POSTMEN / MTS EXAMINATION 2025. - STUDY MATERIALS 1.

 Postal Assistant/ Postmen/MTS Examination – Refresh on Post Office Savings Account (SB) -4

Kisan Vikas Patra (KVP)
91. From January 1, 2024, what is the interest rate for Kisan Vikas Patra (KVP)?
 a) 7.0% compounded annually b) 7.3% compounded annually c) 7.5% compounded annually d) 7.8% compounded annually 
Answer: c) 7.5% compounded annually 

92. In how many months does the amount invested in KVP double? 
a) 90 months b) 100 months c) 115 months d) 120 months 
Answer: c) 115 months 

93. What is the minimum deposit amount for KVP?
 a) ₹500 b) ₹1,000 c) ₹5,000 d) ₹10,000 
Answer: b) ₹1,000 

94. Is there a maximum limit for investment in KVP? 
a) Yes, ₹10 lakh b) Yes, ₹15 lakh c) Yes, ₹30 lakh d) No maximum limit 
Answer: d) No maximum limit 

95. How many KVP accounts can be opened under the scheme? 
a) Only one b) Maximum of two c) Maximum of three d) Any number of accounts 
Answer: d) Any number of accounts 

96. When can a KVP account be prematurely closed after the date of deposit? 
a) After 6 months b) After 1 year c) After 2 years and 6 months d) After 3 years 
Answer: c) After 2 years and 6 months 

97. Under what condition can a KVP account be prematurely closed?
 a) For educational expenses b) On the death of a single account holder, or any or all joint account holders c) For purchasing a house d) For business expansion 
Answer: b) On the death of a single account, or any or all the account holders in a joint account 

98. Can a KVP be transferred from one person to another on pledging of the account to the specified authority? 
a) No b) Yes c) Only on death d) Only by court order 
Answer: b) Yes 

99. Can a guardian open a KVP on behalf of a person of unsound mind? 
a) No b) Yes c) Only with court approval d) Only for a limited amount 
Answer: b) Yes 

100. Besides the death of an account holder and court order, what is another condition for premature closure of a KVP?
 a) On reaching the age of 60 b) On forfeiture by a pledgee being a Gazetted officer c) On moving to a different city d) On having a zero balance 
Answer: b) On forfeiture by a pledgee being a Gazette officer. 

Post Office Savings Account (SB)
101. Who is eligible to open a Post Office Savings Account?
 a) Only adults b) Adults, joint account (up to 3 adults), guardian on behalf of minor/person of unsound mind, minor above 10 years in own name c) Only individuals with a PAN card d) Only those with a minimum deposit of ₹1000 Answer: b) Adults, joint account (up to 3 adults), guardian on behalf of minor/person of unsound mind, minor above 10 years in own name

102. What is the maximum number of joint account holders allowed for a Post Office Savings Account? 
a) 2 b) 3 c) 4 d) 5 Answer: b) 3

103. Is it possible to open a Post Office Savings Account for a minor above 10 years in their own name?
a) No b) Yes c) Only with court permission d) Only if they are earning Answer: b) Yes

104. How many SB accounts can an individual hold in their name?
 a) One b) Two c) Three d) Any number Answer: a) Only one account can be opened by an individual

105. What happens to a silent/dormant Post Office Savings Account if no deposit/withdrawal takes place for three continuous financial years?
 a) It is automatically closed. b) It can be reactivated by submitting an application and KYC documents, along with a minimum deposit. c) Funds are transferred to a government fund. d) A penalty is continuously charged. Answer: b) It can be reactivated by submitting an application and KYC documents, along with a minimum deposit.

106. Is a Post Office Savings Account generally considered suitable for daily transactions or long-term savings?
 a) Long-term savings b) Daily transactions c) Both d) Neither Answer: c) Both (Implied by easy access, low minimums, and interest)

107. What kind of banking facilities are available for a Post Office Savings Account? 
a) Only counter transactions b) ATM, internet banking, mobile banking, SMS banking facilities c) Only ATM and online transfers d) No digital facilities Answer: b) ATM, internet banking, mobile banking, SMS banking facilities

108. Can a Post Office Savings Account be transferred from one Post Office to another?
 a) No b) Yes c) Only within the same district d) Only once Answer: b) Yes

109. What is the purpose of Section 80TTA for Post Office Savings Accounts?
 a) To limit withdrawals b) To define minimum balance c) To provide tax exemption on interest income d) To set interest rates Answer: c) To provide tax exemption on interest income

110. What type of identity document is generally required for KYC when opening an SB account?
 a) Driving License b) Passport c) Aadhaar card d) Any of the above, along with PAN card Answer: d) Any of the above, along with PAN card (as per general KYC norms implied by the document for account opening)