MCQs On PPF Scheme 2019,Multiple choice questions and answers (MCQs) on Public Provident Scheme 2019 (PPF 2019). Useful for Postal Exams/LDCE IPO Exam/PS Group B Exam/LGO Exams/GDS to Postman/MTS/Mail Gaurd/PA/SA Exams in postal department.
PUBLIC PROVIDENT FUND SCHEME SALIENT FEATURES (PPF 2019)
1. Loan is applicable at any time after the expiry of 3 years before expiry of 5 years from the end of the year in which the initial subscription was made, a sum of whole rupees not exceeding 25% of the amount in his credit at the end of the 2"4 year immediately preceding the year in which the loan is applied for.
2. Loan Interest: 1% - if loan is fully repaid within 36 months, outstanding loan amount after 36 months is calculated at 6% per annum with effect from the 1st day of the month following the month in which the loan was taken to the last day of the month in which it was finally repaid.
3. Withdrawal from account is allowed any time after the expiry of five years from the end of the year in which the account was opened. An amount not exceeding 50% of the amount at the end of the 4th yr immediately preceding the year of withdrawal or at the end of the preceding year, whichever is lower.
4. Only when loan & loan interest is fully repaid then only the withdrawal is allowed.
5. PMC is allowed only for
(i) treatment of serious ailments or life threatening diseases to the account holder, spouse, or dependent children or Parents
(ii) Fee payment towards the higher Education to the account holder or the dependent children, on change in the residency status of the account holder on production of copy of passport or Visa or income tax return, with deduction of 1% from date of opening after getting proper approval from competent authority provided that A/C not closed before 5 financial years.
6. Account can be closed after 15 years from the end of year in which account was opened, Incase death of depositor or normal closure, balance in the account shall earn interest till the end of the month preceding the month in which payment is made.
7. PPF account can be extended for 5 years after maturity with/without Deposits within 1 year from maturity by submitting application in Form-4.
8. If continued, one withdrawal every year is eligible subject to the condition that withdrawal shall not exceed Sixty percent of the balance at his credit at the commencement of the said period. Incase Account is retained w/o deposits, account holder can take 1 Wdl in each financial year.
9. Can claim IT exemption under section 80c.
1. The command CLPR is used in the process of
A Open PPF loan account
B PPF account closure
C Extension of PPF account
D Closure of PPF loan account
2. In Finacle, Command used for PPF Partial withdrawal is
A CPDTM
B CPPFAV
C CPWTM
D PPFAEXT
3. The Finacle command HAFSM is
A Authorised to CPA (Counter Postal Assistant) and SUPERVISOR
B Authorised to SUPERVISOR only
C Authorised to Head Office CPA (Counter Postal Assistant)
D Authorised to all end user
4. In Finacle, extension of PPF will be done through
A HCEXTN
B HTDTRAN
C CPPFEXTN
D CPDTM
5. Finacle command for Funding the PPF account is
A CTM
B HTM
C CPWTM
D CPDTM
6. Which one of the following is correct statement in respect of PPF Scheme 2019?
A Account continued more than a year without deposit after its maturity; there is no option to continue again with deposit
B Account continued without deposit after maturity, will earn no interest
C Account can be closed any time after the 15 years from the end of the following month in which the account was opened
D Facility of partial withdrawal to the account extended shall be subject to the total withdrawal during the block period of five years shall not exceed eighty per cent of the balance at credit at the commencement of the block period
7. In PPF Scheme 2019 withdrawal will be
A will be allowed only twice in a year only
B will be Allowed on discontinued accounts
C will be allowed seventh financial year onwards from the date of opening of account
D will not be allowed to an account opened on behalf of a minor
8. Which one of the following is correct?
A Repayment of loan in PPF account shall be made in instalments only
B The principal amount of a loan shall be repaid by the account holder before the expiry of twenty four months
C Interest on repayment of loan will be at the rate of 2% if the principal amount had been paid within 36 month
D Loan will be admissible in third financial year from the date of opening of account
9. In PPF Scheme 2019 interest shall be
A eligible for a calendar month on the lowest balance at the credit of an account between the close of the fifth day and the end of the month.
B eligible for a calendar month on the lowest balance at the credit of an account between the close of the tenth day and the end of the month
C credited to the account at the end of each quarter
D eligible for a calendar month on the highest balance at the credit of an account between the close of the fifth day and the end of the month
10. The PPF account holder fails to deposit the minimum amount of Rs.500/- in a financial year, account shall be treated as discontinued. Which one of the following is correct?
A The account holder of a discontinued account shall not be eligible to open a new account before Closure of such discontinued account after maturity
B Account may be revived on payment of arrears of minimum deposit
C Facility of partial withdrawal shall be allowed on discontinued account
D The total deposit in a year shall be inclusive of deposits made in respect of years of default of the preceding years including the default fee
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