Banking Quiz for IBPS Clerk Mains and IPPB Officers Exam

Dear Aspirants,

Banking Quiz for IBPS Clerk Mains and IPPB Officers Exam


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. 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

S1. 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.

Q2. 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/.

S2. Ans.(a)
Sol. Minimum Amount for opening of account that can be retained of Post Office Time Deposit Account is Rs. 200.

Q3. 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%

S3. Ans.(c)
Sol. The interest rate of Post Office 5 years Time Deposit Account (As on 01st January 2018) is 7.4%.

Q4. 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

S4. Ans.(e)
Sol. MIS stands for Monthly Income Scheme.

Q5. 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

S5. 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.

Q6. What is the interest rate of Post Office MIS Account (As on 01st January 2018)?
(a) 7.1% per annum payable monthly
(b) 7.9% per annum payable monthly
(c) 7.7% per annum payable monthly
(d) 7.5% per annum payable monthly
(e) 7.3% per annum payable monthly

S6. Ans.(e)
Sol. 7.3% per annum payable monthly, is the interest rate of Post Office MIS Account (As on 01st January 2018).

Q7. What is the Maximum investment limit in joint account of Post Office MIS Account?
(a) Rs 6.00 lakh 
(b) Rs 4.50 lakh
(c) Rs 20.00 lakh 
(d) Rs 9.00 lakh
(e) Rs 1.50 lakh 

S7. Ans.(d)
Sol. Maximum investment limit is INR 4.5 lakh in single account and INR 9 lakh in joint account of Post Office MIS Account.

Q8. What is the silent features of Post Office MIS Accounts?
(a) Account can be opened by cash/Cheque and in case of Cheque the date of realization of Cheque in Govt. account shall be date of opening of account.
(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) All of the above are silent features of Post Office MIS Accounts
(e) Account can be opened in the name of minor and a minor of 5 years and above age can open and operate the account.

S8. Ans.(d)
Sol. Here is some silent features of Post Office MIS Accounts.
Account may be opened by individual.
Account can be opened by cash/Cheque and in case of Cheque the date of realization of Cheque in Govt. account shall be date of opening of account.
Nomination facility is available at the time of opening and also after opening of account.
Account can be transferred from one post office to another.
Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.
Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
Joint account can be opened by two or three adults.

Q9. Interest can be drawn through auto credit into savings account standing at same post office, through PDCs or ECS./In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post offices. CBS stands for-
(a) Core Balance Solutions
(b) Core Banking Solutions
(c) Core Banking System
(d) Core Banking Service
(e) Common Banking Solutions

S9. Ans.(b)
Sol. Interest can be drawn through auto credit into savings account standing at same post office, through PDCs or ECS./In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS (Core Banking Solutions) Post offices.

Q10. Post Offices is providing MMTS service. What is the meaning of "MM" in MMTS?
(a) Mobile Mobile
(b) Mobile Money
(c) Money Money
(d) Management Money
(e) Missing Money

S10. Ans.(b)
Sol. Mobile Money Transfer (MMTS) is a service that enables instant money tra?nsfer from one place to another place using mobile, through Indian post offices. The consumer just needs to have a mobile while the actual transmission of the money is initiated by the Postal Assistant, using his/her special handset.

Q11. SCSS offers regular income, highest safety and tax saving, making it a popular product for those over _____ years of age. 
(a) 64 years
(b) 62 years
(c) 60 years
(d) 65 years
(e) 80 years

S11. Ans.(c)
Sol. The Senior Citizens Savings Scheme (SCSS) offers regular income, highest safety and tax saving, making it a popular product for those over 60 years of age.

Q12. What is the meaning of SCSS?
(a) Senior Citizens Savings Scheme
(b) Senior Citizens Savings Scene
(c) Senior Certificate Savings Scheme
(d) Senior Citizens System Scheme
(e) Senior Common Savings Scheme

S12. Ans.(a)
Sol. SCSS stands for- Senior Citizens Savings Scheme.

Q13. What is the maximum amount of SCSS?
(a) INR 20 lakh
(b) INR 25 lakh
(c) INR 30 lakh
(d) INR 10 lakh
(e) INR 15 lakh

S13. Ans.(e)
Sol. There shall be only one deposit in the account in multiple of INR.1000/- maximum not exceeding INR 15 lakh.

Q14. Account can be opened by cash for the amount below INR _____ lakh and for INR ___________ Lakh and above by Cheque only in SCSS?
(a) INR 7 lakh and for INR 8 Lakh 
(b) INR 5 lakh and for INR 6 Lakh 
(c) INR 3 lakh and for INR 4 Lakh 
(d) INR 1 lakh and for INR 1 Lakh
(e) INR 2 lakh and for INR 3 Lakh

S14. Ans.(d)
Sol. Account can be opened by cash for the amount below INR 1 lakh and for INR 1 Lakh and above by Cheque only in SCSS.

Q15. What is the interest rate of SCSS as on 01st July 2017?
(a) 8.5% per annum
(b) 8.3% per annum
(c) 8.7% per annum
(d) 8.9% per annum
(e) 8.1% per annum

S15. Ans.(b)
Sol. 8.3% per annum is the interest rate of SCSS as on 01st July 2017.


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