GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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women customers
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person of high net worth
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weaker sections of society
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employees of IT companies
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Detailed explanation-1: -A zero balance savings account acts just like any other savings account; however, it can operate without the need to maintain a minimum balance. This facility was the brainchild of the Pradhan Mantri Jan Dhan Yojna (PMJDY), which facilitated financial freedom, especially for women and rural communities.
Detailed explanation-2: -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-3: -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 )
Detailed explanation-4: -Can we open a zero balance savings account? Yes, anybody can open a Bank of Baroda zero balance account.