Module: | KYC, NPAs, Advances & Investment Valuations
Q189: Consider the following statements regarding banking facilities for senior citizens and differently-abled persons:
1. Banks must mandatorily offer doorstep banking services, including cash delivery and KYC submission, to all senior citizens above 70 years of age.
2. A fully KYC-compliant account must be automatically converted into a 'Senior Citizen Account' based on the date of birth available in the bank's records.
3. Where an incapacitated customer uses a thumb impression for withdrawal, it must be identified by two independent witnesses, one of whom must be a responsible bank official.
4. Banks have the discretion to insist on the physical presence of differently-abled persons at the home branch for the issuance of cheque books.
Which of the statements given above is/are correct?
2. A fully KYC-compliant account must be automatically converted into a 'Senior Citizen Account' based on the date of birth available in the bank's records.
3. Where an incapacitated customer uses a thumb impression for withdrawal, it must be identified by two independent witnesses, one of whom must be a responsible bank official.
4. Banks have the discretion to insist on the physical presence of differently-abled persons at the home branch for the issuance of cheque books.
Which of the statements given above is/are correct?
✅ Correct Answer: B
The correct answer is B. Statement 1 is correct: The guidelines mandate the provision of doorstep banking services, encompassing cash pickup/delivery and certificate submission, strictly for senior citizens aged 70 years and above, as well as for infirm or differently-abled persons.
Statement 2 is correct: Banks are required to proactively classify accounts as 'Senior Citizen' automatically based on the documented Date of Birth in their core systems, removing the burden of a formal application from the customer.
Statement 3 is correct: To prevent fraud, the rules establish a dual-witness safeguard for thumb or toe impressions used by incapacitated customers, specifically mandating that one of the identifying witnesses must be a responsible official of the bank.
Statement 4 is incorrect: Regulatory instructions expressly prohibit banks from insisting on the physical presence of senior citizens and differently-abled persons for routine requests like the issuance of cheque books.
Statement 2 is correct: Banks are required to proactively classify accounts as 'Senior Citizen' automatically based on the documented Date of Birth in their core systems, removing the burden of a formal application from the customer.
Statement 3 is correct: To prevent fraud, the rules establish a dual-witness safeguard for thumb or toe impressions used by incapacitated customers, specifically mandating that one of the identifying witnesses must be a responsible official of the bank.
Statement 4 is incorrect: Regulatory instructions expressly prohibit banks from insisting on the physical presence of senior citizens and differently-abled persons for routine requests like the issuance of cheque books.