📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

  • google app store apple app store
  • ✖

      Question

      When a minor aged 10 years opens a savings bank account

      independently, which of the following restrictions typically applies?
      A Cannot issue cheques or debit cards Correct Answer Incorrect Answer
      B Cannot operate internet banking Correct Answer Incorrect Answer
      C Cannot overdraw or avail credit facilities Correct Answer Incorrect Answer
      D Cannot make ATM withdrawals Correct Answer Incorrect Answer
      E Cannot nominate a beneficiary Correct Answer Incorrect Answer

      Solution

      RBI prohibits banks from offering overdraft or credit facilities on minors’ independently operated accounts.

      Practice Next

      Relevant for Exams:

      ask-question