Questions & Answers on the topic of Savings Bank & GSPR 2018 -8
Compiled by Com A.Kesavan, AGS, AIPEU Group C & Head Tutor
141. In a joint SCSS account, if both spouses have opened separate accounts and one spouse dies, can the account standing in the name of the deceased account holder be continued?
A) Yes B) No, it shall not be continued and shall be closed C) Only if the surviving spouse meets the eligibility D) Only if the deceased was the first account holder Answer: B) No, it shall not be continued and shall be closed
Compiled by Com A.Kesavan, AGS, AIPEU Group C & Head Tutor
141. In a joint SCSS account, if both spouses have opened separate accounts and one spouse dies, can the account standing in the name of the deceased account holder be continued?
A) Yes B) No, it shall not be continued and shall be closed C) Only if the surviving spouse meets the eligibility D) Only if the deceased was the first account holder Answer: B) No, it shall not be continued and shall be closed
142. What is the interest rate charged on a PPF loan if it is not paid or partially paid?
A) 1% B) 2% C) 5% D) 6%
Answer: D) 6 %
143. Is there a limit on the number of subscriptions in a PPF account per FY?
A) Yes, 12 B) Yes, 24 C) No limit D) Limited by the maximum amount
Answer: C) No limit
144. If the minimum subscription (Rs. 500) is not made in the initial year of opening a PPF account, what happens?
A) A penalty of Rs. 50 is charged B) The account is closed without interest C) The account is temporarily suspended D) It can be regularized in the next FY
Answer: B) The account should be closed without interest
145. When can the first loan be eligible for a PPF account opened during the year 20-21?
A) From 20-21 B) From 21-22 C) From 22-23 D) From 25-26
Answer: B) From 21-22
146. How many loans are allowed in a Financial Year for a PPF account?
A) Only one B) Two C) Three D) No limit
Answer: A) Only one
147. After how many financial years from the end of the year of initial subscription can a PPF account be prematurely closed?
A) 1 financial year B) 3 financial years C) 5 financial years D) Any time
Answer: C) 5 Financial years excluding the year of opening
148. What is the penalty for default in a Sukanya Samriddhi Account?
A) Rs. 20 B) Rs. 50 C) Rs. 100 D) Account discontinued
Answer: B) Rs 50/- along with minimum deposit (Rs.250/-)
149. What is the maximum number of instalments allowed in withdrawal from a SSA Account for higher education ?
A) 1 B) 3 C) 5 D) No limit
Answer: C) 5 Installments
150. What is the minimum deposit amount for a Mahila Samman Savings Certificate (MSSC)?
A) Rs. 100 B) Rs. 500 C) Rs. 1000 D) Rs. 2000
Answer: C) Rs.1000
151. How frequently is interest compounded for the Mahila Samman Savings Certificate (MSSC)?
A) Monthly B) Quarterly C) Half-yearly D) Annually
Answer: B) compounded quarterly
152. Is the investment made under the Mahila Samman Savings Certificate scheme eligible for rebate under section 80C of the IT Act?
A) Yes B) No C) Only for senior citizens D) Only if the investment exceeds Rs. 1.5 lakhs
Answer: B) No
153. What is the TDS limit for Senior Citizens for MSSC and SCSS combined in a FY?
A) Rs. 10,000/- B) Rs. 40,000/- C) Rs. 50,000/- D) No limit
Answer: C) Rs.50000/-
154. When was the PM CARES FOR CHILDREN SCHEME 2021 introduced?
A) March 11, 2020 B) October 6, 2021 C) December 31, 2021 D) January 1, 2021 Answer: B) 06.10.2021
155. For a child below 18 years in the PM CARES scheme, who is the joint account holder in the Basic Savings account?
A) The natural guardian B) The legal guardian C) The District Magistrate D) The Head Postmaster
Answer: C) Dist. Magistrate
156. At what age will the lumpsum contribution in the PM CARES scheme become Rs. 10,00,000/- for the beneficiary child?
A) 10 years B) 16 years C) 18 years D) 21 years
Answer: C) 18 years
157. After attaining the age of 18, until what age will the PM CARES account earn MIS rate of interest?
A) 20 years B) 21 years C) 23 years D) No age limit
Answer: C) 23
158. Is premature closure allowed for PM CARES for children scheme 2021 account?
A) Yes B) No C) Only with permission from the District Magistrate D) Only in case of death of the beneficiary
Answer: B) No PMC is allowed
159. What is the current maturity period for Kisan Vikas Patras (KVP)?
A) 112 Months B) 115 Months C) 120 Months D) 124 Months
Answer: B) 115 Months
160. What is the maturity value of Kisan Vikas Patras (KVP) in relation to its face value?
A) Half the face value B) Equal to the face value C) Double the face value D) Triple the face value
Answer: C) double the face value
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