Branches may open accounts for those customers who are not able to provide KYC documents, provided, the total credit summation in all the accounts taken together is not expected to exceed ₹__________in a year.
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Branches may not open accounts for those customers who are not able to provide kyc documents provided kyc documents, provided, the total credits summation in all the accounts taken together is not expected to exceed rs. ____ in a year.
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The answer is, 50000.
Why is KYC required?
- By law, KYC is required for financial institutions to establish the legitimacy of a customer's identity and identify risk factors.
- KYC procedures help prevent identity theft, money laundering, financial fraud, terrorism financing, and other financial crimes.
Which document to be submitted while opening bank account in a bank KYC )?
- Officially valid documents (OVDs) for KYC purpose include: Passport, driving licence, voters' ID card, PAN card, Aadhaar letter issued by UIDAI and Job Card issued by NREGA signed by a State Government official.
What are the KYC requirements for opening a bank account?
Individuals (Documents acceptable as proof of identity/address)
- Passport.
- Voter's Identity Card.
- Driving Licence.
- Aadhaar Letter/Card.
- NREGA Card.
- PAN Card.
Why KYC is mandatory for the banks while opening a bank account?
- The objective of KYC guidelines is to prevent banks from being used, by criminal elements for money laundering activities.
- It also enables banks to understand its customers and their financial dealings to serve them better and manage its risks prudently.
Hence, Branches may open accounts for those customers who are not able to provide KYC documents, provided, the total credit summation in all the accounts taken together is not expected to exceed ₹ 50000 in a year.
Learn more about KYC here,
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