Know Your Customer – Banking Awareness Quiz

Mentor for Bank Exams
Dear Aspirants,
Welcome to Mentor for Bank Exams. Today here we are providing all the important questions based of Know Your Customer in Banking Awareness Quiz Section. These questions will definitely help you in preparing for the upcoming Bank and Insurance Exams.

1.  What is the full form of KYC?
a.  Know Your Company
b.  Know Your Customer
c.  Know Your Custodian
d.  Know Your Current-Account
Answer: B)

2.  Which of the followings are necessary for KYC?
a.  Identity
b.  Address
c.  Photograph and Signature
d.  All of the above
Answer: D)

3.  Which of the followings are Officially Valid Documents (OVD) for identity proof?
i.  Passport
ii.  Driving License
iii.  EPIC Card
iv.  PAN Card
v.  Ration Card
vi.  Aadhar Card
vii.  NREGA Card
a.  All except (vii)
b.  All except (v)
c.  All except (v) and (vii)
d.  All except (iii)
Answer: B)

4.  If a customer doesn't have any Official Valid Documents (OVD) for KYC, then -
a.  A Current account can be opened for him
b.  A Small Account can be opened for him
c.  A Savings Account can be opened for him
d.  A BSBDA Account can be opened for him
Answer: B)

5.  What is the time period / validity for a Small Account without OVD?
a.  6 months
b.  12 months
c.  18 months
d.  24 months
Answer: B)

6.  Currently, for e-KYC, which of the following is must?
a.  EPIC card number
b.  Aadhar card number
c.  Passport file number
d.  Mobile phone number
Answer: B)

7.  What is the maximum account balance at any point of time in Small Account?
a.  Rs. 50,000
b.  Rs. 1 lakh
c.  Rs. 25,000
d.  Rs. 2 lakh
Answer: A)

8.  Small account (without OVD), can be extended for a certain period of time, if customer provides the proof that he has applied for OVD. What is the extension period?
a.  6 months
b.  12 months
c.  2 years
d.  5 years
Answer: B)

9.  PAN (Permanent Account Number) card information is maintained by -
a.  Union Home Ministry
b.  Income Tax Department, CBDT
c.  Ministry of External Affairs
d.  CBEC
Answer: B)

10.  PAN card is mandatory for -
a.  Income Tax returns
b.  Tax Deduction at Source (TDS)
c.  bank deposits above Rs. 50,000
d.  All of the above
Answer: D)