Question Bank - Banking & Financial Services

Here's the question bank on all the banking & financial services topics.

Opening the Saving Bank Account of a minor girl will be called as which of the following in Banking terminology ?

A.
Retail Banking
B.
Merchant Banking
C.
Social Banking
D.
Corporate Banking

Solution:

The correct answer is Retail Banking. Types of Bank accounts are followingSavings Account Recurring Deposit AccountCurrent AccountFixed Deposit Account DEMAT Account NRI Account?Additional InformationThe savings bank accountIt is mostly eligible for pensioners, students, and working professionals. The bank pays interest on the deposits. Current AccountThis type of bank account is mostly opened by businessmen and useful when frequent transactions are needed on daily basis. An overdraft facility is available. No interest is paid on the deposits. Recurring Deposit AccountIt is a type of account when an account holder needs to deposit a fixed amount every month until it reaches the fixed maturity date. The NRI accounts are divided into 3 types are followingNRO ( Non-Resident Ordinary Rupees) AccountNRE ( Non-Resident External Rupees) AccountFCNR ( Foreign Currency Non-Resident ) AccountFixed Deposit AccountIt is a type of a time deposit and a one-time takeaway account. Demat Account?This account is opened for shares and securities holding electronically.

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