RETAIL LIABILITY PRODUCT PART 2, Retail Assets Products
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Retail Banking and Wealth Management — JAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
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.
What is the key feature that distinguishes a Current Account from a Savings Account?
Current Accounts have no restriction on number of transactions and earn no interest, as they are designed for businesses with high-frequency transaction needs.
What is a Sukanya Samriddhi Account and who can open it?
Government savings scheme for girl child, opened by parents or guardians.
What is a Recurring Deposit (RD) account?
A Recurring Deposit is a product where the customer deposits a fixed amount every month for a predetermined tenure and earns interest compounded quarterly, receiving a lump sum at maturity.
What is a No-Frills Account in the context of financial inclusion?
Basic bank account with zero or minimum balance for low-income customers.
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