BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
A savings account with no minimum balance requirement
|
|
|
A savings account not having KYC requirement
|
|
|
Fixed deposit account for one year and less
|
|
|
Savings account opened in rural branches
|
Detailed explanation-1: -However, certain types of Savings Accounts don’t mandate a minimum balance, they are called zero-balance Savings Account.
Detailed explanation-2: -What is no frill account in banking? These are savings accounts that don’t need any minimum balance month after month. The account holder gets access to internet banking, debit card and access to ATMs across the country with 0 balance. As the name suggests, these accounts don’t have any unnecessary rules or ‘frills’.
Detailed explanation-3: -All the existing ‘No-Frill’ accounts may be treated as BSBDA accounts from the date of the circular i.e., August 22, 2012 and banks may offer the prescribed facilities as per the circular such as issuing ATM card etc., to the existing ‘No-Frill’ account holders as and when the customer approaches the bank.
Detailed explanation-4: -A zero-balance account refers to a savings bank account, which has a zero balance in it and yet not charged. It is legally known as Basic Savings Bank Deposit (BSBD) account as per the Reserve Bank of India (RBI) guideline. The facility is provided by banks to encourage more savings among people.