📝 One-liners · 66 cards
RETAIL LIABILITY PRODUCT PART 2, Retail Assets Products
What is a Savings Bank account primarily designed for?
A Savings Bank account is designed for individuals to park their day-to-day surplus funds and earn interest, while maintaining liquidity for personal use.
What is a Demat Account and how is it linked to retail banking services?
Electronic account holding securities in dematerialized form for investors.
What is the minimum balance requirement concept in a Basic Savings Bank Deposit Account (BSBDA)?
BSBDA accounts have zero minimum balance requirement as per RBI guidelines, making them accessible to financially excluded segments of society.
What is a Senior Citizen Savings Scheme (SCSS) offered through banks?
Government-backed 5-year deposit scheme offering higher interest for seniors.
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