BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
A minor is a person who has not attained the gas of 18
|
|
|
Minor does not have legal capacity to enter into a contract
|
|
|
A current account in the name of minor can be opened when guardian of the minor operates this account
|
|
|
A minor’s account should never be allowed to be overdrawn
|
Detailed explanation-1: -Hence, there should be a guardian according to law to deal with minor’s property. The father is the natural guardian, and after his demise, the mother. The court in suitable cases may appoint a court guardian, Hence, the general rule is. that the Guardian may open and operate the Bank Account on behalf of the minor.
Detailed explanation-2: -PehlaKadam : Minor of any age. This account will be jointly opened with the parent/guardian. PehliUdaan : Minors above the age of 10 years and who can sign uniformly. This account will be opened in the sole name of the minor.
Detailed explanation-3: -2.4 The new guardian must be a natural guardian (i.e. father or mother) or a court appointed legal guardian and the new guardian’s name & signature should have been registered as the guardian with the minor’s bankers in respect of the minor’s bank account. 2.4.
Detailed explanation-4: -Minors above the age of 10 years will be allowed to open and operate savings bank account independently with the following terms and conditions-i. There will be no minimum balance requirement in the account. But the maximum balance to the credit of such account should not exceed Rs.