Banking Awareness for Upcoming Exams Set 34

Banking Awareness Questions for Upcoming Exams. This set contains banking awareness questions for various upcoming exams like SBI PO, IBPS PO, Clerk, NIACL Assistant and various other competitive exams.

  1. Offence of Money Laundering is defined under Section __ of PMLA Act 2002
    A) Section 2
    B) Section 3
    C) Section 4
    D) Section 5
    View Answer
    Option B
    Explanation
    :
  2. As per Prevention of Money Laundering Act, 2002, a bank shall maintain the records of transactions between the bank and client for at least ___ years.
    A) 3 years
    B) 4 years
    C) 5 years
    D) 10 years
    View Answer
    Option C
    Explanation
    : Five Years
  3. Dormant Account comes under which category?
    A) Low Risk
    B) Medium Risk
    C) High Risk
    D) None of These
    View Answer
    Option B
  4. As per banking norms, a person is said to be minor when he is ____ .
    A) Less than 10 years of age
    B) Less than 15 years of age
    C) Less than 18 years of age
    D) Less than 21 years of age.
    View Answer
    Option C
    Explanation
    : 18 years. A person above the age of 18 is called major.
  5. If a legal guardian of a person has been appointed by a Court of Law before he has attained the age of 18 years, then he attains majority at the age of _____.
    A) 20 years
    B) 21 years
    C) 23 years
    D) 25 years
    View Answer
    Option B
    Explanation
    : 21 years
  6. A ____ is said to be created when the ownership of a property is transferred to somebody with an obligation to hold and manage the same for the benefit of another.
    A) LLP
    B) Joint Stock Company
    C) Trust
    D) HUF
    View Answer
    Option C
    Explanation
    : This is the definition of a trust.
  7. The person who signs on the face of a cheque is known as ______
    A) Drawee
    B) Beneficiary
    C) Drawer
    D) Endorser
    View Answer
    Option C
  8. IFSC is a 11 digit code to be used for payments through
    A) NEFT/RTGS
    B) Demand Draft
    C) Cheque
    D) All of these
    View Answer
    Option A
    Explanation
    : IFSC code is used by electronic payment system applications such as RTGS, ,National Electronic Fund Transfer and CFMS.
  9. What does CFMS stands for?
    A) Customised Financial Messaging Server
    B) Cutomised Funds Management System
    C) Centralised Funds Management System
    D) Core Funds Management Server
    View Answer
    Option C
    Explanation
    : Centralised Funds Management System
  10. TDS is not required to be deducted in respect of person who submit declaration in Form _____.
    A) Form 19
    B) Form 60/ Form 61
    C) Form 26as
    D) Form 15G/Form 15H
    View Answer
    Option D
    Explanation
    : Form 15G and Form 15H are forms you can submit to make sure TDS is not deducted . Form 15H is for senior citizens, those who are 60 years or older; while Form 15G is for everybody else.

 

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9 Thoughts to “Banking Awareness for Upcoming Exams Set 34”

  1. K!nG Iz B!nG

    10x:)

  2. jaga

    Suraj sir …pls explain llp,huf

    And form 60/61is required in the absence of pan card????

    1. Suraj

      LLP- limited liability partnership : in this each partner has a limited liability. means ki LLP protect partners from each other’s professional legal problems, such as negligence or malpractice..

      HUF-Hindu Undivided Family- this can be created by members of a family, wherein the members are lineal ascendants or descendants. Hindus, Buddhists, Jains and Sikhs .. But to be recorded by tax authorities, it needs to have an income-generating asset, which can only come as a gift from a relative or through a Will for all members of the HUF. Once it has such an asset, the HUF needs to be registered in a particular name and other formalities such as opening a bank account and acquiring a Permanent Account Number (PAN) have to be done.

      YEs form 60 and 61 is pan card related
      Form 61 – jiski source of income agricultural income ho wo form 61 fill karta
      rest all form 60

      1. jaga

        Thank u suraj sir 🙂

  3. Ravi Upadhyay

    thnxxxxxxxx

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