Postal Assistant/ Postmen/MTS Examination – Refresh on Post Office Savings Account (SB) -8
Post Office Savings Account (SB)
201. What is the mode of opening a Post Office Savings Account?
a) Only online b) Only by physical form submission c) Can be opened in e-mode (online) or Passbook mode (physical form) d) Only at designated branches Answer: c) Can be opened in e-mode (online) or Passbook mode (physical form)
202. If a Post Office Savings Account is opened in Passbook mode, how are transactions recorded?
a) Only through SMS b) Only on a digital statement c) In a physical passbook d) Only online Answer: c) In a physical passbook
203. What happens to the account if the account holder dies?
a) The account is closed immediately. b) The account is closed and the amount is paid to the nominee/legal heirs. c) The account continues to earn interest for 1 year. d) The account is converted to a dormant account. Answer: b) The account is closed and the amount is paid to the nominee/legal heirs.
204. Can a minor, who has opened an SB account, operate it by himself after attaining majority?
a) No, a new account must be opened. b) Yes, on submitting a fresh application form and KYC documents. c) Only with parental consent. d) Only after 1 year of attaining majority. Answer: b) Yes, on submitting a fresh application form and KYC documents.
205. What is the minimum balance required to be maintained in a Post Office Savings Account to avoid an account maintenance fee?
a) ₹100 b) ₹250 c) ₹500 d) ₹1,000 Answer: c) ₹500
206. Is it mandatory to link an Aadhaar card to a Post Office Savings Account?
a) No b) Yes c) Only for new accounts d) Only for withdrawals Answer: b) Yes (Implied by KYC norms for opening any account now)
207. What kind of debits can be made from a Post Office Savings Account?
a) Only cash withdrawals b) Withdrawals, cheque payments, electronic transfers c) Only electronic transfers d) Only cheque payments Answer: b) Withdrawals, cheque payments, electronic transfers (Implied by ATM, internet/mobile banking)
208. Can a Post Office Savings Account be opened by a person of unsound mind?
a) No b) Yes, through a guardian. c) Only with a court order. d) Only with a joint holder. Answer: b) Yes, through a guardian.
209. What is the primary mode of communication for account statements from a Post Office Savings Account?
a) Only physical statements b) Digital statements via email or online portal c) Both physical and digital options available d) Only through SMS Answer: c) Both physical and digital options available (Implied by internet/mobile banking and passbook)
210. What is the approximate frequency of interest calculation for a Post Office Savings Account?
a) Daily b) Weekly c) Monthly d) Annually Answer: d) Annually (Credited at the end of financial year)
5-Year Recurring Deposit Account (RD)
211. Who is eligible to open a Post Office Recurring Deposit account?
a) Only individuals 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 minors d) Only senior citizens 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.
212. Can a joint RD account be opened by three adults?
a) No, maximum two. b) Yes. c) Only if they are family members. d) Only with special permission. Answer: b) Yes (Up to 3 adults for joint accounts)
213. What is the consequence if the defaulted installments in an RD account are not paid?
a) The account is closed immediately. b) The account becomes discontinued. c) A higher penalty is levied. d) The account is temporarily suspended. Answer: b) The account becomes discontinued.
214. How can a discontinued RD account be revived?
a) By paying all defaulted installments along with a default fee. b) It cannot be revived. c) By opening a new account. d) By paying a lump sum. Answer: a) By paying all defaulted installments along with a default fee.
215. What is the maximum number of times an RD account can be extended after maturity?
a) Once b) Twice c) Thrice d) No limit Answer: a) Once (for another 5 years)
216. If an RD account is extended, what interest rate will be applicable for the extended period?
a) The same rate as the original account opening. b) The interest rate prevailing on the date of extension. c) A lower fixed rate. d) A rate decided by the Post Office annually. Answer: b) The interest rate prevailing on the date of extension.
217. Can an RD account be pledged as security?
a) No b) Yes, under certain conditions to specific authorities. c) Only to a spouse. d) Only to a bank. Answer: b) Yes, under certain conditions to specific authorities.
218. What is the impact on interest calculation if a loan is taken against an RD account?
a) Interest stops accruing on the entire balance. b) Interest continues to accrue on the full balance, but a higher interest is charged on the loan amount. c) Interest is reduced on the principal amount equivalent to the loan. d) Interest is frozen for the duration of the loan. Answer: b) Interest continues to accrue on the full balance, but a higher interest is charged on the loan amount.
219. When is the earliest an RD account can be prematurely closed?
a) After 1 year b) After 2 years c) After 3 years d) After 5 years Answer: c) After 3 years
220. What is the minimum number of installments required to be deposited for a minor to get a loan against an RD account opened in their name by a guardian?
a) 6 installments b) 12 installments c) 18 installments d) 24 installments Answer: b) 12 installments
Monthly Income Scheme (MIS)
221. What is the primary purpose of the Monthly Income Scheme?
a) To offer a lump sum at maturity. b) To provide a regular monthly income to the depositor. c) To double the investment. d) To save for a child's education. Answer: b) To provide a regular monthly income to the depositor.
222. Can a non-resident Indian (NRI) open an MIS account?
a) Yes b) No c) Only if they have a local address d) Only with a joint account holder Answer: b) No (NRIs are not eligible to open a POSB account)
223. If an MIS account holder becomes a non-resident Indian (NRI) after opening the account, what happens to the account?
a) It continues till maturity. b) It is closed, and interest is paid up to the month preceding the month in which he/she becomes NRI. c) It is converted to an NRE account. d) A penalty is applied. Answer: b) It is closed, and interest is paid up to the month preceding the month in which he/she becomes NRI.
224. Is the nomination facility available for an MIS account?
a) No b) Yes c) Only for single accounts d) Only for joint accounts Answer: b) Yes
225. How is the interest from an MIS account received by the depositor?
a) Only in cash. b) Auto credit to Savings Account in the same post office or through ECS to a bank account. c) Only via cheque. d) Only at maturity. Answer: b) Auto credit to Savings Account in the same post office or through ECS to a bank account.
226. What happens if the MIS interest is not claimed for several months?
a) It accumulates and earns compound interest. b) It is forfeited. c) It remains in the account but does not earn additional interest. d) It is transferred to the Post Office Savings Account automatically. Answer: c) It remains in the account but does not earn additional interest.
227. Can an MIS account be transferred from one Post Office to another?
a) No b) Yes c) Only once during its tenure d) Only after 1 year Answer: b) Yes
228. What is the impact on the interest rate if an excess amount is deposited in an MIS account?
a) The entire deposit earns the MIS interest rate. b) The excess amount earns the Post Office Savings Account interest rate. c) The excess amount is returned to the depositor. d) A penalty is charged on the excess amount. Answer: b) The excess amount earns the Post Office Savings Account interest rate.
229. Is it possible to open multiple MIS accounts with different maturity dates?
a) No, only one MIS account per individual. b) Yes, provided the cumulative deposit limit is not exceeded. c) Only with special permission. d) Only for family members. Answer: b) Yes, provided the cumulative deposit limit is not exceeded.
230. What form is typically used to open an MIS account?
a) Form A b) Form B c) Account Opening Form d) Form C Answer: c) Account Opening Form (Standard form for all schemes)
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