BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Persons of high net worth
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Employees of IT companies
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financial Weaker sections of society
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Companies
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Detailed explanation-1: -Under the BSBDA scheme, any individual, including poor or those from weaker section of the society, can open zero balance account in any bank.
Detailed explanation-2: -Savings Bank accounts may be opened in the names of c) Societies registered under Societies Registration Act, 1860 or any other corresponding Law in force in the state or Union Territory.
Detailed explanation-3: -Can we open a zero balance savings account? Yes, anybody can open a Bank of Baroda zero balance account.
Detailed explanation-4: -As per regulations, most zero-balance savings accounts in India have deposit limits. It means you can only deposit cash up to a specific limit (usually Rs 1 lakh), after which you must change your bank account type to a regular savings account with a minimum balance requirement.
Detailed explanation-5: -In a regular savings account, banks levy a penalty for not maintaining the minimum account balance, but in a zero balance account, there is no penalty as you are not required to maintain a minimum balance.(subject to terms and conditions )