Multiple Choice Questions (MCQs) On Banking and Remittances | MIS,SCSS & PPF

 

1. An individual can invest maximum INR ____ in MIS including his share in joint accounts.

	A)	9 Lakhs
	B)	4.5 Lakhs
	C)	6.75 Lakhs
	D)	None of these

2. MIS Account shall be opened with a minimum deposit of one thousand rupees or any sum in multiple of one thousand rupees and there shall be______ deposit in an account.

	A)	One
	B)	Multiple
	C)	None of these
	D)	upto two allowed

3. MIS Account Can be prematurely en-cashed after one year but before Three years at the discount of ____ of the deposit

	A)	1%
	B)	1.5%
	C)	2%
	D)	None of these

4. No bonus in MIS is payable on the deposits made on or after ______

	A)	01.12.2011
	B)	01.04.2011
	C)	01.09.2011
	D)	01.06.2011

5. MIS Interest shall be payable to the account holder on compl

etion of_______

	A)	A Month in which account opened
	B)	A month from the date of deposit
	C)	A Month followed by a Month in which Account Opened
	D)	None of these

6. An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account subject to the condition that the account is opened within________ month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits

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

7. A retired personnel of Defence Services (excluding Civilian Defence employees) shall be eligible to open an account under the SCSS Scheme on attaining the age of _______ years subject to the fulfilment of other specified conditions

	A)	60 Years
	B)	55 Years
	C)	50 years
	D)	None of these

8. In case of SCSS accounts, quarterly interest shall be payable on______

	A)	Payable from the date of deposit of 31st March/30th Sept/31st December
	B)	Payable on 31st March, 30th June, 30th Sept and 31st December
	C)	Payable on 1st working day of April, July, October and January
	D)	None of these

9. If SCSS Account is closed prematurely within one year, then what is the interest payable ?

	A)	No Interest
	B)	POSB Rate of Interest
	C)	Deduction of an amount equal to1.5% of the deposit to be deducted from already paid interest
	D)	No interest, if paid already will be recovered.

10. In SCSS Account, after maturity, the account can be extended for further________years within one year of the maturity by giving application in prescribed format. In such cases, account can be closed at any time after expiry of _______ year of extension without any deduction.

	A)	Three Years & One Year
	B)	One Year & Three Years
	C)	Three Years & Two Years
	D)	Five Years & One Year

11. ln case of death of the depositor happened before 2 years, the account shall be closed and deposit refunded along with interest at the rate of _________ till date of death and at the rate of ______ till the date of final closure of the account.

	A)	SCSS & POSB
	B)	SCSS & SCSS
	C)	SCSS & SCSS with deduction of 1.5 % in deposit
	D)	SCSS with deduction of 1.5 % in deposit & POSB

12. IN SCSS TDS is deducted at source on interest if the interest amount is more than INR ______- p.a

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

13. PPF Account can be opened with Rs_____ & Subsequent deposit in multiples of Rs_____

	A)	500 & 100
	B)	500 & 50
	C)	500 & 10
	D)	1000 & 100

14. Any PPF account in which the account holder, having deposited five hundred rupees in the initial year, fails to deposit the minimum amount in the following years, shall be treated as ________.

	A)	Closed
	B)	Discontinued
	C)	Freezed
	D)	Dormant

15. PPF Account Can be opened by 

	A)	Jointly with (Maximum 2 adults)
	B)	Minor above 10 years of age
	C)	Joint account cannot be opened and only one account can be opened by a citizen in India
	D)	All the above

16. PPF Account Maturity period is _______ years but the same can be extended within one year of maturity for further _____ years and so on.

	A)	5 & 5
	B)	15 & 3
	C)	15 & 5
	D)	15 & 2

17. PPF Premature closure can be allowed after ______ years from the end of the year in which the account was opened subject to some conditions. & _______ % of interest will be deducted from the date of account opening.

	A)	5 & 2
	B)	5 & 1
	C)	6 & 1
	D)	6 & 2

18. Can PPF be attached with Court decree order?

	A)	Yes It can be
	B)	No It cannot be
	C)	Yes On Accrued Amount Only
	D)	Not on Accrued amount but can be on Interest Earned

19. The PPF account can be opened in

	A)	Only at HOs & Sub offices with Class A status
	B)	Only at HOs & Sub offices up to B Class Offices
	C)	In All Departmental Offices
	D)	None of these

20. PPF Withdrawal can be taken after the expiry of ________ years from the end of the year in which the account was opened.

	A)	Three
	B)	Four
	C)	Five
	D)	Seven