Consider the following statements and select the correct answer from the codes given below I nb...........

Economic Affairs Types of Banks and Banking

Consider the following statements and select the correct answer from the codes given below:

I. Minors above 10 can now open and operate savings bank accounts independently.

II. Minors of any age to open savings, fixed or recurring deposit accounts through natural or legally appointed guardians.

III. Earlier, minors were allowed to open fixed and savings deposit accounts with the father as guardian.

Codes:

Only I & II

Only II & III

Only I & III

All the above

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Explanation:

3rd statement is incorrect.
A savings /fixed / recurring bank deposit account can be opened by a minor of any age through his/her natural or legally appointed guardian. Minors above the age of 10 years may be allowed to open and operate savings bank accounts independently, if they so desire.