BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Which of these kinds of deposits can be offered by Banking Correspondents?
A
Small Savings Accounts
B
Fixed Deposits
C
Recurring Deposits
D
All of the above
Explanation: 

Detailed explanation-1: -Which of these kinds of deposits can be offered by Banking Correspondents? Notes: As per the RBI guidelines the products provided by BCs are: Small Savings Accounts, Fixed Deposit and Recurring Deposit with low minimum deposits, Remittance to any BC customer, Micro Credit and General Insurance.

Detailed explanation-2: -Traditionally, there are four types of bank deposits in India, which are-Current Account, Recurring Deposits, Savings Accounts, and Fixed Deposit Accounts.

Detailed explanation-3: -Banks allow people to deposit their money as savings. These savings earn them a small interest when withdrawn. The deposits made can be withdrawn at any time. This is called demand deposit.

Detailed explanation-4: -Traditionally in India, we have four major types of Bank Deposits, namely Current Accounts, Savings Accounts, Recurring Deposits, and Fixed Deposits, each with varying advantages.

There is 1 question to complete.