A OPERATIONAL ASPECTS OF DEPOSIT ACCOUNTS
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Principles and Practices of Banking — JAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What is the minimum number of witnesses required when a bank opens a deposit account for an illiterate person?
Two witnesses are required when opening a deposit account for an illiterate person, and the account holder's thumb impression must be obtained in their presence.
What is the minimum balance requirement typically mandated by banks for a savings account in urban branches?
Banks set their own minimum balance; RBI prescribes no uniform amount.
What is the meaning of 'KYC' in the context of opening a bank account?
KYC stands for Know Your Customer, a regulatory requirement under RBI guidelines that mandates banks to verify the identity and address of customers before opening accounts.
What is the term for a deposit account where the balance earns interest and withdrawals are restricted?
Savings Bank Account restricts withdrawals and pays interest.
Which RBI master direction governs the KYC norms for opening deposit accounts in India?
The RBI Master Direction on Know Your Customer (KYC) Direction, 2016 (updated periodically) governs KYC norms for opening deposit accounts in India.
Under what circumstance can a bank refuse to open a deposit account for a customer?
Banks may refuse if KYC documents are incomplete or risk is high.
What is an Officially Valid Document (OVD) for KYC purposes?
An OVD is a document accepted as proof of identity and address, including passport, driving licence, Voter ID, Aadhaar, NREGA job card, or any document notified by the Central Government.
What is meant by 'credit balance' in a deposit account?
Credit balance means the customer has funds available in the account.
Video classes for this chapter
A OPERATIONAL ASPECTS OF DEPOSIT ACCOUNTS PART 2
A OPERATIONAL ASPECTS OF DEPOSIT ACCOUNTS PART 1
A OPERATIONAL ASPECTS OF DEPOSIT ACCOUNTS PART 4
A OPERATIONAL ASPECTS OF DEPOSIT ACCOUNTS PART 3
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