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Question 1 of 5
1. Question
What is the primary purpose of a No-Frills Account?
Correct
A No-Frills Account is designed to provide basic banking services to people who may not have easy access to traditional banking facilities.
Incorrect
A No-Frills Account is designed to provide basic banking services to people who may not have easy access to traditional banking facilities.
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A No-Frills Account is designed to provide basic banking services to people who may not have easy access to traditional banking facilities.
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Question 2 of 5
2. Question
Which of the following is a key feature of a No-Frills Account?
Correct
No-Frills Accounts are designed with zero or low minimum balance requirements to make banking accessible to economically weaker sections.
Incorrect
No-Frills Accounts are designed with zero or low minimum balance requirements to make banking accessible to economically weaker sections.
Unattempted
No-Frills Accounts are designed with zero or low minimum balance requirements to make banking accessible to economically weaker sections.
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Question 3 of 5
3. Question
Which account replaced the earlier concept of No-Frills Accounts in India?
Correct
The Basic Savings Bank Deposit Account (BSBDA) replaced the earlier concept of No-Frills Accounts in India.
Incorrect
The Basic Savings Bank Deposit Account (BSBDA) replaced the earlier concept of No-Frills Accounts in India.
Unattempted
The Basic Savings Bank Deposit Account (BSBDA) replaced the earlier concept of No-Frills Accounts in India.
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Question 4 of 5
4. Question
How can No-Frills Accounts help customers access government benefits?
Correct
These accounts can serve as a channel for directly transferring government subsidies, pensions, and other financial assistance.
Incorrect
These accounts can serve as a channel for directly transferring government subsidies, pensions, and other financial assistance.
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These accounts can serve as a channel for directly transferring government subsidies, pensions, and other financial assistance.
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Question 5 of 5
5. Question
Which of the following is a possible limitation of a No-Frills Account?
Correct
No-Frills Accounts may have transaction limits and restrictions on advanced services such as loans or overdrafts.
Incorrect
No-Frills Accounts may have transaction limits and restrictions on advanced services such as loans or overdrafts.
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No-Frills Accounts may have transaction limits and restrictions on advanced services such as loans or overdrafts.