General Knowledge Questions on Indian Culture & Freedom struggle 1.

 Questions & Answers on the topic of Savings Bank & GSPR  2018 -6
Compiled by Com A.Kesavan, AGS, AIPEU Group C & Head Tutor

101. Which Act governs the Government Savings Promotion in India? 
A) The Government Savings Promotion Act, 2018 B) The Government Savings Promotion Act, 1873 C) The Post Office Savings Account Scheme, 2019 D) The National Savings Time Deposit Scheme, 2019 
Answer: B) The Government Savings Promotion Act, 1873 

102. When was the Post Office Savings Account Scheme, 2019 published? 
A) April 9, 2021 B) October 5, 2018 C) December 12, 2019 D) January 1, 2018 Answer: C) December 12, 2019 

103. Under GSPR-2018, can an NRI continue their account? 
A) No B) Yes, with full benefits C) Yes, but benefits will be available only on a non-repatriation basis D) Only if they become an Indian resident again 
Answer: C) Yes, but benefits will be available only on a non-repatriation basis 

104. For an illiterate depositor, how many witnesses are required for nomination?

 A) One B) Two C) Three D) Not required 
Answer: B) Two 

105. What is the fee for pledging an account?
A) Rs. 50 B) Rs. 100 C) Rs. 20 D) No fee 
Answer: B) Rs. 100 

106. What is the maximum cash deposit allowed in an account in a day at other SOLs (apart from Branch Post Offices)?
 A) Rs. 10,000/- B) Rs. 20,000/- C) Rs. 50,000/- D) Rs. 1,00,000/- 
Answer: C) Rs. 50,000/- 

107. For ITR filers, what is the rate of income tax (TDS) if the cash withdrawal exceeds Rs. 1 crore during a FY
A) 1% of amount above Rs. 1 crore B) 2% of amount above Rs. 1 crore C) 5% of amount above Rs. 1 crore D) 10% of amount above Rs. 1 crore 
Answer: B) 2% of amount above Rs. 1 crore 
 
108. Who needs to attest the L.T.I. for an illiterate depositor during withdrawal from a Savings Account?
A) A lawyer B) A bank official C) A responsible person known to the Post Office D) A notary 
Answer: C) A responsible person known to the Post Office 

109. How is the Interest Bearing Balance (IBB) for a Savings Account calculated? 

A) Highest balance during the month B) Lowest balance between close of 10th and last day of calendar month C) Average daily balance D) Balance at the end of the month 
Answer: B) Lowest balance between close of 10th and last day of calendar month 

110. If the calculated interest amount for a Savings Account is Rs. 1.50, how much will be rounded off and posted? 
A) Re. 1 B) Rs. 2 C) Rs. 1.50 D) Rs. 0
 Answer: B) Rs. 2 

111. Can a Recurring Deposit account be continued after maturity?
A) No B) Yes, for a further 5 years without deposits only C) Yes, for a further 5 years with or without deposits D) Only if a new account is opened 
Answer: C) Yes, for a further 5 years with or without deposits 

112. What is the rebate for advance deposits of 12 months for a Rs. 100/- denomination in a Recurring Deposit account?
A) Rs. 5/- B) Rs. 10/- C) Rs. 20/- D) Rs. 40/- 
Answer: D) Rs. 40/- 

113. For Recurring Deposit accounts opened between 1st and 15th of the month, what is the last date to pay subsequent deposits without default fee?
A) 1st of each month B) 15th of each month C) Last day of the month D) Last working day of each month
 Answer: B) 15th of each month  

114. If a Recurring Deposit account has 5 defaults, what is the option for revival? 

A) Any of the defaulted month(s) B) All defaulted months C) All defaulted + current month D) Cannot be revived 
Answer: B) All defaulted months 

115. What is the minimum number of deposits that should have been paid to allow a withdrawal in a Recurring Deposit account?
A) 6 deposits B) 10 deposits C) 12 deposits D) No minimum 
Answer: C) 12 deposits 

116. Should the withdrawal amount from a Recurring Deposit account be divisible by any specific amount? 
A) Yes, Rs. 50/- B) Yes, Rs. 10/- C) Yes, Rs. 100/- D) No 
Answer: B) Yes, Rs. 10/- 

117. When is premature closure allowed for a Recurring Deposit account if there are advance deposits?
A) Only after 1 year B) Only after 3 years C) After expiry of advance deposits period D) Any time with penalty 
Answer: C) After expiry of advance deposits period 

118. If a Recurring Deposit account is prematurely closed, what happens to the default fee paid, if any?
A) It is forfeited B) It is refunded to the depositor C) It is adjusted against the interest D) It is carried forward
 Answer: B) It is refunded to the depositor 

119. What is the minimum age for a depositor to be eligible for the Protected Savings Scheme in RD? 
A) 16 years B) 18 years C) 21 years D) 25 years 
Answer: B) 18 years 

120. How many months of deposits should have been paid for a Protected Savings Scheme in RD to be eligible?
A) 12 months B) 18 months C) 24 months D) 36 months
 Answer: C) 24 months