SCSS MCQ | Quiz Questions and Answers on Senior Citizens Savings Schemes (NS SCSS) Rules 2019 | Short Notes | Post Office Exams MCQ Set [30]

MCQs On Post Office Senior Citizen Savings Scheme Rules 2019,Multiple choice questions and answers (MCQs) on National Savings Senior Citizen Savings Scheme 2019 (SCSS 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.

SENIOR CITIZENS SAVINGS SCHEME SALIENT FEATURE

1. An individual who has attained the age of 60 years or superannuation personnel who has attained age of 55 years and Retired defense personnel who has attained age of 50 years can open account.

2. Incase of a joint account, the age of the first account holder shall be considered to determine the eligibility to open the acct and there shall be no age-limit for the second applicant.

3. If PMC is allowed before 1 year, the int paid within 1 yr has to be fully recovered. after 1 yr before 2 yrs, deduction of 1.5 % applicable, after 2 years before 5 years, deduction of 1% applicable.

4. Account can be closed after 5 years from opening of an account. Incase death of depositor, when spouse is a sole nominee, the spouse can continue the account only when he/she meets the conditions of the scheme on the date of death of the account holder.

5. If the spouse has separate SCSS in his/her name, then the SCSS account in the name of the deceased depositor cannot be continued.

6. The depositor may extend the account once for a further period of 3 years by making an application in Form-B to the post office within a period of 1 yr after the maturity period of 5 yrs.

7. The account holder may close the account any time after one year from the date of extension of account without any deduction.

8. If depositor age <60, TDS should not be deducted for interest up to Rs 40000/annum and

9. If depositor age> 60, TDS should not be deducted for interest up to Rs 50000/annum.

10. No TDS should be deducted if depositor submitted 15G/H.

11. Can claim IT exemption under section 80c.

1. Which one of the following is not correct in respect of opening of account under senior citizen Saving Scheme 2019?

A One who attained the age of 60 years can open an account

B A person retired from defence excluding civilian defence may open in account on attaining the age of 50 years

C A person retired from defence including civilian defence may open an account on attaining the age of 50 years

D A person retired on superannuation on attaining the age of 55 years may open an account subject to other conditions laid under section 3 (ii)

C

 

 

2. Which one of the following is not correct in respect of opening of account under senior citizen saving schemes 2019?

A A joint account can be opened only with spouse

B Account holder may operate more than one account

C There shall be no age limit for the second applicant in case of joint account

D The whole amount of deposit in a joint account Shall be attributable to both the account holder

D

 

 

3. An account under senior citizen Saving Scheme 2019 will be opened with ?

A Opened with a minimum deposit of Rs 1000 or any some in multiples of Rs 1000

B A deposit of 1000 rupees only

C Open with a minimum deposit of 500 rupees

D Opened with a minimum deposit of Rs 100

A

 

 

4. Which one of the following is not included in retirement benefits mentioned in senior citizen Saving Scheme 2019?

A Provident Fund dues

B Insurance element of group savings linked Insurance Scheme

C Commuted value of pension

D Cash equivalent of leave

B

 

 

5. Which one of the following is correct in respect of senior citizen Saving Scheme 2019 ?

A There maybe two deposit in the account

B Amount deposited in excess to the ceiling will carry saving rate of interest till the date of refund

C Not claimed quarterly interest shall earn interest

D Account extended after maturity shall earn interest at the rate applicable to the scheme on the date of opening of account

B

 

 

6. Which one of the following is not correct with respect to closure of senior citizen Saving Scheme account 2019?

A Paid interest will be recovered if the account is closed before 1 year from the date of opening of the account

B If the account is closed after 1 year but before 2 year from the date of opening one and half percent amount will be deducted

C If the account is closed after the Expiry of 2 years from the date of opening one percent amount will be deducted

D If the account is closed after 1 year but before 2 year from the date of opening 2% amount will be deducted

D

 

7. Under senior citizen Saving Scheme 2019 an account may be extended for the period of ?

A 5 years

B 3 years

C 1 years

D 2 years

B

 

 

8. How many times customer can avail the extension of account under senior citizen savings scheme 2019?

A Twice

B Thrice

C Four times

D Only once

D

 

 

9. Which one of the following is correct in respect of extended senior citizen Saving Scheme account 2019 ?

A The account holder may close the account anytime after 1 year from the date of extension of account without any deduction

B The account holder may close the account anytime after 3 years from the date of extension of account without any deduction

C The account holder may close the account anytime after 4 years from the date of extension of account without any deduction

D The account holder may close the account anytime after 2 years from the date of extension of the account without any deduction

A

 

10. Mr & Mrs Smith opened an account on 01.06.2020 with an amount of Rs Ten Lakhs and after some time he wants to close prematurely on 10.06.2021, How much amount he will get back?

A Rs 9.5 lakhs

B Rs 10 lakhs

C Rs 9.85 lakh

D None of these

C

 

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