21. Which government agency protects bank deposits in India up to ₹5 lakh per depositor per bank?
a) Reserve Bank of India (RBI)
b) Deposit Insurance and Credit Guarantee Corporation (DICGC)
c) Securities and Exchange Board of India (SEBI)
d) Insurance Regulatory and Development Authority of India (IRDAI)
22. Which of the following is not a required document for opening a bank deposit account?
a) Identification proof
b) Address proof
c) Employment contract
d) Photograph
23. Which type of bank deposit account is specifically designed for retirement savings?
a) IRA (Individual Retirement Account)
b) HSA (Health Savings Account)
c) ESA (Education Savings Account)
d) 401(k) account
24. What is the purpose of a sweep account offered by banks?
a) To automatically transfer excess funds from one account to another
b) To allow customers to overdraw their accounts without penalty
c) To provide a line of credit to customers for emergencies
d) To invest in high-risk securities
25. Which type of bank deposit is typically used for small, periodic savings contributions?
a) Savings account
b) Current account
c) Recurring deposit
d) Fixed deposit
