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. Which among the following is Salient features of SCSS?
(a) A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife). 
(b) In case of Cheque, the date of realization of Cheque in Govt. account shall be date of opening of account.
(c) Account can be transferred from one post office to another.
(d) Nomination facility is available at the time of opening and also after opening of account.
(e) All of the above are Salient features of SCSS.

S1. Ans.(e)
Sol. Silent features of SCSS is below-
An individual of the Age of 60 years or more may open the account.
An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits.
Maturity period is 5 years.
A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife).
Account can be opened by cash for the amount below INR 1 lakh and for INR 1 Lakh and above by C?heque only.
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.
Joint account can be opened with spouse only and first depositor in Joint account is the investor.

Q2. The Maturity period of SCSS is-
(a) 7 years
(b) 5 years
(c) 9 years
(d) 12 years
(e) 15 years

S2. Ans.(b)
Sol. The Maturity period of SCSS is 5 years.

Q3. PPF account is a safe investment option with attractive interest rates and returns that are fully exempted from Income Tax. PPF stands for-
(a) Public Provident Follow 
(b) Public Provident Firm 
(c) Public Provident Fund
(d) Public Personal Fund 
(e) People Provident Fund

S3. Ans.(c)
Sol.  Public Provident Fund (PPF) account is a safe investment option with attractive interest rates and returns that are fully exempted from Income Tax.

Q4. What is the interest rate of PPF as on 01st January 2018?
(a) 7.6% per annum
(b) 7.4% per annum
(c) 7.8% per annum
(d) 7.2% per annum
(e) 7.7% per annum

S4. Ans.(a)
Sol. The interest rate of PPF as on 01st January 2018 is 7.6%.

Q5. What is the minimum amount for opening of account of PPF Account?
(a) INR. 1,000/-
(b) INR. 1,500/-
(c) INR. 2,500/-
(d) INR. 500/-
(e) INR. 100/-

S5. Ans.(d)
Sol. INR. 500/- is the minimum amount for opening of account of PPF.

Q6. What is the maximum balance that can be retained in PPF Account?
(a) INR. 3,50,000/- in a financial year.
(b) INR. 3,00,000/- in a financial year.
(c) INR. 2,50,000/- in a financial year.
(d) INR. 2,00,000/- in a financial year.
(e) INR. 1,50,000/- in a financial year.

S6. Ans.(e)
Sol. Maximum INR. 1,50,000/- in a financial year can be retained in PPF Account.

Q7. How many installments can be Deposits in PPF account?
(a) 14 installments
(b) 16 installments
(c) 18 installments
(d) 12 installments
(e) 10 installments

S7. Ans.(d)
Sol. Deposits can be made in lump-sum or in 12 installments in PPF Account.

Q8. What is the silent features of PPF Account?
(a) An individual can open account with INR 100/- but has to deposit minimum of INR 500/- in a financial year and maximum INR 1,50,000/-
(b) 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.
(c) 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.
(d) The subscriber can open another account in the name of minors but subject to maximum investment limit by adding balance in all accounts.
(e) All of the above is the silent features of PPF Account

S8. Ans.(e)
Sol. Silent features of PPF Account-
An individual can open account with INR 100/- but has to deposit minimum of INR 500/- in a financial year and maximum INR 1,50,000/-
Joint account cannot be opened.
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.
The subscriber can open another account in the name of minors but subject to maximum investment limit by adding balance in all accounts.
Maturity period is 15 years but the same can be extended within one year of maturity for further 5 years and so on.

Q9. NSC is an investment scheme floated by the Government of India. What is the meaning of "C" in NSC?
(a) Cess
(b) Certificate
(c) Cash 
(d) Common
(e) Clear

S9. Ans.(b)
Sol. The National Savings Certificate (NSC) is an investment scheme floated by the Government of India.

Q10. What is the Minimum Amount for opening of account in NSC?
(a) INR. 100/-
(b) INR. 200/- 
(c) INR. 300/- 
(d) INR. 400/- 
(e) INR. 500/-

S10. Ans.(a)
Sol. Minimum INR. 100/- No maximum limit available in denominations of INR. 100/-, 500/-, 1000/-, 5000/- & INR. 10,000/- in National Savings Certificates (NSC).

Q11. What is the maximum balance that can be retained in NSC?
(a) No Limit
(b) INR. 1 lakh
(c) INR. 15 lakh
(d) INR. 5 lakh
(e) INR. 10 lakh

S11. Ans.(a)
Sol. Minimum INR. 100/- No maximum limit available in denominations of INR. 100/-, 500/-, 1000/-, 5000/- & INR. 10,000/- in National Savings Certificates (NSC).

Q12. What is the interest rate of NSC as on 01st January 2018?
(a) 7.5% compounded annually but payable at maturity.
(b) 7.6% compounded annually but payable at maturity.
(c) 7.7% compounded annually but payable at maturity.
(d) 7.7% compounded annually but payable at maturity.
(e) 7.8% compounded annually but payable at maturity.

S12. Ans.(b)
Sol. 7.6% compounded annually but payable at maturity is the interest rate of NSC as on 01st January 2018.

Q13. KVP can be purchased from any Departmental Post office. KVP stands for-
(a) Kisan Vikas Public
(b) Kisan Vilay Patra
(c) Kisan Vikas Patra
(d) Krishi Vikas Patra
(e) Kisan Vimal Patra

S13. Ans.(c)
Sol. Kisan Vikas Patra (KVP) can be purchased from any Departmental Post office. Facility of nomination is available.

Q14. The amount of KVP can be withdrawn after-
(a) 115 months
(b) 116 months
(c) 117 months
(d) 118 months
(e) 119 months

S14. Ans.(d)
Sol. In KVP, Amount Invested doubles in 118 months (9 years & 10 months).

Q15. What is not the Salient features of KVP? 
(a) Certificate can be purchased by an adult for himself or on behalf of a minor or by two adults.
(b) KVP can be purchased from any Departmental Post office.
(c) Facility of nomination is available.
(d) Certificate can be transferred from one person to another and from one post office to another.
(e) Certificate can be cash after 5 & 10 years from the date of issue.

S15. Ans.(e)
Sol. Salient features of Kisan Vikas Patra (KVP) is-
Certificate can be purchased by an adult for himself or on behalf of a minor or by two adults.
KVP can be purchased from any Departmental Post office.
Facility of nomination is available.
Certificate can be transferred from one person to another and from one post office to another.
Certificate can be cash after 2 & 1/2 years from the date of issue.
Investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.


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