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What type of bank account can be opened by a Self Help Group? 

What type of bank account can be opened by a Self Help Group?  Correct Answer Savings Account

The correct answer is Savings Account.

Savings Account can be opened by a Self Help Group.

Key Points

  • Self Help Group(SHG):
    • They are informal associations of people who voluntarily choose to come together to find ways to improve their living conditions.
    • Self Help Groups promote small savings among their members. 
    • The savings collected by the members are kept with the bank in a savings account.
    • The SHGs give small loans to its members from its common fund.
  • Savings account:
    • A savings account is an interest-bearing deposit account kept at a bank or any other financial institution.
    • Savings accounts pay interest.

Additional Information

  • A fixed deposit is an investment scheme that banks and non-banking financing companies provide to their customers.

Related Questions

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