Postal Assistant/ Postmen/MTS Examination – Refresh on Post Office Savings Account (SB) -14
National Savings Certificates (NSC)
381. What is the maturity period for a National Savings Certificate (NSC) VIII Issue?
a) 3 years b) 5 years c) 7 years d) 10 years Answer: b) 5 years
382. What happens to the interest of an NSC if it is not claimed at maturity?
a) It is forfeited b) It continues to earn interest at the prevailing NSC rate c) It continues to earn interest at the PO Savings Account rate d) It is transferred to the Post Office Savings Account Answer: c) It continues to earn interest at the PO Savings Account rate
383. Is a minor above 10 years of age eligible to open an NSC in their own name?
a) No b) Yes c) Only with parental consent d) Only if they have a joint holder Answer: b) Yes
384. What is the tax treatment of the interest accrued on NSC during the first four years?
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
385. What is the minimum amount for investment in a National Savings Certificate?
a) ₹500 b) ₹1,000 c) ₹5,000 d) ₹10,000 Answer: b) ₹1,000
386. What are the specific conditions for premature closure of an NSC before 5 years?
a) On the death of the holder, forfeiture by a pledgee, or court order. b) For higher education expenses. c) For medical emergencies. d) For marriage expenses.Answer: a) On the death of the holder, forfeiture by a pledgee, or court order.
387. Can a joint NSC account be opened?
a) No b) Yes, with up to 2 adults c) Yes, with up to 3 adults d) Yes, with any number of adults Answer: c) Yes, with up to 3 adults
388. What is the primary objective of a National Savings Certificate?
a) To provide monthly income b) To provide a long-term fixed income investment with tax benefits c) To double the investment d) To fund agricultural projects Answer: b) To provide a long-term fixed income investment with tax benefits
389. Can an NSC be pledged as security to a housing finance company?
a) No b) Yes c) Only to a government bank d) Only to the Post Office Answer: b) Yes
390. What is the tax treatment for the last year's interest of an NSC?
a) Tax-exempt b) Taxable c) Partially taxable d) Subject to TDS Answer: b) Taxable
Kisan Vikas Patra (KVP)
391. What is the minimum deposit amount for a Kisan Vikas Patra?
a) ₹500 b) ₹1,000 c) ₹5,000 d) ₹10,000 Answer: b) ₹1,000
392. At an interest rate of 7.5%, how long does it take for the amount invested in KVP to double?
a) 9 years b) 9 years 7 months c) 10 years d) 11 years Answer: b) 9 years 7 months (115 months)
393. When can a Kisan Vikas Patra be prematurely encashed?
a) After 1 year b) After 2 years c) After 2 years and 6 months d) After 3 years Answer: c) After 2 years and 6 months
394. What is the interest rate for a Kisan Vikas Patra from January 1, 2024?
a) 7.3% b) 7.5% c) 7.7% d) 7.8% Answer: b) 7.5%
395. Can a joint KVP account be opened?
a) No b) Yes, with up to 2 adults c) Yes, with up to 3 adults d) Yes, with any number of adults Answer: c) Yes, with up to 3 adults
396. Is the maturity amount of a Kisan Vikas Patra subject to Income Tax?
a) Yes b) No c) Partially taxable d) Only if it exceeds ₹1 lakh Answer: b) No
397. Under what condition can a KVP be prematurely closed by a court order?
a) For educational purposes b) For any reason deemed fit by the court c) For medical emergencies d) For marriage expenses Answer: b) For any reason deemed fit by the court
398. Can a KVP be transferred from one person to another on the death of the holder?
a) No b) Yes, to the nominee or legal heirs c) Only to the joint holder d) Only with a court order Answer: b) Yes, to the nominee or legal heirs
399. What is the primary characteristic of the interest earned on KVP?
a) Simple interest b) Monthly compounding c) Quarterly compounding d) Annually compounding Answer: d) Annually compounding
400. Is a Kisan Vikas Patra eligible for tax deduction under Section 80C?
a) Yes b) No c) Partially eligible d) Only for senior citizens Answer: b) No
General Scheme Information / Common Rules
401. What is the primary mode of account operation mentioned for Post Office Small Savings Schemes?
a) Only through agents b) Single or Jointly c) Only online d) Through registered companies Answer: b) Single or Jointly
402. What is the maximum number of adult individuals allowed in a Joint A type account?
a) 2 b) 3 c) 4 d) 5 Answer: b) 3
403. What is the maximum number of adult individuals allowed in a Joint B type account?
a) 2 b) 3 c) 4 d) 5 Answer: b) 3
404. Who is generally considered the primary holder in a Joint A type account?
a) The first investor b) The second investor c) All investors equally d) The one who contributes most Answer: a) All the joint account holders or any one of the joint account holders (The document indicates "All the joint account holders (Joint A Type) or any one of the joint account holders (Joint B Type)" meaning Joint A requires all for operations)
405. Who can operate a Joint B type account?
a) Only the first investor b) Only the second investor c) Any one of the joint account holders d) All joint account holders together Answer: c) Any one of the joint account holders
406. Is it possible to nominate more than one person for a Post Office Small Savings Scheme account?
a) No b) Yes c) Only for joint accounts d) Only for minor accounts Answer: b) Yes (It mentions "Nomination facility is available")
407. In case of nominations, what must be specified for each nominee?
a) Their occupation b) Their address c) The share of each nominee d) Their marital status Answer: c) The share of each nominee
408. Is it mandatory to mention the date of birth of a minor nominee?
a) No b) Yes c) Only if they are above 10 years d) Only for Sukanya Samriddhi Account Answer: b) Yes
409. Can a nominee be changed or cancelled during the tenure of an account?
a) No b) Yes c) Only if the account type changes d) Only for special circumstances Answer: b) Yes
410. What typically happens if the original passbook is lost or damaged?
a) The account is closed. b) A duplicate passbook is issued upon application and payment of a fee. c) All future transactions are stopped. d) Funds are transferred to a new account.Answer: b) A duplicate passbook is issued upon application and payment of a fee.
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