MCQs on GSPR 2018 for Postal Department Savings Bank
By Com. Nitin Ghuguskar, Divisional Secretary AIPEU Gr C Nagpur City Division
21)What is the fee for issuing a duplicate passbook under GSPR 2018?
A) Rs. 10
B) Rs. 50
C) Rs. 100
D) Rs. 150
Answer: B
Explanation: As per Rule 45(1), the fee for a duplicate passbook is Rs. 50 + GST.
22)What is the penalty for default in monthly deposits in a Recurring Deposit account under GSPR 2018?
A) Rs. 1 for every Rs. 100
B) Rs. 2 for every Rs. 100
C) Rs. 5 for every Rs. 100
D) No penalty
Answer: A
Explanation: A default fee of Rs. 1 for every Rs. 100 is charged along with the monthly denomination.
23)What is the rebate for 12 advance deposits in an RD account of Rs. 100 denomination?
A) Rs. 10
B) Rs. 20
C) Rs. 30
D) Rs. 40
Answer: D
Explanation: A rebate of Rs. 40 is payable for every 12 deposits in an RD account of Rs. 100 denomination.
24)What is the charge for a statement of account under GSPR 2018?
A) Rs. 20
B) Rs. 50
C) Rs. 100
D) No charge
Answer: B
Explanation: As per Rule 28(2)(a)(iii), the fee for a statement of account is Rs. 50.
25)What is the fee for cheque book issuance after the free limit under GSPR 2018?
A) Rs. 1 per leaf
B) Rs. 2 per leaf
C) Rs. 5 per leaf
D) Rs. 10 per leaf
Answer: B
Explanation: Rs. 2 per cheque leaf is charged after the free limit of 10 leaves.Specific Schemes and Features
26)What is the interest rate for a Post Office Savings Account under GSPR 2018?
A) 4% p.a.
B) 5% p.a.
C) 6% p.a.
D) 7% p.a.
Answer: A
Explanation: The interest rate for a Post Office Savings Account is 4% per annum, calculated monthly.
27)What is the tax-free interest limit for a Post Office Savings Account under GSPR 2018?
A) Rs. 10,000
B) Rs. 20,000
C) Rs. 50,000
D) No limit
Answer: A
Explanation: Interest up to Rs. 10,000 is deductible under Section 80TTA for individuals below 60 years.
28)What is the minimum deposit required to open a Post Office Savings Account?
A) Rs. 20
B) Rs. 50
C) Rs. 100
D) Rs. 500
Answer: D
Explanation: A minimum deposit of Rs. 500 is required to open a savings account.
29)How many defaults are allowed in a Recurring Deposit account before it becomes discontinued?
A) 2
B) 4
C) 6
D) 8
Answer: B
Explanation: Up to four defaults are allowed, and the maturity period can be extended by the number of defaults.
30)What is the loan eligibility for a Recurring Deposit account after one year?
A) 25% of balance
B) 50% of balance
C) 75% of balance
D) 100% of balance
Answer: B
Explanation: A loan of up to 50% of the balance is admissible after one year, in multiples of Rs. 10.
31)Can a Basic Savings Account be opened in addition to a General Savings Account under GSPR 2018?
A) No, only one account is allowed
B) Yes, both can be opened
C) Only with court approval
D) Only for minors
Answer: B
Explanation: A Basic Savings Account is a separate type and can be opened in addition to a General Savings Account.
32)What is the cash acceptance limit at Branch Post Offices for deposits under GSPR 2018?
A) Rs. 25,000
B) Rs. 50,000
C) Rs. 75,000
D) No limit
Answer: B
Explanation: The cash acceptance limit at Branch Post Offices was raised to Rs. 50,000 per day per account.
33)Can a guardian be changed in a minor’s account under GSPR 2018?
A) Yes, with mutual consent
B) No, it is not allowed
C) Only on death of the existing guardian
D) Only with court approval
Answer: C
Explanation: Change of guardian is permissible only on the death of the existing guardian or by court orders.
34)What is the interest rate for a 5-year Recurring Deposit account under GSPR 2018?
A) 5.8% p.a.
B) 6.5% p.a.
C) 7.1% p.a.
D) 8.0% p.a.
Answer: B
Explanation: The interest rate for a 5-year RD account is 6.5% p.a., compounded quarterly.
35)What is the minimum balance required for a savings account without cheque facility?
A) Rs. 20
B) Rs. 50
C) Rs. 100
D) Rs. 500
Answer: B
Explanation: A minimum balance of Rs. 50 is required for a non-cheque facility savings account.
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