Multiple Choice Questions (MCQs) On Banking & Remittances | SB & RD | Ipo exam MCQs

 

1. What is the minimum amount required for opening post office savings bank account?

	A)	Rupees Five Hundred
	B)	Rupees Hundred
	C)	Rupees Fifty
	D)	Rupees Thousand

2. Which of the below mentioned statement is False in respect of SB account may be opened by

	A)	A single adult
	B)	Joint account with maximum four adults
	C)	Minor above 10 years of age
	D)	A Guardian on behalf of a minor/ person of unsound mind

3. Post office savings bank account can be opened by

	A)	Cash Only
	B)	Cheque/Cash
	C)	Withdrawal form/Cheque/Cash
	D)	Cheque/Cash/Electronic Transfer

4. What is the fee for non-maintenance of minimum balance in post office savings bank account?

	A)	Rupees 50
	B)	Rupees 500
	C)	Rupees 100
	D)	None of these

5. If  balance becomes Nil in  the Account than what will happen to post office savings bank account?

	A)	Silent
	B)	Inactive
	C)	Closed
	D)	Freezed

6. Interest earned is Tax Free up to INR ________ per year from financial year 2012-13 in POSB

	A)	10,000
	B)	25,000
	C)	50,000
	D)	1,00,000

7. At least one transaction of deposit or withdrawal in _______ financial years is necessary to keep the account active, else account became silent (Dorment).

	A)	Three
	B)	Two
	C)	One
	D)	Four

8. POSB Net banking/Mobile Banking facility is_______Operable

	A)	Intra
	B)	Inter
	C)	Both
	D)	None

9. POSB Funds can be Transferred though __________Facility of IPPB to Other Banks

	A)	Mobile Banking
	B)	Sweep in/out
	C)	Internet Banking
	D)	POSA Linking

10. Recurring Deposit Account rate of Interest on October-2020 is _____ & it gets Compounded________

	A)	7.1 & Annually
	B)	5.5 & Half Yearly
	C)	5.8 & Quarterly
	D)	5.8 & Monthly

11. Joint Account in RD account may be opened by:

	A)	Maximum 4 Adults
	B)	Maximum 3 Adults
	C)	Maximum 2 Adults
	D)	None of these

12. RD Account can be opened by

	A)	Cash Only
	B)	Cheque/Cash
	C)	Withdrawal form/Cheque/Cash
	D)	Cheque/Cash/Electronic Transfer

13. What is the default fee is charged if subsequent deposit is not made after the prescribed day in RD account?

	A)	@ 1 Rs for every 100 rupee
	B)	@ 2 Rs for every 100 rupee
	C)	@ 1 Rs for every 200 rupee
	D)	None of these

14. After how many defaults the RD account becomes discontinued?

	A)	3
	B)	4
	C)	2
	D)	6

15. What is the rebate on Advance deposit of 12 months will be paid for denomination of rupees hundred?

	A)	20
	B)	40
	C)	80
	D)	60

16. How Many times loan can be provided & up to _____ of the balance allowed after one year in RD Account?

	A)	One & 50%
	B)	Two & 50%
	C)	Three & 60%
	D)	Five & 50%

17. Protected Savings Scheme is applicable for the account of denomination of Rs______

	A)	50
	B)	100
	C)	200
	D)	500

18. Online RD Account Deposit facility is available through Intra Operable Netbanking/Mobile Banking. Is this Statement True?

	A)	Yes
	B)	No
	C)	It is possible through IPPB Only
	D)	None of these

19. RD Account can be extended for further ____ years by giving application at account office

	A)	3
	B)	2
	C)	5
	D)	1

20. In case of Term Deposit Accounts, Interest is Payable______& Calculated ______.

	A)	Annually & Quarterly
	B)	Quarterly & Annually
	C)	Annually & Annually
	D)	Annually & Monthly

21. Term Deposit Account can be opened in Multiples of ______& Minimum amount required to open an account is ______.

	A)	100 & 100
	B)	100 & 1000
	C)	10 & 100
	D)	500 & 1000

22. What is the interest payable on the amount of interest that has become due for payment but not withdrawn by the account holder in TD Accounts?

	A)	POSB Rate of Interest
	B)	No Interest
	C)	TD 1 Year rate of interest
	D)	None of these

23. Term Deposit Account Premature encashment is not allowed before expiry of _____ months.

	A)	Three
	B)	Four
	C)	Six
	D)	Nine

24. If 5-year Term deposit Account is closed between 6 months to 12 months from date of Opening, then what is the interest payable for such accounts?

	A)	No Interest
	B)	POSB Rate of Interest
	C)	One year TD Interest
	D)	None of these

25. The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from _______.

	A)	01.04.2007
	B)	01.04.2011
	C)	01.12.2011
	D)	01.04.2008