BANKING GENERAL KNOWLEDGE
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Small Savings Accounts
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Fixed Deposits
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Recurring Deposits
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All of the above
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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 These savings earn them a small interest when withdrawn. The deposits made can be withdrawn at any time.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.