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Opening the Saving Bank Account of a minor girl will be called as which of the following in Banking terminology ?
1. Retail Banking
2. Merchant Banking
3. Social Banking
4. Corporate Banking

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Correct Answer - Option 1 : Retail Banking

The correct answer is Retail Banking.

  • Types of Bank accounts are following
    • Savings Account
    • Recurring Deposit Account
    • Current Account
    • Fixed Deposit Account
    • DEMAT Account
    • NRI Account

  • The savings bank account
    • It is mostly eligible for pensioners, students, and working professionals.
    • The bank pays interest on the deposits.
  • Current Account
    • This 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 Account
    • It 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 following
    • NRO ( Non-Resident Ordinary Rupees) Account
    • NRE ( Non-Resident External Rupees) Account
    • FCNR ( Foreign Currency Non-Resident ) Account
  • Fixed Deposit Account
    • It 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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