Discussion
What is the deposit limit on saving accounts in the Payment banks?
Answer: A
Correct answer: Rs 2 lakh
The limit was raised from Rs 1 lakh to Rs 2 lakh with effect from April 2021, so older material still quotes the earlier figure.
The cap applies to the end-of-day balance per individual customer. A payments bank must monitor it and, where it is breached, either sweep the excess into a linked account at a partner bank or decline further credits - which is one of the standard uses of the tie-up with a scheduled commercial bank.
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