MCQs on GSPR 2018 for Postal Department Savings Bank
By Com. Nitin Ghuguskar, Divisional Secretary AIPEU Gr C Nagpur City Division
36)What happens if a savings account is not used for three financial years under GSPR 2018?
A) It is closed automatically
B) It becomes dormant
C) It is transferred to the nominee
D) No action is taken
Answer: B
Explanation: An account unused for three years becomes dormant and requires revival with KYC and passbook.
37)Can a Post Office Savings Account be opened online?
A) Yes, fully online
B) No, only through offline methods
C) Partially, through e-banking activation
D) Only for joint accounts
Answer: C
Explanation: Opening is not fully online, but e-banking can be activated post-opening via the DOP website.
38)What is the penalty for premature closure of a Post Office Monthly Income Scheme account within one year?
A) 1%
B) 2%
C) 5%
D) Not allowed
Answer: D
Explanation: Premature closure of POMIS is not allowed within one year; after one year, a 1–2% penalty applies.
39)What is the tax deduction limit under Section 80TTB for senior citizens in Post Office Savings Accounts?
A) Rs. 10,000
B) Rs. 50,000
C) Rs. 1,00,000
D) Rs. 1,50,000
Answer: B
Explanation: Senior citizens can claim a deduction up to Rs. 50,000 under Section 80TTB.
40)What is the maximum deposit limit for a Post Office Savings Account under GSPR 2018?
A) Rs. 1 lakh
B) Rs. 5 lakh
C) Rs. 10 lakh
D) No maximum limit
Answer: D
Explanation: There is no maximum limit for deposits in a Post Office Savings Account.
41)What is the interest rate for the Sukanya Samriddhi Account under GSPR 2018?
A) 7.1% p.a.
B) 8.0% p.a.
C) 8.2% p.a.
D) 8.5% p.a.
Answer: B
Explanation: The Sukanya Samriddhi Account offers an interest rate of 8% p.a., compounded annually.
42)What is the minimum deposit for a Sukanya Samriddhi Account per fiscal year?
A) Rs. 100
B) Rs. 250
C) Rs. 500
D) Rs. 1000
Answer: B
Explanation: The minimum deposit for an SSA is Rs. 250 per fiscal year.
43)What is the maximum deposit limit for a Sukanya Samriddhi Account per fiscal year?
A) Rs. 50,000
B) Rs. 1 lakh
C) Rs. 1.5 lakh
D) Rs. 2 lakh
Answer: C
Explanation: The maximum deposit limit is Rs. 1.5 lakh per fiscal year.
44)What is the lock-in period for a Public Provident Fund (PPF) account under GSPR 2018?
A) 5 years
B) 10 years
C) 15 years
D) 20 years
Answer: C
Explanation: The PPF account has a lock-in period of 15 years from the date of opening.
45)What is the tax deduction limit under Section 80C for a PPF account?
A) Rs. 50,000
B) Rs. 1 lakh
C) Rs. 1.5 lakh
D) Rs. 2 lakh
Answer: C
Explanation: Investments up to Rs. 1.5 lakh in a PPF account are deductible under Section 80C.
46)What is the minimum deposit for a Post Office Time Deposit account under GSPR 2018?
A) Rs. 500
B) Rs. 1000
C) Rs. 2000
D) Rs. 5000
Answer: B
Explanation: The minimum deposit for a Time Deposit account is Rs. 1,000.
47)What is the penalty for premature closure of a Time Deposit account within six months?
A) No penalty
B) 1%
C) 2%
D) Not allowed
Answer: D
Explanation: Premature closure is not allowed within six months; after six months, a lower interest rate applies.
48)What is the interest rate for a 5-year Senior Citizen Savings Scheme (SCSS) account?
A) 7.1% p.a.
B) 8.2% p.a.
C) 8.5% p.a.
D) 9.0% p.a.
Answer: B
Explanation: The SCSS offers an interest rate of 8.2% p.a., payable quarterly.
49)What is the maximum deposit limit for a Senior Citizen Savings Scheme account?
A) Rs. 15 lakh
B) Rs. 20 lakh
C) Rs. 30 lakh
D) Rs. 50 lakh
Answer: C
Explanation: The maximum balance permitted for an SCSS account is Rs. 30 lakh.
50)How is the interest paid in a Senior Citizen Savings Scheme account under GSPR 2018?
A) Monthly
B) Quarterly
C) Annually
D) On maturity
Answer: B
Explanation: Interest is paid quarterly on March 31, June, September 30, and December 31.
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