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     EduGorilla 
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    Direction : Read the following passage carefully and answer the questions given below it. Certain words have been printed in the bold to help you locate them while answering some of the questions.

    [Para1] The zero balance saving account of SBI can be opened by any individual provided he/she has valid KYC documents. The basic savings bank deposit account can be opened with any bank, and offers a facility to the account holders to maintain their accounts without any minimum account balance requirement. When you open a basic saving bank deposit account, you will get a basic RuPay ATM cum debit card free of cost. There are no annual maintenance charges. The services available free in the ‘Basic Savings Bank Deposit Account’ include deposit and withdrawal of cash, receipt/credit of money through electronic payment channels or by means of deposit/ collection of cheques at bank branches as well as ATMs. The customers are not supposed to have any savings bank account at the time of opening basic savings bank deposit. And in care they have it, the same should be closed within 30 days of opening the basic savings bank deposit account in any bank, as per the RBI’s advisory on August 10, 2012.
    [Para 2]Along with the basic savings bank deposit account, basic RuPay ATM-cum-debit card will be issued free of cost and no annual maintenance charge will be applied. These accounts were earlier known as no-frills account. However, the bank were advised by the central bank to allow the customers to open basic savings bank deposit accounts instead of no-frills accounts earlier.
    [Para 3] The credit/receipt of money through electronic payment channels such as NEFT/RTGS will be free in the basic savings bank deposit account. The deposit/ collections of cheques drawn by central/state government will be free in these accounts. The basic savings bank deposit account carries no charge on activation of inoperative accounts. The basic savings bank deposit account can be operated singly, jointly, or with either or survivor etc. facility.
    [Para 4] Besides, there are no closure charges in these accounts. The eligibility to open basic savings bank deposit account is same as that of opening a savings bank account. Total credits in basic savings bank deposit accounts should not exceed the amount of Rs one lakh. The basic savings bank deposit accounts maximum balance should ideally not cross Rs 50,000 at any given time. This means along with the maximum credit limit of Rs one lakh during the year, the account holder should ensure that at any given point of time, the account balance should not breach the threshold of Rs. 50,000. Foreign remittances cannot be credited to small accounts without completing normal KYC formalities.


    Which of the following is true with respect to the term ‘no frills’ account?

    Options :-

    1. Deposit and withdrawal of cash is free in basic saving bank deposit account.
    2. The account which can be opened with minimum account balance.
    3. The account in which the customer has to close their account within 30 days if the customer is already having their savings account.
    4. Customer will get RuPay, ATM cum debit card free of cost with no annual maintenance charge
    5. None of these.
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