The Know Your Customer (KYC) norms of opening a bank account has been relaxed for the accounts with minimum balance of

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Rs.1, 00, 000/
B	Rs.25, 000/
C	Rs.50, 000/
D	Rs.75, 000/-

Explanation:

Detailed explanation-1: -Relaxed KYC procedure refers to acceptance of an introduction in lieu of full KYC procedure subject to certain conditions prescribed.

Detailed explanation-2: -Accounts, both deposit and borrowal, opened using OTP based e-KYC shall not be allowed for more than one year within which identification as per Section 16 is to be carried out. If the CDD procedure as mentioned above is not completed within a year, in respect of deposit accounts, the same shall be closed immediately.

Detailed explanation-3: -Annex-IV – Government of India, Notification dated December 16, 2010. The objective of KYC/AML/CFT guidelines is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities.

There is 1 question to complete.