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    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.

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