Retail Banking
Questions for Bank Promotion
Exams (PART 1)
1. As per Latest RBI
guidelines, retail investors are eligible to invest in Government securities by
opening ‘Retail Direct Gilt Account’ (RDG Account) with?
A. AD Banks.
B. Depository
Participants.
C. SEBI.
D. RBI.
The correct answer is Option
D. RBI.
2.The maximum number of
nominees permissible for ‘Retail Direct Gilt Account’ is?
A. At the discretion of
account holder.
B. 3 nominees.
C. 2 nominees.
D. 1 only.
The correct answer is Option
C. 2 nominees.
3. Which of the
following statement with respect to Basic Savings Bank Deposit Account’
(BSBDA)’ account is not appropriate?
A. This account shall
not have the requirement of any minimum balance.
B. There will be no
limit on the number of deposits that can be made in a month, account holders
will be allowed a maximum of four withdrawals in a month, including ATM
withdrawals.
C. Holders of BSBDA
account will be eligible for opening any other SB account with any banks
including Small account.
D. If a customer has
any other existing savings bank deposit account in that bank, he is required to
close it within 30 days from the date of opening a ‘Basic Savings Bank Deposit
Account’.
The correct answer is Option
C. Holders of BSBDA account will be eligible for opening any other SB account
with any banks including Small account.
4. Which of the
following is not a limitation associated with ‘Small Account’ opened in the
name of an individual?
A. the aggregate of all
credits in a financial year does not exceed rupees one lakh.
B. the aggregate of all
withdrawals and transfers in a month does not exceed rupees ten thousand.
C. Foreign remittances
cannot be credited to Small Accounts without completing normal KYC formalities.
D. the balance at any
point of time does not exceed rupees fifty thousand.
E. Small accounts are
valid for life time, if the transaction limits are complied.
The correct answer is Option
E. Small accounts are valid for life time, if the transaction limits are
complied.
5. The process of
reconfirming key details of large value cheques is introduced in the name of
Cheque Positive Pay System. The system is being developed by?
A. IDRBT.
B. NPCI.
C. RBI.
D. BCSBI.
The correct answer is Option
B. NPCI.
Mock test (SET 1) for Bank Promotion Exams
6. Availing the
facility of ‘Positive Pay’ is?
A. Compulsory for all
cheque issuers irrespective of the amount of cheque issued.
B. Compulsory for all
cheque issuers if the amount of cheque issued exceeds Rs. 10,00,000.
C. at the discretion of
the account holder, however, the banks may consider making it mandatory in case
of cheques for amounts of Rs.5,00,000 and above.
D. Compulsory for all
cheque issuers if the amount of cheque issued exceeds Rs. 100,000.
The correct answer is Option
C. at the discretion of the account holder, however, the banks may consider
making it mandatory in case of cheques for amounts of Rs.5,00,000 and above.
7. As per the
guidelines under Savings bank account interest deregulation, banks can offer
deferential rate of interest to the balance in SB account above?
A. Rs. 2 lakh.
B. Rs. 50,000.
C. Rs. 1 lakh.
D. As decided by the
bank.
The correct answer is Option
C. Rs. 1 lakh.
8. The minimum and
maximum tenure for accepting Term Deposits by the Banks as per the RBI
guidelines is?
A. 7 days and 10 years.
B. 7 days and 15 years.
C. 15 days and 10 years.
D. 7 days and maximum
at the discretion of the bank.
The correct answer is Option
D. 7 days and maximum at the discretion of the bank.
9. As per RBI
guidelines, the accounts opened with OTP based e-KYC shall not be allowed to
operate for a period of more than
A. 6 months.
B. 2 years.
C. 1 year.
D. 18 months.
The correct answer is Option
C. 1 year.
10. In case of V-CIP,
the video recordings should be preserved for a minimum period of?
A. 3 years from the
date of account opening.
B. 5 years from the
date of account opening.
C. 18 months from the
date of last transaction or after the business relationship is ended.
D. 5 years after the
business relationship is ended.
The correct answer is Option
D. 5 years after the business relationship is ended.
11. As per Revised RBI
guidelines on KYC norms, in case a customer proposes to update his
communication address, he can submit a self-declaration confirming new address
to the bank. In such cases, the positive confirmation on address updated
through relevant documents must be obtained within a period of?
A. 12 months.
B. 3 months.
C. 2 months.
D. 6 months.
The correct answer is Option
C. 2 months.
12. Periodic updation
of KYC shall be carried out at least once in every…………. for high risk
customers, once in every…………. years for medium risk customers and once in
every………… years for low risk customers.
A. 2 years, 8 years, 10
years.
B. 2 years, 7 years, 10
years.
C. 3 years, 8 years, 10
years.
D. 2 years, 6 years, 10
years.
The correct answer is Option
A. 2 years, 8 years, 10 years.
Previous Years Recalled Questions for Bank Promotion Exams (Set 5)
13. Which of the
following is the designated agency for managing CKYC records?
A. RBI.
B. CIBIL.
C. CERSAI.
D. CDSL.
The correct answer is Option
C. CERSAI.
14. Foreign Account Tax
Compliance Act (FATCA) declaration is obtained to comply Inter-Governmental
Agreement (IGA) entered by India with?
A. Canada.
B. European Union.
C. USA.
D. France.
The correct answer is Option
C. USA.
15. As per KYC
guidelines of RBI, all necessary records of transactions between the Banks and
the customer, both domestic and international should be preserved for at
least……… years from the date of transaction.
A. 10 years.
B. 7 years.
C. 5 years.
D. 5 Years in case of
Low and medium risk and 10 years for high risk customers.
The correct answer is Option
C. 5 years.
16. Which of the
following statement with respect to Cash Transaction Report (CTR) is not true?
A. All cash transaction
of above Rs. 10 lakhs or Foreign Currency Equivalent should be included under
CTR.
B. Cash transactions
where forged notes used with individual transactions of more than Rs.50000.
C. All series of cash
transactions below Rs. 10.0 lakhs but aggregate value exceeds Rs. 10 lakh per
month or equivalent Foreign Currency.
D. Cash transaction
report to be submitted to FIU-IND by banks on fortnightly basis.
e. Cash transaction
report to be submitted to FIU-IND by banks on monthly basis.
The correct answer is Option
D. Cash transaction report to be submitted to FIU-IND by banks on fortnightly
basis.
17. Who among the
following cannot subscribe to Gold Bond under “Sovereign Gold Bond Scheme”?
A. Resident
individuals.
B. HUFs & Trusts.
C. Non-Resident Indians.
D. Universities and
Charitable Institutions.
The correct answer is Option
C. Non-Resident Indians.
18. With respect to
Sovereign Gold Bond (SGB) Scheme, when the customer has dispute regarding the
scheme and subscription, he can first raise the dispute with?
A. RBI ombudsman
directly.
B. Respective regional
offices of RBI.
C. Sovereign Gold Bond
Appellate Tribunal.
D. Nodal officers of
receiving institution.
The correct answer is Option
D. Nodal officers of receiving institution.
19. Which of the
following statement with respect to Sovereign Gold Bond Scheme 2022-23 is not
appropriate?
A. Minimum permissible
investment will be 1 gram of gold.
B. The maximum limit of
subscription shall be 4 KG for individual, 4 Kg for HUF and 20 Kg for trusts
and similar entities per fiscal.
C. The issue price of
the Gold Bonds will be Rs. 50 per gram less for those who subscribe online and
pay through digital mode.
D. Payment for the
Bonds can be through cash payment up to a maximum of Rs.50,000.
The correct answer is Option
D. Payment for the Bonds can be through cash payment up to a maximum of Rs.50,000.
20. What is the current
rate of interest payable by the banks to depositors/claimants on the unclaimed
interest-bearing deposit amount transferred to the Depositor Education and
Awareness Fund (DEAF)?
A. 3% simple interest
p.a.
B. 3.5% simple interest
p.a.
C. 3 % p.a. compounded
monthly.
D. 3.5 % p.a.
compounded monthly.
The correct answer is Option
A. 3% simple interest p.a.
21. As per the latest
RBI guidelines, if a term deposit account matured and left unclaimed with the
bank, the rate of interest applicable on these deposits is?
A. Prevailing Savings
Deposit rate of the bank.
B. Contracted Fixed
Deposit rate.
C. Interest as applicable
to savings account or the contracted rate of interest on the matured TD,
whichever is higher.
D. Interest as
applicable to savings account or the contracted rate of interest on the matured
TD, whichever is lower.
The correct answer is Option
D. Interest as applicable to savings account or the contracted rate of interest
on the matured TD, whichever is lower.
