Concept:
Folds are bends or curves in rock layers caused by compressional forces. They are classified based on the geometry of their limbs and axial plane.
Step 1: Understand fold limbs.
The two sides of a fold are called limbs.
Step 2: Identify fold with parallel limbs.
In an isoclinal fold, the two limbs are nearly parallel to each other.
\[
\text{Parallel limbs} \Rightarrow \text{Isoclinal fold}
\]
Step 3: Final answer.
Thus, a fold with parallel limbs is an isoclinal fold.
\[
\therefore \text{Correct Answer is (B)}
\]