[Solved] Which of the following is NOT a feature of a Savings Account in India as per RBI guidelines? — Ans: Interest is paid on minimum balance maintained | Financial Awareness

Financial Awareness - Risk, Stability & Emerging Finance

Which of the following is NOT a feature of a Savings Account in India as per RBI guidelines?

AMinimum balance requirement may be waived under PMJDY

BRestriction may be imposed on the number of withdrawals

CInterest is paid on minimum balance maintained

DAccount holder can withdraw money anytime

Step-by-Step Solution

Step 1: Understand RBI rules for Savings Accounts
Interest on Savings Accounts is calculated on daily or average balance, not on the minimum balance.
Step 2: Evaluate options
PMJDY allows waiver of minimum balance. Banks may impose reasonable withdrawal limits. Withdrawals are allowed anytime.
Step 3: Identify the incorrect statement
Interest is NOT paid on minimum balance maintained.
Final Answer:
Interest is paid on minimum balance maintained → Option C
Quick Check:
Savings Account interest = Daily/Average balance, not minimum ✅

Quick Trick: Savings Account interest = Average balance

Common Mistakes:

Master "Risk, Stability & Emerging Finance" in Financial Awareness

Start learning the concept with an interactive lesson.

More Financial Awareness Quizzes

Which of the following is NOT a feature of a Savings Account in India as per RBI guidelines?