Banking Quiz for IBPS Clerk Mains and IPPB Officers Exam

Dear Aspirants,


Just a few days are left for IPPB Manager/Officers and IBPS Clerk Mains. It is time to pace up your preparation of Banking Awareness for IPPB Manager/Officers and IBPS Clerk Mains. These questions related to Banking Awareness will also help you in preparing for other upcoming banking recruitment examination.

Q1. 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

S1. Ans.(a)
Sol. Rs 10 the Minimum Amount for opening of account that can be retained of 5-Year Post Office RD Account.

Q2. RD Account stands for-
(a) Resident Deposit Account
(b) Recurring Deposit Account
(c) Regional Deposit Account
(d) Regular Deposit Account
(e) Repayment Deposit Account

S2. Ans.(b)
Sol. RD Account stand for- Recurring Deposit Account (RD).

Q3. 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

S3. Ans.(c)
Sol. There is no limit of maximum balance of account that can be retained of 5-Year Post Office RD Account.

Q4. 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)

S4. Ans.(d)
Sol. The interest rate of Post Office RD Account (As on 01st January 2018) is 6.9% per annum (quarterly compounded).

Q5. 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.

S5. 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.

Q6. How many transactions can be received by a single beneficiary in a calendar year of International Money Transfer process in the Post Office Saving schemes?
(a) 40 transactions
(b) 20 transactions
(c) 10 transactions
(d) 30 transactions
(e) 50 transactions

S6. Ans.(d)
Sol. Amounts up to INR. 50,000/- may be paid to the beneficiary in cash. Any amount exceeding this limit shall be paid by means of account payee Cheque or credited directly to the Savings Account standing in the Post Office in the name of the beneficiary. However, in case of foreign tourists, higher amounts can be payable in cash. Only 30 transactions can be received by a single beneficiary in a calendar year of International Money Transfer process in the Post Office Saving schemes.

Q7. How much amounts may be paid to the beneficiary in cash of International Money Transfer process in the Post Office Saving schemes?
(a) INR. 50,000/-
(b) INR. 10,000/-
(c) INR. 25,000/-
(d) INR. 75,000/-
(e) INR. 1,00,000/-

S7. Ans.(a)
Sol. Amounts up to INR. 50,000/- may be paid to the beneficiary in cash. Any amount exceeding this limit shall be paid by means of account payee Cheque or credited directly to the Savings Account standing in the Post Office in the name of the beneficiary. However, in case of foreign tourists, higher amounts can be payable in cash. Only 30 transactions can be received by a single beneficiary in a calendar year oof International Money Transfer process in the Post Office Saving schemes.

Q8. PMJJBY, PMSBY and APY is a-
(a) Corporate Scheme
(b) Micro Scheme
(c) Jansuraksha Scheme
(d) Saving Scheme
(e) Industrial Scheme

S8. Ans.(c)
Sol. Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY), Pradhan Mantri Suraksha Bima Yojna (PMSBY) and Atal Pension Yojna(APY) is a Jansuraksha Scheme.

Q9. ___________ is a one year cover Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due to any reason. 
(a) PMGKY
(b) PMMY
(c) APY
(d) PMSBY
(e) PMJJBY

S9. Ans.(e)
Sol. Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY) is a one year cover Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due to any reason.

Q10. The Government of India has introduced a pension scheme called the APY, with effect from ____________ pursuant to the announcement in the budget for 2015-16 on creating a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector. 
(a) 01st June 2016
(b) 01st June 2015
(c) 01st June 2013
(d) 01st June 2017
(e) 01st June 2012

S10. Ans.(b)
Sol. The Government of India has introduced a pension scheme called the Atal Pension Yojana
(APY), with effect from 1st June, 2015, pursuant to the announcement in the budget for 2015-16 on creating a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector. APY is being administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the overall administrative and institutional architecture of the National Pension System (NPS).

Q11. What is the meaning of "APY" in Banking industry?
(a) Atal Pension Yojana
(b) Aahaar Pension Yojana 
(c) Adarsh Pension Yojana 
(d) Atal Public Yojana 
(e) Atal Provident Yojana

S11. Ans.(a)
Sol. The Government of India has introduced a pension scheme called the Atal Pension Yojana (APY), with effect from 1st June 2015.

Q12. APY is open to all citizens of India who have a savings bank account. The minimum age of joining APY is ____ years and maximum age is _____ years. 
(a) 18 years, 30 years
(b) 18 years, 40 years
(c) 18 years, 50 years
(d) 18 years, 60 years
(e) 18 years, 100 years

S12. Ans.(b)
Sol. APY is open to all citizens of India who have a savings bank account. The minimum age of joining APY is 18 years and maximum age is 40 years.

Q13. __________ is a one year cover, renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident.
(a) PMGKY
(b) PMMY
(c) PMSBY
(d) APY 
(e) PMJJBY

S13. Ans.(c)
Sol. Pradhan Mantri Suraksha Bima Yojna (PMSBY) is a one year cover, renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. The scheme would be offered / administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks for this purpose. Participating banks will be free to engage any such insurance company for implementing the scheme for their subscribers.

Q14. PMSBY is open to all citizens of India who have a savings bank account. The minimum age of joining PMSBY is ____ years and maximum age is _____ years.
(a) 18 years, 40 years
(b) 18 years, 50 years
(c) 18 years, 80 years
(d) 18 years, 70 years
(e) 18 years, 60 years

S14. Ans.(d)
Sol. All savings bank account holders in the age 18 to 70 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the Pradhan Mantri Suraksha Bima Yojna (PMSBY) scheme through one savings bank account only. Aadhar would be the primary KYC for the bank account.

Q15. What is the meaning of "B" in PMJJBY?
(a) Band
(b) Bill
(c) Balance
(d) Bank
(e) Bima

S15. Ans.(e)
Sol. PMJJBY stands for Pradhan Mantri Jeevan Jyoti Bima Yojna.


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