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Question 1 of 20
1. Question
In the context of deceased depositor claim, which option is the most accurate?
Correct
Correct answer: Use the prescribed claim procedure for the applicable nomination/survivorship situation. The applicable process depends on nomination/survivorship and bank/RBI instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Use the prescribed claim procedure for the applicable nomination/survivorship situation. The applicable process depends on nomination/survivorship and bank/RBI instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Use the prescribed claim procedure for the applicable nomination/survivorship situation. The applicable process depends on nomination/survivorship and bank/RBI instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 2 of 20
2. Question
During an audit, a reviewer checks the branch‘s handling of deceased depositor claim. Which practice is compliant?
Correct
Correct answer: Use the prescribed claim procedure for the applicable nomination/survivorship situation. The applicable process depends on nomination/survivorship and bank/RBI instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Use the prescribed claim procedure for the applicable nomination/survivorship situation. The applicable process depends on nomination/survivorship and bank/RBI instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Use the prescribed claim procedure for the applicable nomination/survivorship situation. The applicable process depends on nomination/survivorship and bank/RBI instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 3 of 20
3. Question
Which of the following is the soundest operational approach to deceased depositor claim?
Correct
Correct answer: Use the prescribed claim procedure for the applicable nomination/survivorship situation. The applicable process depends on nomination/survivorship and bank/RBI instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Use the prescribed claim procedure for the applicable nomination/survivorship situation. The applicable process depends on nomination/survivorship and bank/RBI instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Use the prescribed claim procedure for the applicable nomination/survivorship situation. The applicable process depends on nomination/survivorship and bank/RBI instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 4 of 20
4. Question
A transaction raises a question concerning deceased depositor claim. Which principle should guide the bank?
Correct
Correct answer: Use the prescribed claim procedure for the applicable nomination/survivorship situation. The applicable process depends on nomination/survivorship and bank/RBI instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Use the prescribed claim procedure for the applicable nomination/survivorship situation. The applicable process depends on nomination/survivorship and bank/RBI instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Use the prescribed claim procedure for the applicable nomination/survivorship situation. The applicable process depends on nomination/survivorship and bank/RBI instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 5 of 20
5. Question
Which statement about deceased depositor claim is correct?
Correct
Correct answer: Use the prescribed claim procedure for the applicable nomination/survivorship situation. The applicable process depends on nomination/survivorship and bank/RBI instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Use the prescribed claim procedure for the applicable nomination/survivorship situation. The applicable process depends on nomination/survivorship and bank/RBI instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Use the prescribed claim procedure for the applicable nomination/survivorship situation. The applicable process depends on nomination/survivorship and bank/RBI instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 6 of 20
6. Question
A customer visits a branch with a request relating to death of one joint holder. Which response is appropriate?
Correct
Correct answer: Follow the survivor mandate after required checks, unless a legal impediment applies. Survivorship instructions guide payment, but legal restraints or disputes must be considered. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Follow the survivor mandate after required checks, unless a legal impediment applies. Survivorship instructions guide payment, but legal restraints or disputes must be considered. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Follow the survivor mandate after required checks, unless a legal impediment applies. Survivorship instructions guide payment, but legal restraints or disputes must be considered. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 7 of 20
7. Question
A JAIIB candidate is asked about death of one joint holder. Which answer should be selected?
Correct
Correct answer: Follow the survivor mandate after required checks, unless a legal impediment applies. Survivorship instructions guide payment, but legal restraints or disputes must be considered. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Follow the survivor mandate after required checks, unless a legal impediment applies. Survivorship instructions guide payment, but legal restraints or disputes must be considered. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Follow the survivor mandate after required checks, unless a legal impediment applies. Survivorship instructions guide payment, but legal restraints or disputes must be considered. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 8 of 20
8. Question
A new officer must apply the rules for death of one joint holder. Which action is correct?
Correct
Correct answer: Follow the survivor mandate after required checks, unless a legal impediment applies. Survivorship instructions guide payment, but legal restraints or disputes must be considered. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Follow the survivor mandate after required checks, unless a legal impediment applies. Survivorship instructions guide payment, but legal restraints or disputes must be considered. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Follow the survivor mandate after required checks, unless a legal impediment applies. Survivorship instructions guide payment, but legal restraints or disputes must be considered. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 9 of 20
9. Question
A bank must handle a case involving death of one joint holder. What should it do?
Correct
Correct answer: Follow the survivor mandate after required checks, unless a legal impediment applies. Survivorship instructions guide payment, but legal restraints or disputes must be considered. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Follow the survivor mandate after required checks, unless a legal impediment applies. Survivorship instructions guide payment, but legal restraints or disputes must be considered. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Follow the survivor mandate after required checks, unless a legal impediment applies. Survivorship instructions guide payment, but legal restraints or disputes must be considered. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 10 of 20
10. Question
Which option best describes the rule an officer should apply to death of one joint holder?
Correct
Correct answer: Follow the survivor mandate after required checks, unless a legal impediment applies. Survivorship instructions guide payment, but legal restraints or disputes must be considered. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Follow the survivor mandate after required checks, unless a legal impediment applies. Survivorship instructions guide payment, but legal restraints or disputes must be considered. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Follow the survivor mandate after required checks, unless a legal impediment applies. Survivorship instructions guide payment, but legal restraints or disputes must be considered. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 11 of 20
11. Question
In the context of dormant/inoperative account, which option is the most accurate?
Correct
Correct answer: No customer-induced transactions for over two years. Inoperative status is linked to the period without customer-induced transactions, not merely a low balance. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: No customer-induced transactions for over two years. Inoperative status is linked to the period without customer-induced transactions, not merely a low balance. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: No customer-induced transactions for over two years. Inoperative status is linked to the period without customer-induced transactions, not merely a low balance. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 12 of 20
12. Question
During an audit, a reviewer checks the branch‘s handling of dormant/inoperative account. Which practice is compliant?
Correct
Correct answer: No customer-induced transactions for over two years. Inoperative status is linked to the period without customer-induced transactions, not merely a low balance. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: No customer-induced transactions for over two years. Inoperative status is linked to the period without customer-induced transactions, not merely a low balance. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: No customer-induced transactions for over two years. Inoperative status is linked to the period without customer-induced transactions, not merely a low balance. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 13 of 20
13. Question
Which of the following is the soundest operational approach to dormant/inoperative account?
Correct
Correct answer: No customer-induced transactions for over two years. Inoperative status is linked to the period without customer-induced transactions, not merely a low balance. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: No customer-induced transactions for over two years. Inoperative status is linked to the period without customer-induced transactions, not merely a low balance. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: No customer-induced transactions for over two years. Inoperative status is linked to the period without customer-induced transactions, not merely a low balance. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 14 of 20
14. Question
A transaction raises a question concerning dormant/inoperative account. Which principle should guide the bank?
Correct
Correct answer: No customer-induced transactions for over two years. Inoperative status is linked to the period without customer-induced transactions, not merely a low balance. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: No customer-induced transactions for over two years. Inoperative status is linked to the period without customer-induced transactions, not merely a low balance. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: No customer-induced transactions for over two years. Inoperative status is linked to the period without customer-induced transactions, not merely a low balance. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 15 of 20
15. Question
Which statement about dormant/inoperative account is correct?
Correct
Correct answer: No customer-induced transactions for over two years. Inoperative status is linked to the period without customer-induced transactions, not merely a low balance. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: No customer-induced transactions for over two years. Inoperative status is linked to the period without customer-induced transactions, not merely a low balance. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: No customer-induced transactions for over two years. Inoperative status is linked to the period without customer-induced transactions, not merely a low balance. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 16 of 20
16. Question
A customer visits a branch with a request relating to unclaimed deposits. Which response is appropriate?
Correct
Correct answer: Ten years or more under the applicable framework. Banks transfer eligible unclaimed amounts to DEAF after the prescribed period; claims can still be made through the bank. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Ten years or more under the applicable framework. Banks transfer eligible unclaimed amounts to DEAF after the prescribed period; claims can still be made through the bank. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Ten years or more under the applicable framework. Banks transfer eligible unclaimed amounts to DEAF after the prescribed period; claims can still be made through the bank. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 17 of 20
17. Question
A JAIIB candidate is asked about unclaimed deposits. Which answer should be selected?
Correct
Correct answer: Ten years or more under the applicable framework. Banks transfer eligible unclaimed amounts to DEAF after the prescribed period; claims can still be made through the bank. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Ten years or more under the applicable framework. Banks transfer eligible unclaimed amounts to DEAF after the prescribed period; claims can still be made through the bank. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Ten years or more under the applicable framework. Banks transfer eligible unclaimed amounts to DEAF after the prescribed period; claims can still be made through the bank. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 18 of 20
18. Question
A new officer must apply the rules for unclaimed deposits. Which action is correct?
Correct
Correct answer: Ten years or more under the applicable framework. Banks transfer eligible unclaimed amounts to DEAF after the prescribed period; claims can still be made through the bank. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Ten years or more under the applicable framework. Banks transfer eligible unclaimed amounts to DEAF after the prescribed period; claims can still be made through the bank. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Ten years or more under the applicable framework. Banks transfer eligible unclaimed amounts to DEAF after the prescribed period; claims can still be made through the bank. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 19 of 20
19. Question
A bank must handle a case involving unclaimed deposits. What should it do?
Correct
Correct answer: Ten years or more under the applicable framework. Banks transfer eligible unclaimed amounts to DEAF after the prescribed period; claims can still be made through the bank. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Ten years or more under the applicable framework. Banks transfer eligible unclaimed amounts to DEAF after the prescribed period; claims can still be made through the bank. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Ten years or more under the applicable framework. Banks transfer eligible unclaimed amounts to DEAF after the prescribed period; claims can still be made through the bank. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 20 of 20
20. Question
Which option best describes the rule an officer should apply to unclaimed deposits?
Correct
Correct answer: Ten years or more under the applicable framework. Banks transfer eligible unclaimed amounts to DEAF after the prescribed period; claims can still be made through the bank. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Ten years or more under the applicable framework. Banks transfer eligible unclaimed amounts to DEAF after the prescribed period; claims can still be made through the bank. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Ten years or more under the applicable framework. Banks transfer eligible unclaimed amounts to DEAF after the prescribed period; claims can still be made through the bank. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.