Banking Assessment - 1
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Test Paper 1
- 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
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