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JAIIB CAIIB STUDY MATERAILS

1. In cases where a customer categorised as ‘low risk’, expresses inability to complete the documentation requirements on
account of any reason that the bank considers to be genuine, the bank shall, at its option, complete the verification of identity
of the customer within a period of ____ months from the date of establishment of the relationship.
(a) 1 month
(b) 2 months
(c) 3 months
(d) 6 months
Ans: D

2. In case an individual customer who does not possess either any of the OVDs or the documents applicable in respect of
simplified procedure and desires to open a bank account:
(a) he cannot be allowed the bank account
(b) he can open a small account
(c) he can open a basic saving bank deposit account
(d) he can open saving bank account without cheque book and cheque collection facility
Ans: B

3. A small account allowed to be opened by a customer as per KYC procedure can be allowed:
(a) up to 3 months
(b) up to 6 months
(c) up to one year
(d) up to two years
Ans: C

4. Under KYC, a system of periodic review of risk categorisation of accounts, with such periodicity being at least once in ___ shall be
put in place
(a) 3 months
(b) 6 months
(c) one year
(d) two years
Ans: B

5. Periodic updation of proof of identity and proof of address of the customer shall be carried out by the banks under KYC at least
once in every ____ years for medium risk customers from the date of opening of account / last verification under KYC:
(a) two years
(b) five years
(c) eight years
(d) ten years
Ans: C

6. Periodic updation of proof of identity and proof of address of the customer shall be carried out by the banks under KYC at
least once in every ___ years for high risk customers from the date of opening of account / last verification under KYC:
(a) two years
(b) five years
(c) eight years
(d) ten years
Ans: A

7. Periodic updation of proof of identity and proof of address of the customer shall be carried out by the banks under KYC at least
once in every ____ years for low risk customers from the date of opening of account / last verification under KYC:
(a) two years
(b) five years
(c) eight years
(d) ten years
Ans: D

8. In existing accounts, where the KYC requirement has not been fulfilled by customers, the option of ‘partial freezing (only credit,
no debit)’ shall be exercised by the bank, after giving due notice of
months followed by a reminder for further period of ____, to the customers to comply with KYC requirements.
(a) one month, one month
(b) two months, three months
(c) three months, three months
(d) six months, three months
Ans: C

9. In existing accounts, where the KYC requirement has not been fulfilled by customers, all debits and credit shall be disallowed
after ____ months of use of the option of ‘partial freezing’ :
(a) 1 month
(b) 2 months
(c) 3 months
(d) 6 months
Ans: D

10. Banks shall, at their option, open a ____ bank account of a foreign student on the basis of his/her passport (with visa &
immigration endorsement) bearing the proof of identity and address in the home country together with a photograph and a letter
offering admission from the educational institution in India.
(a) resident saving bank account
(b) resident current account
(c) non-resident ordinary account
(d) any of the above account
Ans: C

11. Where banks open a bank account of a foreign student, a declaration about the local address shall be obtained within a
period of ____ days of opening the account and the said local address is verified.
(a) 15 days
(b) 30 days
(c) 60 days
(d) six months
Ans: B

12. Where banks open a bank account of a foreign student, pending the verification of local address, a/c shall be operated with a
condition of allowing foreign remittances not exceeding ____ or equivalent into the account and a cap of ____ on aggregate in the
same:
(a) USD 500, Rs.25000
(b) USD 10000, Rs.50000
(c) USD 15000, Rs.75000
(d) USD 20000, Rs.1 lac
Ans: B

13. Under KYC, banks are required to maintain all necessary records of transactions between the bank and the customer, both domestic
and international, for at least ____ from the date of transaction;
(a) two years
(b) three years
(c) five years
(d) ten years
Ans: C

14. Under KYC, banks are required to preserve the records pertaining to the identification of the customers and their addresses
obtained while opening the account and during the course of business relationship, for at least ____ years after the business
relationship is ended;
(a) 2 years
(b) 3 years
(c) 5 years
(d) 10 years
Ans: C

15. Banks shall furnish to the Director, Financial Intelligence Unit-India (FIU-IND), referred to in Rule 3 of PML (Maintenance of
Records) Rules, the cash transaction report (of large size cash transactions):
(a) on a monthly basis within 7 days
(b) on a monthly basis within 10 days
(c) on a monthly basis within 15 days
(d) on a monthly basis within 20 days
Ans: C

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