General Studies · Banking Operations

Consider the following statements regarding retail banking products in India: Statement 1: A 'Flexi Deposit' or 'Multi-Option Deposit' (MOD) combines the liquidity of a savings account with the higher interest rates of a term deposit. Statement 2: In a Recurring Deposit (RD), if a customer misses an installment, banks can levy a penalty. Statement 3: The 'Capital Gains Accounts Scheme, 1988' allows taxpayers to deposit capital gains in special accounts categorized as Type A (Savings) and Type B (Term Deposit). Statement 4: Under the 'Pradhan Mantri Jan Dhan Yojana' (PMJDY), the accidental insurance cover was increased from 1 lakh to 2 lakh for accounts opened after August 28, 2018. Statement 5: As per current RBI guidelines, a 'Certificate of Deposit' (CD) can be issued for a minimum amount of 1 lakh and in multiples of 1 lakh thereafter. Statement 6: An 'FCNR(B)' account allows Non-Resident Indians to hold deposits in foreign currencies, mitigating exchange rate devaluation risks. Statement 7: Banks can offer 'Step-up' interest rates in single term deposits where the rate increases as the tenure progresses, subject to specific conditions. Which of the following describes the validity of these statements?