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Important retail liability products
What is a savings bank account in the context of retail liability products?
A savings bank account is a deposit account offered by banks to individuals for parking surplus funds, earning interest, and facilitating day-to-day transactions. RBI regulates the interest rate payable on savings deposits.
What is the full form of CASA in banking?
Current Account and Savings Account
Which RBI guideline governs the minimum balance requirement for savings accounts?
RBI has deregulated minimum balance requirements, leaving it to individual banks to decide; however, banks must transparently disclose charges for non-maintenance of minimum balance and cannot levy charges beyond the prescribed limits.
What is the minimum age to open an independent savings account in India?
18 years (majority age)
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