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Interview Questions on Opening Accounts

  1. How do banks accept deposits from customers?
    Ans: By opening accounts to customers.

  2. Opening of an account in legal terms is..?
    Ans: An agreement.

  3. What do you mean by KYC?
    Ans: Know Your Customer.

  4. What are the objectives of KYC?
    Ans: Customer identification, monitoring of the transactions and ensuring steps to prevent money laundering.

  5. Do banks open accounts to minors (i.e. persons below 18 years of age)?
    Ans: Yes, for students who are aged 10 years and above; savings accounts are opened.

  6. Can you tell something about "Small Deposit Accounts"?
    Ans: These accounts are allowed to such of those persons who are unable to fully comply with KYC, with the following conditions.
    1) Balance in the account should not exceed Rs. 50,000/- at any point of time.
    Total credits in account should not exceed Rs. 1.00 lac, in a year.
    iii)Customer to be introduced by existing account holder, who is maintaining the a/c atleast since 6 months. iv)Introducer's account should have been fully complied with KYC.
    v) In case the balance or credits or both exceed the limits specified, then full KYC is necessary.

  7. Do you know some thing about TDS?
    Ans: It is Tax Deducted at Source.

  8. What are dormant or in-operative accounts?
    Ans: These relate to current and savings accounts, if there are no transactions for two years, then these are designated as dormant or in-operative accounts. .

  9. What are Joint Accounts?
    Ans: Accounts opened in the names of two or more persons are Joint Accounts.

  10. In a partnership firm there are four partners. Then the partnership account will be a Joint Account?
    Ans: No sir, the account is opened in the name of the firm only. Hence it is treated as single / one account.

  11. In respect of firms/companies, when accounts are opened, is KYC necessary?
    Ans: Yes sir, KYC compliance will be in respect of Partners, Directors, Trustees etc., of respective organisations.

  12. Who is Non-resident Indian (NRI)?
    Ans: Any person who leaves India, for gainful employment and stays abroad for 180 days in a year is an NRI.

  13. Can banks open accounts for them?
    Ans: Yes. Savings and term deposit accounts can be opened for them.

  14. Is RBI approval required for opening these accounts?
    Ans: No sir, RBI approval is not required.

Hope you found it useful!!! Thanks and all the best.

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