Postal Assistant/ Postmen/MTS Examination – Refresh on Post Office Savings Account (SB) -17
General Questions (covering multiple schemes or overarching concepts)
471. Which section of the Income Tax Act provides tax benefits for investments in certain Post Office schemes?
a) Section 80D b) Section 80C c) Section 80E d) Section 80TTA Answer: b) Section 80C (applicable for PPF, NSC, SSA, and 5-Year TD)
472. Which schemes mention the interest rate from January 1, 2024?
a) SB, RD, MIS, SCSS b) SB, RD, MIS, SCSS, PPF, SSA, TD, NSC, KVP c) Only Fixed Deposits and RD d) All schemes except SB Answer: b) SB, RD, MIS, SCSS, PPF, SSA, TD, NSC, KVP (All listed schemes in the document have rates updated from Jan 1, 2024)
473. What is the common mode of account opening for most Post Office Small Savings Schemes (besides specific online options)?
a) Filling an application form and submitting KYC documents at a Post Office. b) Only through online portals. c) Through agents only. d) By phone call.Answer: a) Filling an application form and submitting KYC documents at a Post Office.
474. What happens if a Post Office Small Savings account is opened in contravention of the rules?
a) The account is closed immediately. b) The deposit earns interest at the Post Office Savings Account rate. c) A penalty is applied. d) The account is converted to another scheme.Answer: b) The deposit earns interest at the Post Office Savings Account rate.
475. What is the general rule regarding TDS on interest for Post Office schemes?
a) TDS is always deducted. b) TDS is not deducted for some schemes (e.g., PPF, NSC, SSA, KVP), but may be for others if interest exceeds a limit (e.g., SCSS, TD). c) TDS is only for NRIs. d) TDS is always 10%.Answer: b) TDS is not deducted for some schemes (e.g., PPF, NSC, SSA, KVP), but may be for others if interest exceeds a limit (e.g., SCSS, TD).
476. Which types of entities are generally NOT allowed to open Post Office Small Savings Scheme accounts?
a) Individuals b) Minors c) Hindu Undivided Families (HUF) and Non-Resident Indians (NRI) d) Senior citizens Answer: c) Hindu Undivided Families (HUF) and Non-Resident Indians (NRI)
477. What is the significance of the "Financial Year" for Post Office Small Savings Schemes?
a) It determines the maturity date. b) Interest is typically calculated and credited at the end of the financial year (March 31st) for some schemes. c) It decides the deposit limits. d) It is irrelevant for these schemes.Answer: b) Interest is typically calculated and credited at the end of the financial year (March 31st) for some schemes (e.g., SB, PPF).
478. What is the common procedure for reviving a discontinued account in Post Office schemes?
a) Opening a new account. b) Paying all defaulted deposits along with any prescribed penalty. c) Waiting for auto-reactivation. d) Submitting a court order.Answer: b) Paying all defaulted deposits along with any prescribed penalty.
479. What is the general rule for nomination in Post Office Small Savings Schemes?
a) It is optional. b) It is mandatory at the time of opening the account for some schemes. c) It can only be done at maturity. d) It is only for joint accounts.Answer: b) It is mandatory at the time of opening the account for some schemes (e.g., SB). For others, it's available.
480. What is the purpose of the "Passbook Mode" for certificates like NSC or KVP?
a) To enable online transactions. b) To record entries in a physical passbook instead of issuing a certificate. c) To allow monthly interest payouts. d) To link with a bank account.Answer: b) To record entries in a physical passbook instead of issuing a certificate.
481. Which scheme explicitly states it is available for a two-year period ending on March 31, 2025?
a) Sukanya Samriddhi Account b) Mahila Samman Savings Certificate c) National Savings Certificate d) Senior Citizen Savings Scheme Answer: b) Mahila Samman Savings Certificate
482. In which scheme can a guardian open an account on behalf of a person of unsound mind?
a) Only PPF b) Only SCSS c) SB, RD, MIS, KVP, NSC, TD (most schemes) d) Only SSA Answer: c)
SB, RD, MIS, KVP, NSC, TD (most schemes)
483. Which scheme offers partial withdrawal specifically for "higher education expenses"?
483. Which scheme offers partial withdrawal specifically for "higher education expenses"?
a) PPF b) SSA c) NSC d) MIS Answer: b) SSA
484. Which scheme offers a loan facility against the deposited amount?
a) NSC b) KVP c) RD and PPF d) MIS Answer: c) RD and PPF
485. Which scheme explicitly mentions that interest income, even if not collected monthly, does not earn additional interest?
a) PPF and NSC b) MIS and SCSS c) RD and KVP d) SB and TD Answer: b) MIS and SCSS
486. Which scheme has a specific age limit for opening, but allows retired defence personnel to open at a younger age?
a) PPF b) SCSS c) MIS d) SSA Answer: b) SCSS
487. Which scheme provides a rebate for advance deposits?
a) SB b) RD c) MIS d) TD Answer: b) RD
488. Which scheme has a fixed maturity period of 2 years?
a) RD b) MIS c) MSSC d) NSC Answer: c) MSSC
489. Which scheme allows extension for multiple blocks of 5 years after maturity?
a) RD b) MIS c) PPF d) SCSS Answer: c) PPF
490. Which scheme's interest rate is calculated on the lowest balance between the 10th and the end of the month?
a) RD b) SB c) MIS d) PPF Answer: b) SB
491. Which scheme's interest is compounded annually but paid at maturity?
a) RD b) MIS c) NSC d) TD Answer: c) NSC
492. For which scheme is the maturity period 9 years and 7 months (115 months)?
a) NSC b) KVP c) PPF d) RD Answer: b) KVP
493. Which scheme allows a guardian to open an account for a minor girl, with the girl being able to operate it at 18?
a) RD b) MIS c) SSA d) TD Answer: c) SSA
494. What is the common purpose of pledging accounts/certificates in Post Office schemes?
a) For premature closure. b) To obtain a loan from a bank or financial institution using the account/certificate as collateral. c) To transfer ownership. d) To change the interest rate.Answer: b) To obtain a loan from a bank or financial institution using the account/certificate as collateral.
495. In which schemes is the interest taxable if it exceeds a certain limit in a financial year?
a) PPF, NSC, SSA, KVP b) SB, RD, MIS c) SCSS and TD d) All schemes Answer: c) SCSS and TD
496. Which scheme explicitly limits the maximum deposit amount for a single account to ₹9 lakhs?
a) SCSS b) PPF c) MIS d) MSSC Answer: c) MIS
497. Which scheme explicitly limits the maximum deposit amount for a joint account to ₹15 lakhs?
a) SCSS b) PPF c) MIS d) MSSC Answer: c) MIS
498. Which scheme has an age eligibility that begins at 60 years?
a) PPF b) SCSS c) KVP d) NSC Answer: b) SCSS
499. Which scheme has a fixed tenure of 5 years, where investment is also eligible for 80C benefits?
a) RD b) MIS c) NSC (VIII Issue) and 5-Year TD d) KVP Answer: c) NSC (VIII Issue) and 5-Year TD
500. What happens if a Post Office Savings account balance falls to zero?
a) It is immediately closed. b) It remains open but dormant. c) It is charged a penalty. d) The document does not specify, but generally it would be closed after a certain period of zero balance and no transactions.Answer: d) The document does not specify, but generally it would be closed after a certain period of zero balance and no transactions. (The document mentions the account maintenance fee for balance below ₹500, implying it might not be immediately closed at zero but eventually would be if not regularized.)
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