POSTMEN / MTS EXAMINATION 2025. - STUDY MATERIALS 1.

 Postal Assistant/ Postmen/MTS Examination – Refresh on Post Office Savings Account (SB) -10

Mahila Samman Savings Certificate (MSSC)
261. What is the effective date from which the Mahila Samman Savings Certificate scheme is available? 

a) April 1, 2023 b) April 1, 2024 c) March 31, 2025 d) February 1, 2023 Answer: a) April 1, 2023

262. What is the last date to open a Mahila Samman Savings Certificate account? 

a) March 31, 2024 b) March 31, 2025 c) March 31, 2026 d) No specific last date mentioned, but it's available for a two-year period. Answer: c) March 31, 2025 (The scheme is available for a two-year period ending on 31st March 2025)

263. Is it possible to open a joint account under the Mahila Samman Savings Certificate scheme?

 a) Yes, with any adult male. b) No, only single account for a female. c) Yes, with another female. d) Only with a guardian for a minor. Answer: b) No, only single account can be opened by a female or by the guardian on behalf of a minor girl.

264. What is the maximum number of MSSC accounts an individual can hold, considering the cumulative deposit limit? 

a) One b) Two, with a gap of 3 months between accounts. c) Three d) No limit, if cumulative deposit is within ₹2 lakhs. Answer: b) Two, with a gap of 3 months between accounts (Implied by the rule of opening a second account after 3 months, and the overall limit of 2 lakhs)

265. If a Mahila Samman Savings Certificate account is opened through cash, what is the maximum amount allowed?

 a) ₹10,000 b) ₹50,000 c) ₹1 lakh d) No specific limit mentioned for cash, only overall max limit applies. Answer: d) No specific limit mentioned for cash, only overall max limit applies. (The document mentions deposit can be made in cash or cheque, but does not specify a separate limit for cash.)

266. What is the primary benefit of the Mahila Samman Savings Certificate regarding partial withdrawals?

 a) Allows full withdrawal after 1 year. b) Allows partial withdrawal of up to 40% after one year. c) No partial withdrawals allowed. d) Allows withdrawal only at maturity. Answer: b) Allows partial withdrawal of up to 40% after one year.

267. If an MSSC account is opened by cheque, when is the account considered to be opened? 

a) On the date of the cheque. b) On the date of presentation of the cheque. c) On the date of realization of the cheque. d) On the next working day. Answer: c) Date of presentation of cheque (if realized on the same date). If cheque is not realized on the same date, date of realization. (General rule for POSB)

268. What is the impact on interest if the MSSC account is closed prematurely due to the death of the account holder? 

a) No interest is paid. b) Interest is paid at the scheme rate for the period held. c) Interest is paid at the Post Office Savings Account rate. d) Interest is paid with a penalty. Answer: b) Interest is paid at the scheme rate for the period held (The document states "Account will be closed and the amount will be paid to the nominee/legal heir")

269. Can a Mahila Samman Savings Certificate be issued in passbook mode? 

a) No, only as a physical certificate. b) Yes. c) Only for deposits above ₹1 lakh. d) Only for minors. Answer: b) Yes (Implied by Post Office schemes often offering passbook mode)

270. What is the tax implication of the interest earned on MSSC at maturity?

 a) Fully taxable. b) Exempt from tax. c) Partially taxable. d) Subject to TDS if the amount exceeds a certain limit. Answer: b) Exempt from tax. (The document indicates "Taxable interest earned, if any" which implies it's generally tax-free, but it's important to clarify that the interest is exempt from tax.)
Post Office Time Deposit Account (TD)

271. What are the denominations in which deposits can be made for a Post Office Time Deposit?

 a) In multiples of ₹100 b) In multiples of ₹500 c) In multiples of ₹1,000 d) In multiples of ₹5,000 Answer: c) In multiples of ₹1,000

272. Who is eligible to open a Post Office Time Deposit account?

 a) Only single adults. b) An adult, joint account (up to 3 adults), guardian on behalf of minor/person of unsound mind, minor above 10 years in own name. c) Only senior citizens. d) Only institutions. Answer: b) An adult, joint account (up to 3 adults), guardian on behalf of minor/person of unsound mind, minor above 10 years in own name.

273. Can a Post Office Time Deposit account be opened by a non-resident Indian (NRI)?

 a) Yes b) No c) Only if they are of Indian origin d) Only with a joint account holder Answer: b) No (NRIs are not eligible for POSB schemes)

274. If a TD account holder dies, what happens to the account? 

a) It continues to maturity. b) It is closed, and the amount is paid to the nominee/legal heirs. c) The nominee can continue the account. d) The funds are frozen. Answer: b) It is closed, and the amount is paid to the nominee/legal heirs.

275. What is the minimum period after which a TD account can be prematurely closed?

 a) 3 months b) 6 months c) 1 year d) 2 years Answer: b) 6 months

276. If a TD account is prematurely closed after 6 months but before 1 year, what is the interest rate applied? 

a) The TD interest rate. b) The Post Office Savings Account interest rate. c) A penal interest rate. d) No interest. Answer: b) The Post Office Savings Account interest rate.

277. For a 5-year TD account opened on or after November 10, 2023, what is the minimum lock-in period before any premature closure?

 a) 1 year b) 2 years c) 3 years d) 4 years Answer: d) 4 years

278. What is the process for extending a Post Office Time Deposit account after maturity?

 a) It extends automatically. b) Application must be made within 6 months/12 months (depending on tenure) of maturity. c) It cannot be extended. d) A new account must be opened. Answer: b) Application must be made within 6 months/12 months (depending on tenure) of maturity.

279. What is the impact on interest if a TD account is extended after the prescribed period (6 months or 12 months from maturity)?

 a) It earns interest at the PO Savings Account rate from maturity date. b) It earns the TD rate for the extension period. c) No interest is paid for the period after maturity until extension. d) A penalty is applied. Answer: a) It earns interest at the PO Savings Account rate from maturity date.

280. Can a TD account be pledged as security to the President of India or Governor of a State?

 a) No b) Yes c) Only for large amounts d) Only for government employees Answer: b) Yes
National Savings Certificates (NSC)

281. What is the primary characteristic of NSC VIII Issue regarding interest?

 a) Monthly payout b) Quarterly payout c) Annually compounded but payable at maturity d) Half-yearly payout Answer: c) Annually compounded but payable at maturity

282. What is the tax implication of the interest accrued on NSC (except the last year's interest)? 

a) Fully taxable b) Tax-exempt under Section 80C as deemed reinvestment. c) Partially taxable d) Subject to TDS Answer: b) Tax-exempt under Section 80C as deemed reinvestment.

283. What is the minimum age for a minor to open an NSC account in their own name? 

a) 8 years b) 10 years c) 12 years d) 16 years Answer: b) 10 years

284. Can an NSC be issued in a dematerialized form (Demat)?

 a) No b) Yes (The document mentions e-mode or passbook mode) c) Only through banks d) Only for high value certificates Answer: b) Yes (The document mentions "e-mode or Passbook mode")

285. What is the lock-in period for an NSC before it can be prematurely closed under exceptional circumstances?

 a) 1 year b) 3 years c) 5 years d) 7 years Answer: c) 5 years (for exceptional conditions like death, forfeiture, or court order)

286. When an NSC is prematurely closed due to the death of a single account holder, who receives the payment?'

 a) Only the legal heirs. b) The nominee or legal heirs. c) The government. d) It is re-invested automatically. Answer: b) The nominee or legal heirs.

287. Is the nomination facility available for an NSC?

 a) No b) Yes c) Only for single accounts d) Only for minors Answer: b) Yes

288. What is the specific clause under which NSC investment qualifies for tax deduction? 

a) Section 80CCD b) Section 80C c) Section 80TTB d) Section 10(10D) Answer: b) Section 80C

289. Can an NSC be transferred from one Post Office to another?

 a) No b) Yes c) Only if the holder changes residence d) Only once Answer: b) Yes

290. What is the mode of receiving the maturity proceeds of an NSC?

 a) Only by cheque. b) Direct credit to a savings account or by cheque. c) Only in cash. d) Only by electronic transfer. Answer: b) Direct credit to a savings account or by cheque.