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Important For bank exams :

Important For bank exams :
IFSC :
• The full form of IFSC is – Indian Financial System Code
• How many digits are contained in IFSC – 11
• The first four characters represent the – bank code
• The 5th character of a IFSC code is - zero
• The last 6 characters represent the – bank branch code
• The IFSC code facilitates - uniquely identifies a bank-branch participating in the NEFT system

KYC :
• The full form of KYC is – Know Your Customer
• KYC was introduced by – RBI
• RBI introduced KYC guidelines for all banks in the year - 2002
• The components of KYC – Identity proof , address proof , photographs
• The objective of KYC guidelines is – to prevent banks from criminal money laundering activities
• KYC day is celebrated on – First working day of august every year
NEFT :
• The full form of NEFT is – National Electronic Fund Transfer
• The minimum limit that could be transferred using NEFT – No Limit
• The maximum limit that could be transferred using NEFT – No Limit
• Can remittances be sent abroad using NEFT- No(except Nepal under the Indo-Nepal Remittance Facility Scheme)
• Can NEFT be used to transfer funds from / to NRE and NRO accounts-Yes
• Maximum amount per transaction for cash-based remittances to Nepal is limited to -Rs.50,000/-