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What is the maximum amount of deposits acceptable in Small accounts?
- a)30,000/-
- b)40,000/-
- c)50,000/-
- d)None of above
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
What is the maximum amount of deposits acceptable in Small accounts?a)...
Small accounts have a maximum deposit limit of 50,000/-. These accounts are designed for low-income individuals who may not possess the necessary documents to open a regular savings account.
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Community Answer
What is the maximum amount of deposits acceptable in Small accounts?a)...
Understanding Small Account Deposits
In the context of banking and finance, small accounts often have specific limitations on deposit amounts. Here, we will explore why the maximum amount of deposits acceptable in small accounts is set at 50,000/-.
Definition of Small Accounts
- Small accounts are typically designed for individuals who do not maintain a high balance.
- These accounts often have features like lower fees and limited transaction capabilities.
Maximum Deposit Limit
- The maximum deposit limit for small accounts is outlined by financial regulations.
- In this case, the limit is specified as 50,000/-.
Reasons for the Limit
- Risk Management: Financial institutions impose limits to mitigate risks associated with money laundering and fraud.
- Encouraging Savings: These limits encourage individuals to save and invest in larger accounts for better benefits.
- Access to Services: Smaller deposits allow banks to offer tailored services to underserved populations.
Conclusion
In summary, the correct answer of 50,000/- reflects the regulatory framework governing small accounts. This policy ensures that banking services are accessible while maintaining financial integrity. Understanding these limits helps individuals make informed decisions about their banking choices.
In the context of banking and finance, small accounts often have specific limitations on deposit amounts. Here, we will explore why the maximum amount of deposits acceptable in small accounts is set at 50,000/-.
Definition of Small Accounts
- Small accounts are typically designed for individuals who do not maintain a high balance.
- These accounts often have features like lower fees and limited transaction capabilities.
Maximum Deposit Limit
- The maximum deposit limit for small accounts is outlined by financial regulations.
- In this case, the limit is specified as 50,000/-.
Reasons for the Limit
- Risk Management: Financial institutions impose limits to mitigate risks associated with money laundering and fraud.
- Encouraging Savings: These limits encourage individuals to save and invest in larger accounts for better benefits.
- Access to Services: Smaller deposits allow banks to offer tailored services to underserved populations.
Conclusion
In summary, the correct answer of 50,000/- reflects the regulatory framework governing small accounts. This policy ensures that banking services are accessible while maintaining financial integrity. Understanding these limits helps individuals make informed decisions about their banking choices.
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What is the maximum amount of deposits acceptable in Small accounts?a)30,000/-b)40,000/-c)50,000/-d)None of aboveCorrect answer is option 'C'. Can you explain this answer?
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