GENERAL KNOWLEDGE

Detailed explanation-1: –Any deposit made by or on behalf of, a minor, may be paid to him personally, if he made the deposit, or to his guardian for the use of such minor, if the deposit was made by any person other than the minor, together with the interest accrued thereon.

Detailed explanation-2: -Savings Bank account is a form of demand deposit account, opened mainly for the purpose of saving and not for any business purpose, subject to restrictions on the number of withdrawals during any specified period. Number of withdrawals in a savings bank account permitted is fifty per half year in a financial year.