General Knowledge Questions on Indian Culture & Freedom struggle 1.

 Questions & Answers on the topic of Savings Bank & GSPR  2018 -7
Compiled by Com A.Kesavan, AGS, AIPEU Group C & Head Tutor

121. Who is authorized to settle claims for the Protected Savings Scheme in RD? 
A) Sub Postmaster B) Divisional Head C) Head Postmaster D) Director 
Answer: C) Head Postmaster 

122. Which type of Time Deposit (TD) is eligible for IT exemption under 80C of IT Act 1961? 
A) 1 Year TD B) 2 Year TD C) 3 Year TD D) 5 Year TD 
Answer: D) 5 Year TD 

123. How is interest calculated for Time Deposit accounts? 
A) Annually compounded, paid monthly B) Quarterly compounded, payable annually C) Simple interest, paid quarterly D) Monthly compounded, paid at maturity 
Answer: B) Quarterly compounded interest payable annually 

124. Is additional interest paid for undrawn interest in Time Deposit accounts?
A) Yes B) No C) Only if drawn within 3 months D) Only for senior citizens
 Answer: B) No 

125. If the due date of interest for a TD falls on a Sunday/Holiday, when is the interest payable? 
A) Next working day B) Previous working day C) On the due date itself D) Not payable until the next quarter 
Answer: B) previous working day 

126. What is the extension period allowed for a 2 Year TD? 
A) 6 Months B) 12 Months C) 18 Months D) 24 Months 
Answer: B) 12 Months 

127. What is the maximum investment limit for a single account in the Monthly Income Account (MIS) Scheme?
A) Rs. 4,50,000 B) Rs. 9,00,000 C) Rs. 15,00,000 D) No limit
 Answer: B) Rs.9,00,000 

128. In a MIS account, will the amount held in a minor account opened by a guardian be counted towards the maximum limit applicable to the guardian?
A) Yes B) No C) Only 50% will be counted D) Only if the minor is above 10 years 

Answer: B) No 

129. Is any bonus paid for MIS accounts opened on or after 01.12.2011? 
A) Yes B) No C) Only if interest is not withdrawn D) Only for accounts with high balances 
Answer: B) No 

130. If an MIS account is opened on the 29th, 30th, or 31st, and such dates are not available in subsequent months, when will interest be paid? 
A) On the 1st of the next month B) On the last working day of the month C) On the date equivalent to the opening date D) Interest will be accumulated
 Answer: B) on the last working day of the month 

131. For MIS premature closure, what is the deduction made from the deposit if the account is closed due to death?
A) 1% B) 2% C) 5% D) NIL 
Answer: D) NIL 

132. Upon maturity of an MIS account, what elements will be paid? 
A) Principal amount only B) Principal amount + Monthly interest due C) Principal amount + Monthly interest due + Bonus (if any) + PMI D) Monthly interest due only
 Answer: C) Principal amount + Monthly interest due + Bonus (if any) + PMI 

133. At what age can retired defence employees open a Senior Citizen's Savings Scheme (SCSS) account?
A) 50 and above B) 55 and above C) 60 and above D) Any age if retired 
Answer: A) 50 and above 

134. If an individual aged 55 or more but less than 60 years retires on superannuation, within how many months from the date of receiving retirement benefits must the SCSS account be opened? 
A) 1 month B) 3 months C) 6 months D) 12 months 
Answer: B) 3 months 

135. In a joint SCSS account, whose age is considered to determine the eligibility? 

A) The younger account holder B) The older account holder C) The 1st account holder D) Both account holders 
Answer: C) The 1st account holder 

136. What is the minimum deposit amount for a Senior Citizen's Savings Scheme (SCSS) account?
 A) Rs. 100 B) Rs. 500 C) Rs. 1000 D) Rs. 5000 
Answer: b. Rs. 1000/- 

137. How many SCSS accounts can be opened by an individual?
 A) One B) Two C) Any number of accounts, subject to the maximum limit D) Three 
Answer: C) Any number of accounts, subject to the maximum limit 

138. What is the form number for the Income Certificate submitted by a person aged less than 60 Years for SCSS? 
A) FORM-15 G B) FORM-15 H C) FORM-B D) FORM-3 
Answer: A) FORM-15 G 

139. If 15G or 15H is submitted in duplicate for SCSS, how many copies are sent to local income tax authorities on a monthly basis? 
A) One copy B) Two copies C) No copies D) Only if TDS is applicable
 Answer: A) One copy 

140. For SCSS, if the account is closed before 1 year, what is the interest deduction? 
A) No deduction B) 1% C) 1½ % D) No interest 
Answer: D) No interest