Question

Which type of account is specifically designed for the purpose of encouraging savings among minors in India?

A Fixed Deposit Account Correct Answer Incorrect Answer
B Recurring Deposit Account Correct Answer Incorrect Answer
C Savings Bank Account Correct Answer Incorrect Answer
D Minor's Savings Account Correct Answer Incorrect Answer

Solution

Minor's Savings Account is a type of account designed for minors in India to encourage savings. It is usually operated by a guardian until the minor reaches a certain age.

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