Postal Assistant/ Postmen/MTS Examination – Refresh on Post Office Savings Account (SB) -13
Senior Citizen Savings Scheme (SCSS)
351. What is the minimum age for a retired civilian employee to open an SCSS account?
a) 50 years b) 55 years c) 60 years d) No age limit Answer: b) 55 years
352. What is the maximum age for a retired civilian employee to open an SCSS account?
a) 58 years b) 60 years c) 62 years d) No maximum age Answer: b) 60 years
353. If a depositor opens an SCSS account at 58 years of age, what is the deadline to open it from the date of receiving retirement benefits?
a) 1 month b) 3 months c) 6 months d) 1 year Answer: b) 3 months
354. Is the spouse in a joint SCSS account subject to the minimum age limit of 60 years?
a) Yes b) No c) Only if they are the primary account holder d) Only if they are over 50 Answer: b) No
355. How often is the interest from an SCSS account paid to the depositor?
a) Monthly b) Quarterly c) Half-yearly d) Annually Answer: b) Quarterly
356. What happens if an SCSS account is prematurely closed after 1 year but before 2 years?
a) The deposit is refunded with no penalty. b) 1% of the principal is deducted. c) 1.5% of the principal is deducted. d) 2% of the principal is deducted.Answer: c) 1.5% of the principal is deducted.
357. For how long can an SCSS account be extended after maturity?
a) 1 year b) 2 years c) 3 years d) 5 years Answer: c) 3 years
358. What is the interest rate applied to an extended SCSS account?
a) The rate at the time of opening the account b) The rate prevailing on the date of maturity c) A fixed rate of 6% d) The Post Office Savings Account rate Answer: b) The rate prevailing on the date of maturity
359. Is the interest from an SCSS account subject to TDS?
a) No b) Yes, if it exceeds ₹50,000 for senior citizens in a financial year c) Yes, if it exceeds ₹10,000 d) Always subject to TDS Answer: b) Yes, if it exceeds ₹50,000 for senior citizens in a financial year
360. What is the maximum limit for a deposit in all SCSS accounts opened by a single individual?
a) ₹15 lakh b) ₹20 lakh c) ₹25 lakh d) ₹30 lakh Answer: d) ₹30 lakh
Mahila Samman Savings Certificate (MSSC)
361. For how long is the Mahila Samman Savings Certificate scheme available?
a) One year b) Two years c) Three years d) Five years Answer: b) Two years
362. What is the minimum gap required to open a second MSSC account?
a) 1 month b) 3 months c) 6 months d) 1 year Answer: b) 3 months
363. What is the interest rate applied if an MSSC account is prematurely closed after 6 months without any specific reason?
a) Scheme interest rate b) Post Office Savings Account interest rate c) Scheme interest rate less 2% (i.e. 5.5%) d) No interest Answer: c) Scheme interest rate less 2% (i.e. 5.5%)
364. What is the maximum amount that can be deposited into a Mahila Samman Savings Certificate account?
a) ₹1 lakh b) ₹1.5 lakh c) ₹2 lakh d) ₹3 lakh Answer: c) ₹2 lakh
365. When can a partial withdrawal be made from a Mahila Samman Savings Certificate account?
a) After 6 months b) After 1 year c) After 18 months d) After 2 years Answer: b) After 1 year
366. What is the penalty for premature closure of an MSSC account due to extreme compassionate grounds (death of the holder)?
a) 1% deduction b) 2% deduction c) No penalty, the amount is paid at the scheme rate d) The Post Office Savings Account rate is applied Answer: c) No penalty, the amount is paid at the scheme rate
367. What is the primary feature of the Mahila Samman Savings Certificate?
a) High interest rate and monthly income b) High interest rate with partial withdrawal facility c) Tax exemption on deposit d) Pension benefits Answer: b) High interest rate with partial withdrawal facility
368. Is the interest from a Mahila Samman Savings Certificate compounded?
a) Monthly b) Quarterly c) Annually d) It is simple interest Answer: b) Quarterly
369. Who is eligible to open a Mahila Samman Savings Certificate account?
a) Only adult women b) Any female c) Only minor girls d) Any person Answer: b) Any female
370. Can a Mahila Samman Savings Certificate be issued in a passbook mode?
a) No b) Yes c) Only for minors d) Only if the deposit is in cash Answer: b) Yes
Post Office Time Deposit Account (TD)
371. For a 1-year Time Deposit, when can the account be extended?
a) It cannot be extended b) Within 6 months of maturity c) Within 12 months of maturity d) Any time after maturity Answer: b) Within 6 months of maturity
372. What happens to the interest if a TD account is prematurely closed after 1 year for completed years?
a) It is paid at the TD rate for the period held. b) It is paid at the PO Savings Account rate. c) The TD rate for the completed years is reduced by 2%. d) No interest is paid.Answer: c) The TD rate for the completed years is reduced by 2%.
373. Is the interest from a Post Office Time Deposit subject to TDS?
a) No b) Yes, if it exceeds ₹40,000 in a financial year (₹50,000 for senior citizens) c) Yes, always d) Only for deposits above ₹1 lakh Answer: b) Yes, if it exceeds ₹40,000 in a financial year (₹50,000 for senior citizens)
374. What is the maturity period for a 2-year Post Office Time Deposit?
a) 1 year b) 2 years c) 3 years d) 5 years Answer: b) 2 years
375. What is the primary characteristic of a Post Office Time Deposit?
a) Monthly interest payout b) Annual interest payout c) Compounding interest d) Tax exemption Answer: b) Annual interest payout
376. Can a Time Deposit account be pledged as security to any entity?
a) No b) Yes, to specific authorities like banks and government companies c) Only to a spouse d) Only to the Post Office Answer: b) Yes, to specific authorities like banks and government companies
377. What happens if a TD account is not extended within the prescribed period after maturity?
a) It is automatically closed. b) It continues to earn interest at the PO Savings Account rate. c) The funds are frozen. d) A penalty is applied.Answer: b) It continues to earn interest at the PO Savings Account rate.
378. For a 3-year TD, what is the interest rate from January 1, 2024?
a) 7.0% b) 7.1% c) 7.2% d) 7.5% Answer: c) 7.2%
379. What is the minimum deposit amount for a Post Office Time Deposit?
a) ₹500 b) ₹1,000 c) ₹5,000 d) ₹10,000 Answer: b) ₹1,000
380. Can a minor above 10 years of age open a TD account in their own name?
a) No b) Yes c) Only with a guardian d) Only if they have an earning source Answer: b) Yes
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