Postal Assistant/ Postmen/MTS Examination – Refresh on Post Office Savings Account (SB) -12
Monthly Income Scheme (MIS)
321. What happens to an MIS account if the account holder becomes an NRI after opening it?
a) The account continues to maturity. b) It is closed, and the amount is paid out. c) It is converted to an NRE account. d) A penalty is applied.Answer: b) It is closed, and the amount is paid out.
322. Can a minor above 10 years of age open an MIS account in their own name?
a) No b) Yes c) Only with a guardian's permission d) Only if they are earning Answer: b) Yes
323. What is the primary feature of a joint MIS account regarding the deposit limit?
a) It doubles the single account limit. b) It triples the single account limit. c) It has a higher combined limit of ₹15 lakh. d) It has the same limit as a single account.Answer: c) It has a higher combined limit of ₹15 lakh.
324. What is the tenure of a Monthly Income Scheme account?
a) 3 years b) 5 years c) 7 years d) 10 years Answer: b) 5 years
325. What happens to the principal amount of an MIS account if it is closed after 1 year but before 3 years?
a) It is refunded in full. b) 1% of the principal is deducted. c) 2% of the principal is deducted. d) 3% of the principal is deducted.Answer: c) 2% of the principal is deducted.
326. Can an MIS account be extended after maturity?
a) Yes, for another 5 years b) Yes, for a block of 3 years c) No, it cannot be extended d) Only with a penalty Answer: c) No, it cannot be extended
327. What happens if the monthly interest on an MIS account is not claimed?
a) It is forfeited. b) It earns additional interest. c) It remains in the account but does not earn additional interest. d) It is transferred to a government fund.Answer: c) It remains in the account but does not earn additional interest.
328. If an MIS account holder dies, up to which month is interest paid?
a) The month of death. b) The month preceding the month of death. c) The month of account closure. d) The month preceding the month of account closure.Answer: d) The month preceding the month of account closure.
329. What is the minimum deposit amount required to open a Monthly Income Scheme account?
a) ₹500 b) ₹1,000 c) ₹5,000 d) ₹10,000 Answer: b) ₹1,000
330. Can an MIS account be opened by a guardian on behalf of a person of unsound mind?
a) No b) Yes c) Only with a court order d) Only with a joint holder Answer: b) Yes
Sukanya Samriddhi Account (SSA)
331. How many Sukanya Samriddhi Accounts can a guardian open for twin girls born in the first birth?
a) One b) Two c) Three d) Four Answer: b) Two (This is an exception to the rule of one child)
332. If a Sukanya Samriddhi Account is opened by a guardian, until what age will the guardian operate the account?
a) 10 years b) 15 years c) 18 years d) 21 years Answer: c) 18 years
333. What happens if a depositor fails to make the minimum annual deposit in an SSA?
a) The account is closed. b) It becomes an irregular account and a penalty is charged. c) The interest rate is reduced. d) The account is temporarily frozen.Answer: b) It becomes an irregular account and a penalty is charged.
334. What is the penalty to revive an irregular Sukanya Samriddhi Account?
a) ₹10 per year b) ₹20 per year c) ₹50 per year d) ₹100 per year Answer: c) ₹50 per year
335. What is the age limit for opening a Sukanya Samriddhi Account for a girl child?
a) Below 8 years b) Below 10 years c) Below 12 years d) Below 15 years Answer: b) Below 10 years
336. After how many years from the date of opening can deposits be made into an SSA?
a) 10 years b) 14 years c) 15 years d) 21 years Answer: c) 15 years
337. Is the maturity amount from a Sukanya Samriddhi Account taxable?
a) Yes b) No c) Partially taxable d) Subject to TDS Answer: b) No
338. What is the minimum withdrawal amount from an SSA for the purpose of higher education?
a) 25% of the balance b) 50% of the balance c) 75% of the balance d) No specific minimum amount mentioned Answer: b) 50% of the balance at the end of the preceding financial year.
339. For premature closure of an SSA due to the marriage of the girl child, what is the age requirement?
a) 18 years b) 20 years c) 21 years d) No age requirement Answer: a) 18 years
340. Can a Sukanya Samriddhi Account be transferred from a Post Office to a bank?
a) No b) Yes c) Only with a court order d) Only once in its tenure Answer: b) Yes
Public Provident Fund Account (PPF)
341. What is the maximum number of times a PPF account can be extended after maturity?
a) Once b) Twice c) Any number of times d) It cannot be extended Answer: c) Any number of times, in blocks of 5 years.
342. How is interest calculated on a PPF account for a given month?
a) On the average daily balance b) On the lowest balance between the 5th and the end of the month c) On the closing balance of the month d) On the highest balance of the month Answer: b) On the lowest balance between the 5th and the end of the month
343. Can a PPF account be opened by a Hindu Undivided Family (HUF)?
a) Yes b) No c) Only with a joint holder d) Only for a limited period Answer: b) No
344. What is the interest rate on a loan taken from a PPF account?
a) 1% above the PPF interest rate b) 2% above the PPF interest rate c) 3% above the PPF interest rate d) A fixed 6% Answer: a) 1% above the PPF interest rate (The document says 1% per annum)
345. When can a depositor take a withdrawal from a PPF account?
a) After 3 years b) After 5 years excluding the year of account opening c) After 7 years excluding the year of account opening d) After 10 years Answer: c) After 5 years excluding year of account opening (The document mentions "one withdrawal can be taken after five years excluding year of account opening.")
346. What is the maximum amount of withdrawal allowed from a PPF account?
a) 25% of the balance at the end of the 4th preceding year b) 50% of the balance at the end of the 4th preceding year or at the end of the preceding year, whichever is lower. c) 75% of the balance at the end of the 4th preceding year d) 100% of the balance at the end of the preceding year Answer: b) 50% of the balance at the end of the 4th preceding year or at the end of the preceding year, whichever is lower.
347. What is the penalty for not making the minimum deposit of ₹500 in a PPF account in a financial year?
a) The account is closed. b) A penalty of ₹50 is charged for each defaulted year. c) The interest rate is reduced. d) No interest is paid for that year.Answer: b) A penalty of ₹50 is charged for each defaulted year.
348. What happens to the interest on a PPF account that is prematurely closed after 5 years?
a) It is reduced by 1% for the entire period. b) It is paid at the Post Office Savings Account rate. c) No interest is paid. d) It is paid at the prevailing PPF rate.Answer: a) It is reduced by 1% for the entire period.
349. Can a PPF account be transferred from one Post Office to another?
a) No b) Yes c) Only with a court order d) Only once in its tenure Answer: b) Yes
350. What is the tax treatment for deposits in a PPF account?
a) Taxable b) Tax-exempt under Section 80C c) Partially taxable d) Subject to TDS Answer: b) Tax-exempt under Section 80C
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