Banking Quiz for Canara Bank and Syndicate Bank PO Exam 2018

Dear Aspirants,

Banking Quiz for Canara Bank and Syndicate Bank PO Exam 2018

Banking Awareness for Canara Bank PO

With the increased competition in the field of banking examinations, it has now become very important to cover up all the sections efficiently. One subject that can help you bagging graceful marks in the minimum time in these examinations is Banking Awareness. Banking Awareness not only helps you deal with the General Awareness Section of Banking Exams but also, the Personal Interview round of Banking Recruitment.

Q1. What is the minimum balance should be, in a Cheque account of Post Office Saving Schemes?
(a) Rs 2500
(b) Rs 500
(c) Rs 1000
(d) Rs 2000
(e) Rs 1500

S1. Ans.(b)
Sol. Cheque books are issued in respect of Cheque accounts. In a Cheque account, minimum balance should be INR. 500/-.

Q2. What is the advantage of sending money to someone through money order?
(a) The money is delivered at his/her siblings's house only.
(b) The money is delivered at his/her birthplace only.
(c) The money is delivered at his/her Native Land only.
(d) The money is delivered at the house or his/her place of stay.
(e) None of the given options is true

S2. Ans.(d)
Sol. The advantage of sending money to someone through money order is that the money is delivered at the house or his/her place of stay.

Q3. A ____________ is the person named in money order as the person to whom the money is to be paid.
(a) payee
(b) drawer
(c) banker
(d) drawee
(e) lender

S3. Ans.(a)
Sol. A ‘Payee’ is the person named in money order as the person to whom the money is to be paid . The advantage of sending money to someone through money order is that the money is delivered at the house or his place of stay.

Q4. What is the minimum balance should be, in a non-Cheque account of Post Office Saving Schemes?
(a) Rs 100
(b) Rs 150
(c) Rs 50
(d) Rs 500
(e) Rs 300

S4. Ans.(c)
Sol. Cheque books are issued in respect of Cheque accounts. In a non-Cheque account, minimum balance should be INR. 50/-.

Q5. IMO of India Post is the instant on-line money transfer service that is convenient, reliable and affordable. IMO stands for-?
(a) Indian Money Order
(b) Initial Money Order
(c) Invest Money Order
(d) Instant Management Order
(e) Instant Money Order

S5. Ans.(e)
Sol. India Post presents Instant Money Order (IMO), the instant on-line money transfer service that is instant, convenient, reliable and affordable.

Q6. What is the Minimum Amount for opening of account that can be retained of 5-Year Post Office RD Account?
(a) 10/- per month
(b) 50/- per month
(c) 100/- per month
(d) 5/- per month
(e) 1/- per month

S6. Ans.(a)
Sol. Rs 10 the Minimum Amount for opening of account that can be retained of 5-Year Post Office RD Account.

Q7. RD Account stands for-
(a) Resident Deposit Account
(b) Recurring Deposit Account
(c) Regional Deposit Account
(d) Regular Deposit Account
(e) Repayment Deposit Account

S7. Ans.(b)
Sol. RD Account stand for- Recurring Deposit Account (RD).

Q8. What is the maximum balance of account that can be retained of 5-Year Post Office RD Account?
(a) 10 lakh
(b) 1 crore
(c) No limit
(d) 1 lakh
(e) 50 lakh

S8. Ans.(c)
Sol. There is no limit of maximum balance of account that can be retained of 5-Year Post Office RD Account.

Q9. What is the interest rate of Post Office RD Account (As on 01st January 2018)?
(a) 6.1% per annum (quarterly compounded)
(b) 6.3% per annum (quarterly compounded)
(c) 6.5% per annum (quarterly compounded)
(d) 6.9% per annum (quarterly compounded)
(e) 6.7% per annum (quarterly compounded)

S9. Ans.(d)
Sol. The interest rate of Post Office RD Account (As on 01st January 2018) is 6.9% per annum (quarterly compounded).

Q10. What is the silent features of 5-Year Post Office RD Account?
(a) Account can be opened by cash / Cheque and in case of Cheque the date of deposit shall be date of presentation of Cheque.
(b) Nomination facility is available at the time of opening and also after opening of account.
(c) Account can be transferred from one post office to another.
(d) Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
(e) All of the given options are the silent features of 5-Year Post Office RD Account

S10. Ans.(e)
Sol. Salient features including Tax Rebate of 5-Year Post Office RD Account.
1. Account can be opened by cash/Cheque and in case of Cheque the date of deposit shall be date of presentation of Cheque.
2. Nomination facility is available at the time of opening and also after opening of account.
3. Account can be transferred from one post office to another.
4. Any number of accounts can be opened in any post office.
5. Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
6. Joint account can be opened by two adults.

Q11. Each subscriber under APY shall receive a Central Government guaranteed minimum pension of- 
(a) Rs. 2000 per month
(b) Rs. 3000 per month
(c) Rs. 4000 per month
(d) Rs. 1000 per month
(e) Rs. 5000 per month

S11. Ans.(d)
Sol.  Each subscriber under APY shall receive a Central Government guaranteed minimum pension of Rs. 1000 per month or Rs. 2000 per month or Rs. 3000 per month or Rs. 4000 per month or Rs. 5000 per month, after the age of 60 years until death.

Q12. What is the Minimum Amount for opening of account that can be retained of Post Office Time Deposit Account?
(a) INR 200/.
(b) INR 1000/.
(c) INR 1200/.
(d) INR 1500/.
(e) INR 2000/.

S12. Ans.(a)
Sol. Minimum Amount for opening of account that can be retained of Post Office Time Deposit Account is Rs. 200.

Q13. What is the interest rate of Post Office 5 years Time Deposit Account (As on 01st January 2018)?
(a) 7.7%
(b) 7.3%
(c) 7.4%
(d) 7.1%
(e) 7.9%

S13. Ans.(c)
Sol. The interest rate of Post Office 5 years Time Deposit Account (As on 01st January 2018) is 7.4%.

Q14. All resident individuals is eligible to open a MIS account in single/joint name/s. MIS stands for-
(a) Monthly Investment Scheme
(b) Monthly Income Service
(c) Monthly Installment Scheme
(d) Money Income Scheme
(e) Monthly Income Scheme

S14. Ans.(e)
Sol. MIS stands for Monthly Income Scheme.

Q15. What is the Maximum investment limit in single account of Post Office MIS Account?
(a) Rs 6.00 lakh 
(b) Rs 4.50 lakh
(c) Rs 9.00 lakh 
(d) Rs 11.50 lakh 
(e) Rs 1.50 lakh

S15. Ans.(b)
Sol. Maximum investment limit is INR 4.5 lakh in single account and INR 9 lakh in joint account of Post Office MIS Account.


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