Module: General Practice
Q3: Which of the following statements regarding the additional interest benefit for bank staff are correct?
1. For a staff member to receive the benefit on a joint deposit with family, the staff member must be the principal account holder.
2. The benefit is admissible on a term deposit held in the name of a minor child of a deceased staff member.
3. The benefit is admissible on term deposits held by retired staff members.
4. If court-awarded compensation is deposited for a minor, it is ineligible for the benefit, even if held jointly with a staff member.
2. The benefit is admissible on a term deposit held in the name of a minor child of a deceased staff member.
3. The benefit is admissible on term deposits held by retired staff members.
4. If court-awarded compensation is deposited for a minor, it is ineligible for the benefit, even if held jointly with a staff member.
✅ Correct Answer: B
The additional interest benefit for bank staff is available to retired staff and on joint accounts where the staff member is the principal holder.
However, regarding Interest Rates on Deposits, specific exclusions apply, such as funds belonging to a minor from court awards.
These rules are often detailed in the RBI Master Direction regarding interest payments.
However, regarding Interest Rates on Deposits, specific exclusions apply, such as funds belonging to a minor from court awards.
These rules are often detailed in the RBI Master Direction regarding interest payments.