CURRENT AFFAIRS

2018

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

KYC is the customer identity and address verification process prior to opening the account. What is the fullform of KYC?

A	Know Your Counter
B	Kindness towards Your Customer
C	Know Your Consumer
D	Know Your Customer

Explanation:

Detailed explanation-1: -KYC means Know Your Customer and sometimes Know Your Client. KYC or KYC check is the mandatory process of identifying and verifying the client’s identity when opening an account and periodically over time.

Detailed explanation-2: -Collection of Information: The first step in the KYC procedure is to collect personal information about the customer. They are required to fill an online KYC registration form on their preferred portal through which they wish to carry out financial transactions.

Detailed explanation-3: -A. KNOW YOUR CLIENT (KYC) Application Form-For Individual.

Detailed explanation-4: -There are instances when you need to get KYC (know your customer) done. For example, if you want to open a bank account, invest in a mutual fund etc.

There is 1 question to complete.