📝 One-liners · 65 cards
RETAIL LIABILITY PRODUCT
What is a retail liability product in banking?
A retail liability product is a deposit product offered by banks to individual customers whereby the bank incurs a liability to repay the deposited funds, such as savings accounts, current accounts, and fixed deposits.
What is the minimum period for which a term deposit can be opened in India?
Minimum 7 days as per RBI guidelines.
Which RBI guideline governs the minimum balance requirements for savings bank accounts?
RBI issues directives under Section 35A of the Banking Regulation Act, 1949, requiring banks to transparently disclose minimum balance requirements and levy reasonable charges for non-maintenance.
What type of account allows unlimited transactions without any restriction on credits?
Current account allows unlimited transactions.
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