Banking Quiz for IBPS Clerk Mains and IPPB Officers Exam 2017

Dear Aspirants,

Banking Quiz for IBPS Clerk Mains and IPPB Officers Exam 2017

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 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 maximum Daily ATM cash withdrawal limit in Post Office Saving Schemes??
(a) Rs 25000
(b) Rs 20000
(c) Rs 15000
(d) Rs 10000
(e) Rs 5000

S6. Ans.(a)
Sol. The maximum ??Daily ATM cash withdrawal limit in Post Office Saving Schemes is Rs 25,000.

Q7. How much amount can transfer money from _________ to ___________ from designated IMO Post Offices.
(a) Rs 5,000 to Rs 1,00,000
(b) Rs 1,000 to Rs 50,000
(c) Rs 10,000 to Rs 1,50,000
(d) Rs 100 to Rs 10,000
(e) Rs 2,00,000 to Rs 5,00,000

S7. Ans.(b)
Sol. You can transfer money from INR 1,000/- to INR 50,000/- from designated IMO Post Offices. It is simple to send and receive money.

Q8. What is the Free limit of (Both Financial & Non Financial) transactions per day ATM cash withdrawal in Post Office Saving Schemes in Metro cities??
(a) 5 free transactions
(b) 7 free transactions
(c) 3 free transactions
(d) 2 free transactions
(e) 9 free transactions

S8. Ans.(c)
Sol. Monthly free limit of (Both Financial & Non Financial) transactions per day ATM cash withdrawal in Post Office Saving Schemes in Metro cities? is 3.

Q9. Customer is required to tear off the seal and convey the confidential _________ IMO number to the receiver over phone, SMS, e-mail, etc. at his means and risk.
(a) 18 digits
(b) 20 digits
(c) 24 digits
(d) 16 digits
(e) 28 digits

S9. Ans.(d)
Sol. Customer is required to tear off the seal and convey the confidential 16 digit iMO number to the receiver over phone, SMS, e-mail, etc. at his means and risk.

Q10. What is the commission charges of Rs 10,001 to Rs 30,000 in IMO Booking Procedure?
(a) Rs 150
(b) Rs 120
(c) Rs 130
(d) Rs 100
(e) Rs 110

S10. Ans.(e)
Sol. Rs 110 is the commission charges of Rs 10,001 to Rs 30,000 in IMO Booking Procedure.

Q11. IFS is software developed by UPU to coordinate international remittance services among the partner countries. At present the service is operational with La Poste Group, France and UAE.? IFS stands for-
(a) International Financial Scheme
(b) Indian Financial System
(c) International Fund System
(d) International Financial System
(e) International Financial Service

S11. Ans.(d)
Sol. International Financial System (IFS) is software developed by UPU to coordinate international remittance services among the partner countries. At present the service is operational with La Poste Group, France and UAE.?

Q12. IFS Money Order service is India Post’s own service. What is the feature of IFS Money Order?
(a) Remittances can be received at any of the 17,500 post offices on eMO network.
(b) The Payee receives the full amount in Indian Rupees.
(c) Maximum of 30 transactions per person per year.
(d) Remittances up to INR 50,000 can be received in cash.
(e) All of the above are features of IFS Money Order services




S12. Ans.(e)
Sol. IFS Money Order service is India Post’s own service. The remittances received under this service are being paid through our eMO service. The features of IFS Money Order service is given below.
Remittances can be received at any of the 17,500 post offices on eMO network.
The Payee receives the full amount in Indian Rupees.
Remittances up to INR 50,000 can be received in cash.
Amount exceeding INR 50,000 to be paid through Cheque subject to a maximum limit of USD 2500.
Maximum of 30 transactions per person per year.
Beneficiary has to furnish Unique MO Number (9 digits in case of UAE and 26 digits in case of France) along with valid identification documents like Voter ID Card, Driving License, PAN Card, Ration Card, Aadhar Card, Passport etc. A copy of such document has to be handed over to Post Office staff for their record (KYC Documents).
Same day payment for remittances booked before cut-off time.
Payments subject to RBI Guidelines from time to time.
Payment can be collected from identified Post offices.

Q13. Department of Post's (DOP) MMT is a service that enables instant money tra?nsfer from one place to another place using mobile, through Indian post offices. What is the meaning of "T" in MMT? 
(a) Trust
(b) Transfer
(c) Timely
(d) Transaction
(e) Tructed

S13. Ans.(b)
Sol. DOP Mobile Money Transfer (MMT) 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. The process for money transfer is very simple to understand and follow. This service will be a boon for those sections of our society who regularly remit money to their homes at faraway places and who have no access to any other financial instrument like bank account etc. except mobile phones.

Q14. ______________ is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India by India Post. 
(a) EMO network
(b) International Financial System
(c) Money Transfer Service Scheme
(d) National Electronic Funds Transfer
(e) Society for Worldwide Interbank Financial Telecommunication

S14. Ans.(c)
Sol. Money Transfer Service Scheme is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only inward personal remittances into India such as remittances towards family maintenance and remittances favoring foreign tourists visiting India are permissible. No outward remittance from India is permissible under MTSS.

Q15. As a result of the collaboration of the Department of Posts, Government of India with the Western Union Financial Services, a state of the art International Money transfer Service is now available through the Post Offices in India, which enables instantaneous remittance of money from around ____________ countries and territories to India. 
(a) 195 countries
(b) 415 countries
(c) 115 countries
(d) 135 countries
(e) 295 countries

S15. Ans.(a)
Sol. Money Transfer Service Scheme is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only inward personal remittances into India such as remittances towards family maintenance and remittances favoring foreign tourists visiting India are permissible. No outward remittance from India is permissible under MTSS. As a result of the collaboration of the Department of Posts, Government of India with the Western Union Financial Services, a state of the art International Money transfer Service is now available through the Post Offices in India, which enables instantaneous remittance of money from around 195 countries and territories to India. The recipients can in fact collect the money in minutes after the sender has made the remittance.