The AMB for a Priority Savings Account is:
Select your answer:
A) INR 50,000
B) INR 1 Lakh
C) INR 2 Lakh
D) INR 5 Lakh
Answer (2)
The Average Monthly Balance (AMB) for a Priority Savings Account typically refers to the minimum balance required to avoid fees or earn interest. While it can vary by bank, a common requirement is INR 1 Lakh. Thus, I would suggest selecting option B as the most accurate answer among the choices provided.
;
The term AMB stands for Average Monthly Balance. It is commonly used in banking to determine the minimum average balance that needs to be maintained in a bank account over a specified period, in this case, a month. The bank uses this measure to calculate any service charges or benefits for account holders, especially in special accounts like a Priority Savings Account.
When we talk about a Priority Savings Account, it is typically a premium banking service offered by banks to cater to customers with higher savings or transactional needs. One of the key requirements of such accounts is to maintain a certain minimum amount, known as the AMB, to retain the privileges associated with the account.
To determine the AMB for a Priority Savings Account, we refer to the options provided:
(A) INR 50,000
(B) INR 1 Lakh
(C) INR 2 Lakh
(D) INR 5 Lakh
Without additional information or context, especially since this can vary greatly between different banks, we assume a common standard used in some banking systems. For many priority banking accounts, the AMB commonly lies between INR 1 Lakh and INR 5 Lakh.
Assuming a general standard, option (B) INR 1 Lakh could be a reasonable AMB requirement for a Priority Savings Account, given it represents a mid-range requirement often set for such accounts.
Therefore, the chosen answer is:
(B) INR 1 Lakh
Note: For the exact AMB requirement, one should always refer to the specific bank's guidelines or customer service.
