: -A lock-in period means that the premature withdrawal of funds is not possible.
Detailed explanation-2: -In case the depositor desires to renew the deposit by seeking premature closure of an existing term deposit account, the bank will permit the renewal at the applicable rate on the date of renewal, provided the deposit is renewed for a period longer than the balance period of the original deposit.
Detailed explanation-3: -Early withdrawal costs and fees Changing your mind can be costly. You need to give 31 days’ advance notice to withdraw from your term deposit before the maturity date, and you may also need to pay early withdrawal (prepayment) costs and fees if you choose to withdraw your term deposit before it matures.
Detailed explanation-4: -After your term deposit matures, you have a few options: reinvest the principal plus interest, reinvest either the principal or interest, or withdraw part or all of your money.
Detailed explanation-5: -In most cases, you will need to visit a branch to renew the fixed deposit which must be done seven days before the maturity date. You have the freedom to choose between investing only the principal amount or the total amount of the principal with the interest gain.