Banking Assessment - 1

25 Questions | Total Attempts: 90

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Banking Quizzes & Trivia

Test Paper 1


Questions and Answers
  • 1. 
    Tick the correct answer: The time taken for effecting funds transfer from one account to another under RTGS is _________________.
    • A. 

      2 hours

    • B. 

      5 hours

    • C. 

      24 hours

  • 2. 
    Tick the correct answer: Would the remitting customer receive an acknowledgement of money credited to the beneficiary's account?( RTGS)
    • A. 

      Yes

    • B. 

      No

  • 3. 
    Tick the correct answer: NEFT is ______________________________.
    • A. 

      It is a payment made thru branch banking.

    • B. 

      A nation-wide payment system facilitating one-to-one funds transfer.

  • 4. 
    Tick the correct answer: For being part of the NEFT funds transfer network, a bank branch has to be ______________ enabled.
    • A. 

      NEFT

    • B. 

      RTGS

  • 5. 
    Tick the correct answer: The maximum amount per transaction is limited to Rs.____________ for cash-based remittances and remittances to Nepal.
    • A. 

      Rs.20,000/-

    • B. 

      Rs.50,000/-

  • 6. 
    Tick the correct answer: NEFT operates in hourly batches - there are ________settlements from 8 am to 7 pm on week days (Monday through Friday) and ________ settlements from 8 am to 1 pm on Saturdays.
    • A. 

      Twelve, six

    • B. 

      Fourteen, seven

  • 7. 
    Tick the correct answer: IFSC is ___________________________.
    • A. 

      Indian Financial System Character

    • B. 

      Indian Financial System Code

  • 8. 
    Tick the correct answer: Credit confirmation of the remittances sent by ________________.
    • A. 

      SMS or email

    • B. 

      Courier

  • 9. 
    State True or False: In case of NEFT, the remitter need not send the physical cheque or Demand Draft to the beneficiary.
    • A. 

      True

    • B. 

      False

  • 10. 
    State True or False: The main objective for following the KYC is to enable the Bank to have positive identification of its relationship
    • A. 

      True

    • B. 

      False

  • 11. 
    State True or False: Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT.
    • A. 

      True

    • B. 

      False

  • 12. 
    Tick the correct answer: Full form for KYC is _________________.
    • A. 

      Know Your Card

    • B. 

      Know Your Credit balance

    • C. 

      Know Your Customer

  • 13. 
    Tick the correct answer: All banks are advised by ______________ to follow the KYC guidelines.
    • A. 

      RBI (Reserve Bank of India)

    • B. 

      SBI (State Bank of India)

    • C. 

      BOM (Bank of Maharashtra)

  • 14. 
    Tick the correct answer: KYC is carried out at the following stages _______________________________.
    • A. 

      Opening an FD, applying for a lost debit card, applying for cheque book, want to close the account.

    • B. 

      Opening an account, opening a locker, changes in address or signature, when extra information required by the bank.

  • 15. 
    Tick the correct answer: The documents required for KYC are _______________________________.
    • A. 

      Photograph and College Certificates.

    • B. 

      Photograph, Proof of Identity and Proof of address.

  • 16. 
    Tick the correct answer: Being asked for KYC documents does not imply that the customers are suspected of _____________.
    • A. 

      Money Laundering

    • B. 

      Small deposits account

    • C. 

      Lein

  • 17. 
    Tick the correct answer: Some proofs of Identity & Address for Individuals are __________________.
    • A. 

      Passport , Election ID ,Driving Licence.

    • B. 

      Partnership deed, Certificate of incorporation , Trust deed.

  • 18. 
    Tick the correct answer: The documents which are used for address for individuals are ________________.
    • A. 

      Salary Slip & Ration card

    • B. 

      Electricity Bill & Ration Card

  • 19. 
    State True or False: The documents which are used for identity for individuals are Pan card, ID of reputed company.
    • A. 

      True

    • B. 

      False

  • 20. 
    Tick the correct answer: CTR is _____________________.
    • A. 

      Cash Transaction Receipt

    • B. 

      Cash Transaction Record.

    • C. 

      Cash Transaction Ratio

  • 21. 
    Tick the correct answer: STR is ______________________.
    • A. 

      Suspicious Transaction Record

    • B. 

      Super Transaction Record

    • C. 

      Sum Transaction Record

  • 22. 
    Tick the correct answer: FIU-IND is ____________________________.
    • A. 

      Financial Intelligence Unit – Indonesia

    • B. 

      Financial Intelligence Unit – India

    • C. 

      Fixed Intelligence Unit - India

  • 23. 
    Tick the correct answer: KYC  is _____________________________.
    • A. 

      A framework for banks which enables them to know / understand the customers and their financial dealings to be able to serve them better.

    • B. 

      A framework for institutions which enables them to know the agents and their dealings.

  • 24. 
    State True or False: Small deposit accounts are those accounts where, Balance does not exceed Rs. 50,000/- and Annual turnover does not exceed Rs. 1,00,000/-
    • A. 

      True

    • B. 

      False

  • 25. 
    State True or False: Customers can open small deposits accounts by getting introduced by existing fully KYC compliant account as also attestation of address / photograph by him.
    • A. 

      True

    • B. 

      False