TYPES OF DEPOSIT ACCOUNTS
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What is a Demand Deposit account?
A Demand Deposit is a bank account from which funds can be withdrawn at any time without prior notice, such as a savings or current account.
What is the maximum cash withdrawal limit per week under BSBDA?
BSBDA holders can withdraw up to Rs. 10,000 per week.
What distinguishes a Time Deposit from a Demand Deposit?
A Time Deposit (term deposit) requires funds to be kept with the bank for a fixed period, and premature withdrawal may attract a penalty, unlike demand deposits which are withdrawable on demand.
What is the maximum balance allowed in a BSBDA-Small account?
The maximum balance in BSBDA-Small account is Rs. 50,000.
What is a Savings Bank (SB) account and who can open it?
A Savings Bank account is a basic deposit account meant for individuals, joint holders, minors (through guardians), trusts, and certain associations to encourage saving habits.
What is the maximum annual credit limit in a BSBDA-Small account?
Annual credits in BSBDA-Small account must not exceed Rs. 1 lakh.
Can a Current Account earn interest under RBI guidelines?
No, under RBI guidelines, scheduled commercial banks are not permitted to pay interest on current account balances maintained by depositors.
Can a person hold both a BSBDA and a regular savings account in the same bank?
No, a person cannot hold both BSBDA and regular savings account simultaneously.
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