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A OPERATIONAL ASPECTS OF DEPOSIT ACCOUNTS
What is the minimum number of witnesses required when a bank opens a deposit account for an illiterate person?
Two witnesses are required when opening a deposit account for an illiterate person, and the account holder's thumb impression must be obtained in their presence.
What is the minimum balance requirement typically mandated by banks for a savings account in urban branches?
Banks set their own minimum balance; RBI prescribes no uniform amount.
What is the meaning of 'KYC' in the context of opening a bank account?
KYC stands for Know Your Customer, a regulatory requirement under RBI guidelines that mandates banks to verify the identity and address of customers before opening accounts.
What is the term for a deposit account where the balance earns interest and withdrawals are restricted?
Savings Bank Account restricts withdrawals and pays interest.
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