Postal Assistant/ Postmen/MTS Examination – Refresh on Post Office Savings Account (SB) -9
Sukanya Samriddhi Account (SSA)
231. Can a Sukanya Samriddhi Account be opened for an adopted girl child?
a) No b) Yes c) Only if the adoption occurred before age 5 d) Only with court approval Answer: b) Yes
232. What is the consequence if the guardian of an SSA account dies?
a) The account is closed. b) The account is operated by the girl child if she is above 18, or by another guardian. c) The funds are transferred to a default fund. d) A new account must be opened. Answer: b) The account is operated by the girl child if she is above 18, or by another guardian.
233. What is the minimum age for a girl child to get married, after which an SSA account can be prematurely closed for marriage purposes?
a) 16 years b) 18 years c) 21 years d) No age restriction for marriage closure. Answer: b) 18 years
234. How is interest calculated on a Sukanya Samriddhi Account?
a) Monthly compounding b) Quarterly compounding c) Half-yearly compounding d) Annually compounding Answer: d) Annually compounding
235. Is the premature closure of an SSA account allowed for extreme compassionate grounds before 5 years from opening?
a) No b) Yes, under specific medical emergencies or death of guardian. c) Only if approved by the government. d) Only with heavy penalty. Answer: b) Yes, under specific medical emergencies or death of guardian.
236. What documents are required for withdrawal from an SSA account?
a) Only passbook b) Application form, passbook, proof of identity, proof of residency. c) Only identity proof d) Only a signed request letter Answer: b) Application form, passbook, proof of identity, proof of residency.
237. If an SSA account receives more than the maximum deposit limit in a financial year, what happens to the excess amount?
a) It is returned immediately. b) It is treated as irregular and earns no interest. c) It can be withdrawn at any time. d) It is converted to a savings account. Answer: b) It is treated as irregular and earns no interest. (The document states "If excess deposit is made, no interest shall be allowed on excess amount")
238. What happens to the SSA account if the girl child dies?
a) It continues to maturity. b) It is closed immediately, and the balance along with interest is paid to the guardian. c) It is converted to a general savings account. d) The funds are frozen. Answer: b) It is closed immediately, and the balance along with interest is paid to the guardian.
239. Can an SSA account be transferred from one Post Office to another?
a) No b) Yes c) Only once d) Only after 5 years Answer: b) Yes
240. What is the tax treatment of deposits made into an SSA account?
a) Taxable b) Exempt under Section 80C of the Income Tax Act. c) Partially exempt d) Subject to TDS Answer: b) Exempt under Section 80C of the Income Tax Act.
Public Provident Fund Account (PPF)
241. What is the maximum number of deposits allowed in a PPF account in a financial year?
241. What is the maximum number of deposits allowed in a PPF account in a financial year?
a) No limit b) 12 deposits c) 6 deposits d) 4 deposits Answer: a) No limit (implied, as it mentions minimum one and maximum amount limit, but not frequency)
242. How is the interest rate for PPF determined?
a) Fixed for the entire tenure. b) Declared by the Ministry of Finance quarterly. c) Determined by the Reserve Bank of India. d) Negotiated with the Post Office. Answer: b) Declared by the Ministry of Finance quarterly.
243. What is the interest rate applicable on a loan taken from PPF if it's not repaid within 36 months from the date of loan disbursement?
a) 1% b) 2% c) 6% d) 8% Answer: c) 6% (from the 1st of the month succeeding the month in which the loan was drawn)
244. When can a withdrawal be made from a PPF account?
a) After 3 financial years. b) After 5 financial years from the end of the year in which the initial subscription was made. c) After 7 financial years from the end of the year in which the initial subscription was made. d) At any time after 1 year. Answer: c) After five years excluding year of account opening (The document mentions 7 years for withdrawal, which contradicts the "after 5 financial years" rule mentioned in the loan section. Reconfirming with general knowledge, withdrawal is after 5 years, for loan it is 3rd to 6th year. However, the document mentions "after five years excluding year of account opening" for withdrawal.) - Let's stick to the document: "one withdrawal can be taken after five years excluding year of account opening."
245. What is the lock-in period for the PPF account?
a) 5 years b) 7 years c) 15 years d) 20 years Answer: c) 15 years
246. If the PPF account is extended without contribution after maturity, what is the impact on interest?
a) Interest stops accruing. b) It continues to earn interest at the prevailing rate. c) Interest is reduced by 1%. d) A penalty is applied. Answer: b) It continues to earn interest at the prevailing rate.
247. How many times can a PPF account be extended after maturity?
a) Once b) Any number of times, in blocks of 5 years. c) Only twice. d) It cannot be extended. Answer: b) Any number of times, in blocks of 5 years.
248. What happens if a subscriber dies before the maturity of the PPF account?
a) The account is closed, and the amount is paid to the nominee/legal heirs. b) The account continues till maturity. c) The nominee can continue the account. d) The funds are transferred to the government. Answer: a) The account is closed, and the amount is paid to the nominee/legal heirs.
249. Can a PPF account be transferred from a bank to a Post Office or vice-versa?
a) No b) Yes c) Only with a court order d) Only once in its tenure Answer: b) Yes
250. What is the impact of late payment of installments in a PPF account (if less than minimum deposit is made)?
a) A penalty is charged per month. b) The account becomes discontinued and a penalty of ₹50 per year for each defaulted year is charged to revive it. c) The interest rate is reduced. d) The account is closed. Answer: b) The account becomes discontinued and a penalty of ₹50 per year for each defaulted year is charged to revive it.
Senior Citizen Savings Scheme (SCSS)
251. What is the minimum investment amount for an SCSS account that must be in multiples of ₹1,000?
a) ₹500 b) ₹1,000 c) ₹5,000 d) ₹10,000 Answer: b) ₹1,000
252. Is it mandatory for the spouse in a joint SCSS account to be a senior citizen?
a) Yes b) No c) Only if they are the primary account holder d) Only if they receive the interest Answer: b) No (Age limit is for the first applicant. The spouse is not subjected to the age limit)
253. If a depositor opens an SCSS account and then becomes a non-resident Indian, what happens to the account?
a) It continues till maturity. b) It is closed immediately, and interest is paid up to the month preceding the month of becoming an NRI. c) It is converted to an NRE account. d) A penalty is applied. Answer: b) It is closed immediately, and interest is paid up to the month preceding the month of becoming an NRI.
254. Can a guardian open an SCSS account on behalf of a minor?
a) Yes b) No c) Only if the minor is a senior citizen d) Only with court permission Answer: b) No (SCSS is specifically for senior citizens and retired personnel meeting age criteria)
255. How often is the interest rate for SCSS revised?
a) Annually b) Half-yearly c) Quarterly d) Monthly Answer: c) Quarterly
256. What document is generally required to prove age eligibility for opening an SCSS account for retired defence personnel?
a) Birth certificate b) Service record showing date of birth c) Retirement benefits documentation d) Aadhaar card Answer: c) Retirement benefits documentation (Specifically for retired defence personnel below 60, who retired on superannuation or otherwise and investment is made within 3 months of receipt of retirement benefits.)
257. If the interest due on an SCSS account is not collected, does it attract a penalty?
a) Yes b) No, but it does not earn additional interest. c) It is forfeited. d) It is deducted from the principal. Answer: b) No, but it does not earn additional interest.
258. What is the minimum period after which an SCSS account can be prematurely closed?
a) 3 months b) 6 months c) 1 year d) 2 years Answer: b) 6 months
259. What happens to the interest if an SCSS account is prematurely closed before 1 year?
a) Full interest is paid. b) No interest will be payable, and any interest already paid will be recovered. c) Half interest is paid. d) Interest is paid at the PO Savings Account rate. Answer: b) No interest will be payable, and any interest already paid will be recovered.
260. After maturity, can an SCSS account be continued without extension?
a) Yes, indefinitely b) Yes, for one year, without new deposits and earning the Post Office Savings Account rate. c) No, it must be closed or extended. d) Only if the depositor requests. Answer: b) Yes, for one year, without new deposits and earning the Post Office Savings Account rate.
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