📝 One-liners · 65 cards
IMPORTANT RETAIL LIABILITY PRODUCT
What is a retail liability product in the context of banking?
A retail liability product is a deposit or savings instrument offered by banks to individual customers, such as savings accounts, current accounts, fixed deposits, and recurring deposits, where the bank is liable to repay the deposited funds.
What is the minimum lock-in period for a Tax Saver Fixed Deposit under Section 80C?
Five years; premature withdrawal not permitted during lock-in.
Which RBI guideline governs the interest rates on savings bank deposits?
RBI deregulated savings bank deposit interest rates in October 2011, allowing banks to set their own rates, subject to the condition that they must offer uniform rates for deposits up to Rs. 1 lakh.
What is the maximum deposit amount eligible for tax deduction under a tax-saving FD?
Rs 1.5 lakh per financial year under Section 80C.
🔒
Unlock 65 revision one-liners
Interactive flashcard deck — flip every card to drill questions and answers, mark the ones you got wrong, and revise smarter for IMPORTANT RETAIL LIABILITY PRODUCT.
🪙
Unlock cost
300 coins
30-day access · re-unlocks free for 30 days