Postal Assistant/ Postmen/MTS Examination – Refresh on Post Office Savings Account (SB) -6
15 Year Public Provident Fund Account (PPF)
91. How many PPF accounts can an individual open in their name?
a) One b) Two c) Three d) Any number Answer: a) Only one. (Except for an account opened on behalf of a minor)
92. Can a PPF account be opened in the name of a Hindu Undivided Family (HUF)?
a) Yes b) No c) Only if it's a joint account d) Only if the HUF is registered Answer: b) No
93. In which calendar month is interest generally credited to a PPF account?
a) April b) March (end of financial year) c) December d) January Answer: b) End of each Financial Year (March 31st)
94. What is the minimum duration for a loan to be taken from a PPF account?
a) After 1 financial year from account opening b) After the expiry of 2 financial years from the year of account opening, but before the expiry of 5 financial years. c) After 5 financial years from account opening d) After 7 financial years from account opening Answer: b) After the expiry of 2 financial years from the year of account opening, but before the expiry of 5 financial years.
95. What is the maximum number of loans allowed from a PPF account?
a) One per year b) One in a financial year c) Two in the entire tenure d) No limit Answer: b) One in a financial year (The document implies one loan can be taken in a financial year)
96. What is the maximum period for repayment of a loan taken from a PPF account?
a) 1 year b) 2 years c) 3 years d) 5 years Answer: c) 3 years
97. What is the interest rate levied on the outstanding loan amount in a PPF account if repaid within 36 months?
a) 1% b) 2% c) 3% d) 6% Answer: a) 1% higher than the prevailing PPF interest rate at the time of taking the loan. (The document states 1% per annum)
98. If a loan from PPF is not repaid within 36 months, what is the interest rate charged?
a) 1% b) 3% c) 6% d) 8% Answer: c) 6% per annum (from the 1st of the month succeeding the month in which the loan was drawn)
99. Can a PPF account be prematurely closed?
a) Yes, after 10 years without conditions. b) Yes, after 5 years from the end of the year in which the account was opened, under specific conditions. c) No, it cannot be prematurely closed. d) Only on transfer to another scheme. Answer: b) Yes, after 5 years from the end of the year in which the account was opened, under specific conditions.
100. What are the specific conditions for premature closure of a PPF account after 5 years?
a) Higher education of account holder, medical treatment of account holder/dependents, change in residency status. b) Purchase of property, marriage expenses. c) Starting a new business, investment in stocks. d) Any reason with a penalty. Answer: a) Higher education of account holder or dependent children, medical treatment of account holder or dependent family members, or change in residency status of the account holder.
Senior Citizen Savings Scheme (SCSS)
101. What is the specific age criteria for retired defence personnel to open an SCSS account?
a) Above 50 years of age b) Above 55 years of age c) Above 60 years of age d) No age limit for defence personnel Answer: a) Above 50 years of age
102. What is the minimum amount for opening an SCSS account?
a) ₹500 b) ₹1,000 c) ₹5,000 d) ₹10,000 Answer: b) ₹1,000
103. Can an SCSS account be opened with a joint account holder?
a) No b) Yes, only with spouse c) Yes, with any adult d) Yes, with up to 3 joint holders Answer: b) Yes, with spouse only.
104. If an individual holds multiple SCSS accounts, is the maximum limit applied per account or across all accounts?
a) Per account b) Across all accounts opened by the individual c) Per financial year d) No limit Answer: b) Across all accounts opened by the individual.
105. How is interest paid out from an SCSS account if not collected?
a) It is compounded. b) It does not earn any additional interest. c) It is forfeited after 3 months. d) It is transferred to a general fund. Answer: b) It does not earn any additional interest.
106. What is the tax implication for interest earned from SCSS if it exceeds ₹50,000 in a financial year for non-senior citizens?
a) Not applicable as only senior citizens can invest. b) TDS will be deducted from the total interest paid. c) It is fully exempt from tax. d) Only 10% tax is levied. Answer: b) TDS will be deducted from the total interest paid. (Though it specifies senior citizen, general TDS rules apply if the threshold is crossed)
107. If an SCSS account is closed after 2 years from the date of opening, what percentage is deducted from the principal amount?
a) 0.5% b) 1% c) 1.5% d) 2% Answer: b) 1%
108. What happens to an SCSS account if the depositor dies before maturity?
a) It continues to earn interest until maturity. b) It is closed, and interest is paid up to the month preceding the month of closure. c) The nominee can continue the account. d) The funds are frozen. Answer: b) It is closed, and interest is paid up to the month preceding the month of closure.
109. When an SCSS account is extended, how is the interest rate applied during the extended period?
a) The same rate as opening. b) The rate prevailing on the date of maturity. c) A lower fixed rate. d) A rate determined by the government each year. Answer: b) The rate applicable on the date of maturity.
110. What is the grace period for extending an SCSS account after maturity?
a) 1 month b) 3 months c) 6 months d) 1 year Answer: d) 1 year (within one year from the date of maturity)
Mahila Samman Savings Certificate (MSSC)
111. What is the minimum age for a female to open a Mahila Samman Savings Certificate account in her own name?
a) 10 years b) 15 years c) 18 years d) Any age for a female. Answer: d) Any female can open the account. (Implied, as it mentions a guardian can open for a minor girl.)
112. Is it possible to open a second MSSC account?
a) No b) Yes, after 3 months from the date of opening the first account. c) Yes, after 6 months. d) Yes, at any time. Answer: b) Yes, a second account can be opened after a gap of three months from the date of opening the first account.
113. What is the cumulative maximum limit across all MSSC accounts for an individual?
a) ₹1 lakh b) ₹2 lakhs c) ₹3 lakhs d) No cumulative limit specified. Answer: b) ₹2 lakhs
114. When can a partial withdrawal be made from an MSSC account?
a) After 3 months b) After 6 months c) After 1 year d) After 18 months Answer: c) After one year from the date of opening the account.
115. What happens if the MSSC account holder dies?
a) The account continues till maturity. b) The account is closed, and the amount is paid to the nominee/legal heir. c) The funds are transferred to the government. d) The nominee must open a new account. Answer: b) The account will be closed and the amount will be paid to the nominee/legal heir.
116. Under what circumstances can an MSSC account be prematurely closed with a specific penalty (2% reduction in interest)?
a) After 3 months b) After 6 months from the date of opening without mentioning any reason. c) Only for medical emergencies. d) Only if the holder moves abroad. Answer: b) After 6 months from the date of opening without mentioning any reason.
117. What is the full form of KYC in the context of opening a MSSC account?
a) Know Your Customer b) Keep Your Card c) Key Yield Certificate d) Kindly Verify Certificate Answer: a) Know Your Customer
118. What specific document is required as proof of identity for KYC for opening an MSSC?
a) Birth Certificate b) Electricity Bill c) Aadhaar card and PAN card d) School Leaving Certificate Answer: c) Aadhaar and PAN card
119. Is the interest earned on MSSC taxable?
a) Yes b) No c) Partially taxable d) Only if it exceeds ₹50,000 Answer: b) No (The document states "Taxable interest earned, if any")
120. Can an MSSC account be transferred from one Post Office to another?
a) No b) Yes c) Only for specific reasons d) Only once during the tenure Answer: b) Yes (Implied, as other accounts can be transferred)
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