Banking Quiz for IBPS Clerk Mains and Canara Bank PO Exam 2018

Dear Aspirants,

Banking Quiz for IBPS Clerk Mains and Canara Bank PO Exam 2018


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 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. 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

S6. 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.

Q7. 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/.

S7. Ans.(a)
Sol. Minimum Amount for opening of account that can be retained of Post Office Time Deposit Account is Rs. 200.

Q8. 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%

S8. Ans.(c)
Sol. The interest rate of Post Office 5 years Time Deposit Account (As on 01st January 2018) is 7.4%.

Q9. 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

S9. Ans.(e)
Sol. MIS stands for Monthly Income Scheme.

Q10. 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

S10. 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.

Q11. 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.

S11. 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 Cheque 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.

Q12. The Maturity period of SCSS is-
(a) 7 years
(b) 5 years
(c) 9 years
(d) 12 years
(e) 15 years

S12. Ans.(b)
Sol. The Maturity period of SCSS is 5 years.

Q13. 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

S13. 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.

Q14. 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

S14. Ans.(a)
Sol. The interest rate of PPF as on 01st January 2018 is 7.6%.

Q15. 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. 100/-
(e) INR. 500/-

S15. Ans.(d)
Sol. INR. 100/- is the minimum amount for opening of account of PPF.


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