Q71. What is the purpose of the Know Your Customer (KYC) process?
a) To ensure accurate transaction records
b) To verify the identity and address of customers
c) To offer higher credit limits
d) To provide investment opportunities
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Correct Answer: b) To verify the identity and address of customers
Explanation: The KYC process is designed to verify customers’ identities and addresses to prevent fraud and ensure that financial services are provided to legitimate individuals.
Q72. Which of the following is a benefit of using mobile banking?
a) Access to banking services 24/7
b) Limited to bank working hours
c) No transaction fees
d) Requires visiting a branch
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Correct Answer: a) Access to banking services 24/7
Explanation: Mobile banking provides access to a wide range of banking services 24/7, allowing users to manage their accounts, transfer funds, and pay bills anytime from anywhere.
Q73. What is the purpose of Pradhan Mantri Mudra Yojana (PMMY)?
a) To offer fixed deposit schemes
b) To provide loans to small and micro enterprises
c) To give subsidies on agricultural products
d) To offer home loan insurance
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Correct Answer: b) To provide loans to small and micro enterprises
Explanation: The Pradhan Mantri Mudra Yojana (PMMY) is aimed at providing financial support in the form of loans to small and micro enterprises to promote their growth and development.
Q74. What does Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) primarily offer?
a) Pension benefits
b) Life insurance coverage
c) Health insurance
d) Loan facilities
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Correct Answer: b) Life insurance coverage
Explanation: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) primarily offers life insurance coverage, ensuring financial support to the beneficiaries of the policyholder in case of death.
Q75. What document is NOT typically required for KYC verification?
a) Driving license
b) Utility bill
c) Movie ticket
d) Passport
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Correct Answer: c) Movie ticket
Explanation: A movie ticket is not considered a valid document for KYC verification. Valid documents include a driving license, utility bill, and passport.
Q76. What is a key feature of a fixed deposit account?
a) Unlimited transactions
b) High-interest rates for a fixed tenure
c) No interest on the balance
d) Frequent withdrawals allowed
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Correct Answer: b) High-interest rates for a fixed tenure
Explanation: A fixed deposit account offers higher interest rates compared to regular savings accounts and is held for a fixed period, providing a secure investment option.
Q77. What service does Pradhan Mantri Suraksha Bima Yojana (PMSBY) offer?
a) Free mobile phones
b) Accident insurance
c) Educational scholarships
d) Car insurance
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Correct Answer: b) Accident insurance
Explanation: Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides accident insurance coverage, offering financial protection in case of accidental death or disability.
Q78. What is the maximum age limit to join the Atal Pension Yojana (APY)?
a) 50 years
b) 60 years
c) 45 years
d) 40 years
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Correct Answer: d) 40 years
Explanation: The Atal Pension Yojana (APY) allows individuals up to the age of 40 years to join the scheme, ensuring that they can receive a guaranteed pension after reaching 60 years of age.
Q79. What does an ATM card enable you to do?
a) Open a new bank account
b) Transfer funds between banks
c) Withdraw cash and make payments
d) Purchase insurance policies
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Correct Answer: c) Withdraw cash and make payments
Explanation: An ATM card allows you to withdraw cash from ATMs, make payments at retail outlets, and access other banking services.
Q80. What is the primary function of a Demand Draft (DD) in banking?
a) To provide a loan
b) To transfer money securely between accounts
c) To make cash deposits
d) To issue credit cards
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Correct Answer: b) To transfer money securely between accounts
Explanation: A Demand Draft (DD) is used to transfer funds securely from one bank account to another, with the bank guaranteeing the payment.