Module: General Practice
Q3: Under the RBI KYC Directions, the periodicity for "Periodic Updation" (Re-KYC) of customer identification data varies by risk category. Which of the following combinations is CORRECT?
✅ Correct Answer: B
The Rule: The mandatory cycles for updating KYC documents are: 1. High Risk: At least once in every 2 years.
2. Medium Risk: At least once in every 8 years.
3. Low Risk: At least once in every 10 years.
Exam Memory Tip: Remember the sequence "2-8-10". This applies even if there is no change in the customer's status, though Low Risk customers have relaxed "self-declaration" norms if their details haven't changed.
2. Medium Risk: At least once in every 8 years.
3. Low Risk: At least once in every 10 years.
Exam Memory Tip: Remember the sequence "2-8-10". This applies even if there is no change in the customer's status, though Low Risk customers have relaxed "self-declaration" norms if their details haven't changed.