Question

From the following given below, which is considered to be compulsory for current account and savings accounts ?

• A. Credit score
• B. Letter of introduction
• C. Collateral
• D. Security deposit

Answer 1

Answer:

B. Letter of introduction

Savings Bank Deposits:

• This is also demand liability meant for lower and Middle class people. 

• These deposits are meant for mobilizing the small savings of the people. 

• Minimum Balance saving bank Account is Rs 500, 1000 and No Frill SB A/C

• Call deposit is the modification of SB deposits in this case notice of withdrawal at a reasonable time is given by the customer to the Bank. 

• 'Letter of introduction' is compulsory for current account and savings account. 

• No restriction on the number and amount of deposit in - SB Account 

• Minimum balance requirement is necessary 

• No Loan Facility is provided against - Saving Account 

• Saving Account called - Temporary Bank Account 

• Minimum age required to open SB account in the Bank 10 years

• Account which have no minimum balance No Frills Account. 

• Interest Rate of saving Account is Very Low. 

• Interest calculated on daily balance and credited on - quarterly basis 

• No Frill account are now known as  Basic Saving Bank Deposit Account

• Saving Account holder has not made any transaction the account for a period of one year then the saving account is considered - Inactive Account