Postal Assistant/ Postmen/MTS Examination – Refresh on Post Office Savings Account (SB) -15
411. What is the standard fee for issuing a duplicate passbook?
a) ₹5 b) ₹10 c) ₹20 d) ₹50 Answer: c) ₹20
412. What is generally required for transferring an account from one Post Office to another?
a) Only a verbal request. b) An application along with the passbook. c) Only a new KYC. d) Only the signature of the account holder.Answer: b) An application along with the passbook.
413. What happens to the interest on a scheme if the account holder becomes a Non-Resident Indian (NRI) after opening the account?
a) The account continues with the same interest rate. b) The account is closed, and interest is paid up to the month preceding the month of becoming NRI. c) The interest rate is reduced. d) The interest is held until the holder returns to India.Answer: b) The account is closed, and interest is paid up to the month preceding the month of becoming NRI.
414. What are the two primary modes for holding a Post Office Small Savings Certificate (e.g., NSC, KVP)?
a) Physical certificate or online access b) E-mode or Passbook mode c) Cash mode or Cheque mode d) Single holder mode or Joint holder mode Answer: b) E-mode or Passbook mode
415. What are the common methods for making deposits into Post Office Small Savings Schemes?
a) Only cash b) Only cheque c) Cash or Cheque d) Cash, Cheque, or Online transfer Answer: c) Cash or Cheque (The document mentions cash/cheque for opening. While online options are available for SB, the generic deposit options listed are cash/cheque)
416. What is the general rule regarding deposits made by cheque for Post Office Small Savings Schemes?
a) The deposit date is the date of the cheque. b) The deposit date is the date of presentation of the cheque. c) The deposit date is the date of realization of the cheque. d) The deposit date is the next working day after presentation.Answer: c) Date of presentation of cheque if realized on same date otherwise date of realization.
417. Is it possible for an existing account holder to open another account of the same scheme type without re-submitting KYC documents?
a) No, new KYC is always required. b) Yes, if KYC is already updated. c) Only for minors. d) Only for senior citizens.Answer: b) Yes, if KYC is already updated.
418. What is the process for changing the Post Office of an account?
a) Only by phone. b) By submitting an application to the existing Post Office. c) By submitting an application to the new Post Office. d) It happens automatically when the address changes.Answer: b) By submitting an application to the existing Post Office.
419. What is the purpose of KYC (Know Your Customer) documentation for Post Office schemes?
a) To determine interest rates. b) To comply with regulatory requirements and verify customer identity. c) To decide on the maturity period. d) To limit deposit amounts.Answer: b) To comply with regulatory requirements and verify customer identity.
420. What is a common identity proof document required for KYC?
a) Student ID card b) Company ID card c) Aadhaar Card d) Library card Answer: c) Aadhaar Card
Specific Scheme Details
Post Office Savings Account (SB)
421. What specific facility is mentioned for SB accounts besides ATM, internet/mobile/SMS banking?
a) Loan facility b) Cheque book facility c) Overdraft facility d) Credit card facility Answer: b) Cheque book facility
422. When is interest for a Post Office Savings Account credited to the account?
a) Monthly b) Quarterly c) Annually at the end of the financial year. d) At maturity Answer: c) Annually at the end of the financial year (March 31st).
423. What is the interest calculation rule if the minimum balance between the 10th and the end of the month falls below ₹500?
a) A penalty is charged. b) No interest is allowed for that month. c) The interest is deferred to the next month. d) The account is closed.Answer: b) No interest will be allowed for that month.
424. Can an SB account be opened as a guardian on behalf of a minor of unsound mind?
a) No b) Yes c) Only if approved by a court. d) Only if the minor is above 10 years.Answer: b) Yes
5-Year Recurring Deposit Account (RD)
425. What is the interest rebate for 6 months advance deposit in an RD account per ₹100?
a) ₹5 b) ₹10 c) ₹20 d) ₹40 Answer: b) ₹10
426. What is the interest rebate for 12 months advance deposit in an RD account per ₹100?
a) ₹5 b) ₹10 c) ₹20 d) ₹40 Answer: d) ₹40
427. When can a loan be availed against an RD account (in terms of number of installments)?
a) After 6 installments b) After 12 installments c) After 18 installments d) After 24 installments Answer: b) After 12 installments
428. What is the penalty charge for each defaulted month in an RD account per ₹100?
a) ₹1 b) ₹5 c) ₹10 d) ₹20 Answer: a) ₹1
429. If an RD account is discontinued and not revived, will the depositor receive any amount at maturity?
a) No b) Yes, only the principal. c) Yes, the amount paid will be refunded at maturity, but without interest. d) Yes, with a reduced interest rate.Answer: c) Yes, the amount paid will be refunded at maturity, but without interest.
Monthly Income Scheme (MIS)
430. What is the status of a depositor who becomes a non-resident Indian (NRI) for the purpose of the MIS account?
a) The account continues until maturity. b) The account is closed from the date of becoming NRI. c) The interest rate is changed. d) A new account needs to be opened in NRI category.Answer: b) The account is closed from the date of becoming NRI.
431. Can an MIS account be pledged as security?
a) No b) Yes, to specified authorities like President of India, Governor of a State. c) Only to commercial banks. d) Only to housing finance companies.Answer: b) Yes, to specified authorities like President of India, Governor of a State.
432. If a depositor dies before the maturity of an MIS account, how is the interest handled?
a) Interest is paid until the original maturity date. b) Interest is paid only up to the month preceding the month of refund. c) No interest is paid after death. d) Interest is transferred to the nominee's savings account.Answer: b) Interest is paid only up to the month preceding the month of refund.
Sukanya Samriddhi Account (SSA)
433. What is the tax status of deposits made into SSA under the Income Tax Act?
a) Taxable b) Exempt under Section 80C c) Partially taxable d) Subject to TDS Answer: b) Exempt under Section 80C
434. What is the tax status of interest accrued and maturity amount from SSA?
a) Both are taxable. b) Both are tax-free. c) Interest is taxable, maturity is tax-free. d) Interest is tax-free, maturity is taxable.Answer: b) Both are tax-free.
435. What is the penalty for not depositing the minimum amount in an SSA in a financial year?
a) ₹20 b) ₹50 c) ₹100 d) ₹250 Answer: b) ₹50 (per year of default)
436. After how many years from the date of opening is a Sukanya Samriddhi Account considered to have matured for early marriage purposes (if the girl child is 18)?
a) 5 years b) 10 years c) 15 years d) The account matures after 21 years irrespective of marriage.Answer: d) The account matures after 21 years from the date of opening or on the marriage of the girl child whichever is earlier. For marriage, if the girl child is 18, it implies the account can be closed early.
437. Can more than one SSA account be opened for a girl child if twins are born?
a) No b) Yes, an account for each twin is allowed. c) Only if triplets are born. d) Only with special permission.Answer: b) Yes, an account for each twin is allowed (under the "two accounts in family" rule, if the first birth results in twins or the second birth after one girl child, results in twins/triplets).
438. What is the limit on withdrawals from SSA for higher education?
a) 25% of the balance at the end of the previous financial year. b) 50% of the balance at the end of the previous financial year. c) 75% of the balance at the end of the previous financial year. d) 100% of the balance.Answer: b) 50% of balance at the end of preceding F.Y.
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