MODEL QUESTIONS FOR PS GP B, IPO & PM GRADE 1 EXAM ( Q 1 - 75 )



1.         What is the current rate of interest on saving accounts?

            a)         3.5%                                       b)         4%
            c)         8%                                          d)         8.2 %                                                  Ans:b

2.         The revised rate of interest @4% on saving accounts wef

            a)         01 Oct 2011                           b)         01 Dec 2011
            c)         01 Nov 2011                         d)         01 Jan 2012                                      Ans:b

3.         How many Single saving accounts may be opened by an adult in his own name in any one post office?

            a)         Only one                                b)         Only Two
            c)         No such limit                         d)         None of these                                   Ans:a(4)



4.         How many adult may open a joint saving account?

            a)         Two                                         b)         Three
            c)         Two or three                          d)         None of these                                   Ans:c


5.         What is the minimum age for opening a single saving account by a minor himself in his name?

            a)         10 years                                 b)         14 years
            c)         18 years                                 d)         No min age limit                               Ans:a

6.         How many saving accounts can be opened by a guardian on behalf of a minor?
           
a)                 Only one account can be opened on behalf of one minor by one guardian i.e either mother or father
b)                 Only two account can be opened on behalf of one minor by both the father and mother
c)                  No min limit
d)                 None of these                                                                                               Ans:a

7.         What is the fee for making nomination in a saving accounts first time

            a)         Rs 1/-                                      b)         Rs 2/-
            c)         Rs 3/-                                      d)         Free                                                    Ans:d

8.         What is the fee for getting the nomination altered in a savings account

            a)         Rs 1/-                                      b)         Rs 2/-
            c)         Rs 3/-                                      d)         Rs 5/-                                                  Ans:a

9.         In what manner  fee for getting the nomination cancelled in a Savings account is to be paid?

            a)         In shape of cash                 
b)         By deposit to UCR
            c)         In shape of stamp affixed on the application
            d)         None of these                                                                                               Ans:c


10.       How many times withdrawal can be made from a savings account standing at BO in a day?

            a)         Two times only                     b)         Only once
            c)         Any number of times           d)         None of these                                   Ans:b


11.       How many times withdrawal can be made from a savings account standing at SO/HO in a day?

            a)         Two times only                     b)         Only once
            c)         Any number of times           d)         None of these                                   Ans:c

12.       Up to what amount payment order for withdrawal from saving account may be sanctioned by a branch postmaster?

            a)         Rs 500/-                                 b)         Rs 2500/-
            c)         Rs 5000/-                               d)         Rs 10000/-                                         Ans:c

13.       What is minimum balance should remain in a savings account without cheque account  after withdrawal?

            a)         Rs 50/-                                   b)         Rs 500/-
            c)         Rs 1000/-                               d)         Rs 100/-                                             Ans:a

14.       What is minimum balance should remain in a savings account with cheque book after withdrawal?

            a)         Rs 50/-                                   b)         Rs 500/-
            c)         Rs 1000/-                               d)         Rs 100/-                                             Ans:b

15.       Whether  nomination facility is available in savings account opened in the name of a minor by his guardian?

            a)         Yes                                         b)         No
            c)         Cannot say                           d)         None of these                                   Ans:b

16.       Mark the correct option

a)                 Minor cannot appoint a messenger for making withdrawal from SB account
b)                 At the time of making a withdrawal by cheque from saving account not necessary to provide  pass book
c)                  The amount annual interest added in a saving account may not be treated as transaction in that account
d)         All the above                                                                                                 Ans:d

17.       What is minimum amount may be withdrawn by a cheque from a cheque saving account?

            a)         Rs 500/-                                 b)         Rs 100/-        
            c)         Rs 100/-                                 d)         Rs 20/-                                               Ans:d



8.         After how many consecutive years without any transaction a saving account is treated as silent account?

            a)         2 years                                   b)         3 years
            c)         4 years                                   d)         5 years                                               Ans:b

19.       What is the fee for issue of duplicate passbook in saving account?

            a)         Rs 20/-                                   b)         Rs 10/-
            c)         Rs 5/-                                      d)         Free                                                    Ans:b

20.       In what manner  the fee for issue of duplicate pass book of savings account is paid by the depositor?

a)                 By cash                     
b)                 By crediting to UCR
c)                  Postage stamp equal to the value of the fee to be affixed on the application
d)                 Through ACG 67                                                                                         Ans:c
21.       Which office issue duplicate passbook  of a saving accounts is paid by the depositor?

            a)         Head  Office                                      b)         SO
            c)         The same SO where A/c Stands   d)         None of these                       Ans:c

22.       What is the fee for transfer of saving account from one post office to another post office?

            a)         Rs 5/-                                                  b)         Rs 10/-
            c)         Rs 1/- shape of postage                  d)         Free                                        Ans:d

23.       Mark the correct option

a)                 The final withdrawal in saving account made through SB 7 only
b)                 In joint B saving accounts at the time of transfer and closing all the account holder’s signature is required.
c)                  Saving account of deceased depositor can not be transferred from one post office to another post office
d)                 All the above                                                                                                 Ans:d

24.       How many persons can be nominated by the depositor of a savings account?

            a)         Only one persons                            b)         Two persons only
            c)         Any number of person                    d)         None of these                       Ans:c

25.       What is the maximum balance may be deposited to Single/ Joint account

            a)         1 lac/2 lac                                          b)         2lac/3 lac
            c)         No maximum limit                            d)         None of these                       Ans:c

26.       No maximum limit on saving bank  accounts from

            a)         01 Oct 2011                                       b)         01 Dec 2011
            c)         01 Jan 2012                                      d)         None of these                       Ans:a

27.       Interest earned is Tax free u to Rs

            a)         5000/-                                                 b)         3000
            c)         2500/-                                                 d)         3500/-                                     Ans:d

28.       Mark the incorrect option

a)                 Single account  can be converted into Joint and Vice versa
b)                 Minor after attaining majority has to apply for conversion of the account in his name
c)                  If minor attaining majority the account can be closed by guardian
d)                 None of these                                                                                               Ans:c

29.       If the account opened with initial deposit exceeding Rs 50000/- _____ is mandatory

            a)         Pan Card photocopy                       b)         Declaration in form 60/61
            c)         Both the above                                 d)         Either A or B                         Ans:d


30.       Mark the correct option

a)                 A pensioner of any central or state Govt whom dept of post has signed an agreement for disbursement of pension can open either single or joint with spouse account.
b)                 Sanchayika accounts can be opened in the name of the principal/teacher and two students not less than 10 year of age
c)                  Minor account can be opened by a person  under the law in force from time to time as guardian when father and mother both are not alive
d)                 All the above                                                                                                 Ans:d


31.       Mark correct option relating to worker wage accounts

a)                 A single account may be opened by any of the registered adult of a house hold whose name is mentioned in the job card.
b)                 A joint account can be opened in the name of husband and wife provided that names of both are registered in the job card
c)                  Joint B account cannot be opened under this category of account
d)                 Only one account can be opened.
e)                 All the above                                                                                                 Ans:d

32.       What is IGNOAPS?

a)                 Indian Government National Old  Age Pension Scheme
b)                 Indian Guaranty National Old Age Pension Scheme
c)                  Indira Gandhi National Old Age Pension Scheme
d)                 None of these                                                                                               Ans:c

33.       What is IGNWPS?

a)                 Indian Government National Worker Pension Scheme
b)                 Indira Gandhi National Widow Pension Scheme
c)                  Indira Gandhi National Worker Pension Scheme
d)                 None of these                                                                                               Ans:b


34.       What is IGNDPS?

a)                 Indira Gandhi National Development pension Scheme
b)                 Indian Government National disability pension Scheme
c)                  Indiara Gandhi National disability pension Scheme
d)                 None of these                                                                                               Ans:c

35.       A blind or illiterate or physically handicapped adult

a)                 Cannot be opened any account
b)                 May open or operate account personally
c)                  May operate account through a literate agent nominated by him for the purpose
d)                 Both the B and C                                                                                         And:d

36.       Mark the correct option

a)                 A literate person can account with cheque facility
b)                 No minimum amount is required for opening of Workers wage account
c)                  Saving account can be opened by cash only
d)                 All the above                                                                                                 Ans:d

40.       What is MG-NREGA?

a)                 Most Guaranteed – National Rural Employment Guaranty Act
b)                 Mhatma Gandhi- New Right Enabled Guaranty Act
c)                  Mahatma Gandhi- National Rural Employment Guaranty Act
d)                 None of these                                                                                               Ans:c


41.       Mark the correct option

a)                 No subsequent deposit allowed less than Rs 5 in saving account
b)                 No withdrawal is allowed less than Rs 5
c)                  No withdrawal shall be permitted which has the effect reducing the balance to less than fifty in single account and less than 500 in cheque account
d)                 All the above                                                                                                 Ans:d

42.       Mark the correct option

a)                 No interest shall be allowed on an account for any month in which the balance at credit below twenty rupees ant any time between the close of the tenth day and end of the month
b)                 No interest shall be allowed on an account for any year in which the amount of interest for the year is less than one rupees
c)                  In case death of the depositor interest in the account will be allowed till the end of the month preceding the month in which sanction for withdrawal of balance is issued by competent postal authority
d)                 All the above                                                                                                 Ans:d

43.       Mark the incorrect option

a)                 No  further transaction will be allowed in silent account
b)                 The silent account cannot be revived should be closed
c)                  The silent account can be revived by transaction and submitting an application.
d)                 None of these                                                                                               Ans:b

44.       Mark the correct option

a)                 In case of silent accounts in which the minimum balance below Rs 50/- a service charge of Rs 20/- per year is debited on the last working day of the financial year.
b)                 When balance in silent account becomes Zero the account shall be treated as closed
c)                  A service charge for dishonored cheques @50/- per cheque plus postage charge will be debited to the depositor accounts.
d)                 All the above                                                                                                 Ans:d

45.       In case any discrepancy, passbook will be retained and receipt form____ will be issued to the depositor

            a)         SB-32                                                 b)         SB-28
            c)         SB-27                                                 d)         SB-14                                     Ans:b

46.       In case the balance was above one lac in deceased depositor account___ is necessary

a)                 Witness of responsible person
b)                 Thumb impression of the deceased person
c)                  Succession certificate or Probate of will or letter of administration
d)                 All the above                                                                                                 Ans:c

47.       To supply of saving bank ledger copy Rs _____ will be charged

a)                 10 per ledger copy
b)                 Rs 5 per every thirty entry
c)                  Rs 2 per every thirty entries or part there of
d)                 Free                                                                                                                Ans:c

48.       Mark the correct option relating to cheque collection charges.

a)                 Rs 30/- for a cheque up to Rs 1000/-
b)                 Rs 3/- per thousand beyond Rs 1000/-
c)                  No collection charges will be charged on outstation cheque  of Post office saving bank drawn in post office saving bank
d)                 All the above                                                                                                 Ans:d

49.       When an account opened in contravention of rules

a)                 The account should be closed
b)                 The deposit made in the account refunded to the depositor without interest
c)                  Both  A and B
d)                 None of these                                                                                               Ans:c

50.       Mark the correct option

a)                 The account can be transferred  submitting an application in form SB 10(b)
b)                 The account may be opened in using the form SB 3
c)                  SB 7 is necessary to get withdrawal  except cheque account
d)                 All the above                                                                                                 Ans:d


51.       A person can open ____ of RD Accounts in one post office

            a)         Only one                                            b)         One single and another joint
            c)         Any number                                      d)         None of these                       Ans:c

52.       Mark the correct option

a)                 A RD account can be opened with min deposit of Rs 10/- and  multiple of Rs 5/-
b)                 No max deposit will be prescribed in RD account
c)                  Rebate will be paid on 6 advance deposit or more as per prescribed and default will be recovered if a depositor fails to deposit his/her monthly deposit up to last working day of a calendar month,
d)                 All the above                                                                                                 Ans:d

53.       Mark the correct option

a)                 Withdrawal  will be allowed 50% deposited amount in RD account after one year and after 12 monthly deposit.
b)                 No withdrawal is allowed in discontinued RD accounts
c)                  10% interest will be charged on loan amount
d)                 If the repayment with interest is made on or before the 10th of the month, no interest shall be payable for that month
e)                 All the above                                                                                                 Ans:e


54.       The rate of interest in RD account opened before 01 Dec 11 and on or after 01 Dec 2011 and up to 31 Mar 12 is
           
            a)         6.5%, 7%                                           b)         7.5%, 8%
            c)         8%, 8.5%                                           d)         8%, 8.2%                               Ans:b

55.       The maturity value on Rs 10 denomination of RD account opened on or after 01 Dec 2011 and up to 31 Mar 12  and 01 Apr 12 is(Interest @8.4%)
           
            a)         728.29                                                b)         738.62, 747
            c)         738.51                                                d)         738.10                                    Ans:b

56.       Mark the correct option relating to RD

a)                 If there are more than four monthly defaults, the account shall be treated as discontinued
b)                 Revival of the account shall be permitted only within a period of two months from the month of fifth default.
c)                  Discontinued account can be closed after three years
d)                 All the above                                                                                                 Ans:d

57.       Protected saving scheme is admissible in _____ den of RD accounts

            a)         10                                                        b)         20
            c)         50                                                        d)         50                                            Ans:d

58.       Mark the correct option relating to Protected saving scheme
a)         Twenty four months have been elapsed from the date of opening the account and during the said period all the month installments have been paid into the account without any default and there has been no withdrawal from the account during the period.
b)         The age of the depositor or depositors as the case may be, at the time of opening the account was not less than 18 years and not more than 53 years
c)         The legal heir/nominee of the deceased depositor has not made any claim or has not already been given the benefit in respect of any other account under the scheme
d)         The claim applied for within one year of the death of the depositor    
e)         All the above                                                                                                   Ans:e

59.       Mark the correct option
           
a)                 In case RD account opened between 1st and 15th of the month the subsequent deposit shall be made up to 15th of the next month.
b)                 In case RD account opened between 16th and last date of the month the subsequent deposit shall be made up to end of the month of next month
c)                  The above effect apply all account opened before 01 Jan 2012 and after .
d)                 All the above                                                                                                 Ans:d
          (This rule presently not in force)

60.       In case of maturity value of discontinued RD account is retained after the date of maturity the depositor shall be entitled ______ of interest wef 01 Jan 2012

            a)         3.5%                                                   b)         4%
            c)         8%                                                      d)         9.25%                                     Ans:b


61.       Post maturity interest on RD account after extended maturity period shall be paid up to

            a)         1 Year                                                b)         2 Years
            c)         3 Years                                  d)         No  limit          (from 01-01-12)            Ans:d

62.       Present rate of interested on on 1, 2, 4, 5 years  fixed deposit(TD)  is

            a)         6.25%, 6.50%, 7.25%, 7.50%         b)         7.25%, 7.50%, 8%, 8.2%
            c)         8.2%, 8.3%, 8.4%, 8.5%                  d)         None of these                       Ans:c

63.       A person can open ____ of TD Accounts in one post office

            a)         Only one                                            b)         One single and another joint
            c)         Any number                                      d)         None of these                       Ans:c

64.       Minimum limit for deposit in TD Account

            a)         200/- and multiple 200/-                  b)         100/- and multiple 100/-
            c)         200/- and multiple 100/-                  d)         None of these                       Ans:a


65.       Mark the correct option

a)                 There is no maximum limit of deposit in TD accounts of any type
b)                 No subsequent withdrawal allowed in TD accounts before date of maturity
c)                  The investment under 5 years TD qualifies for the benefit of Section 80C f the income tax Act 1961 from 01-04-2007
d)                 All the above                                                                                                 Ans:d

66.       The amount of maturity inclusive of interest if becomes Rs 20000/- or above shall be paid by

            a)         Cash only                                          b)         By crossed cheque
            c)         By Credit into saving accounts     d)         Either B or C                         Ans:d

67.       Mark the correct option

a)                 TD accounts cannot be closed prematurely before 6 months from the date of opening of account.
b)                 Where a deposit in 1, 2, 3 or 5 year account is withdrawn prematurely after 6 month but before expiry of one year from the  date of deposit , no interest will be payable to the depositor.
c)                  Where a deposit in 2,3 or 5 year account is withdrawn prematurely after the expiry of one year interest on such deposit shall be payable to the depositor such interest hall be calculated at the rate which shall be 1% less than the rate specified for 1 , 2 or 3 years as the case may be.
d)                 All the above                                                                                                    Ans:d

68.       Pledging of TD account as security in the name of

a)                 The president of India or Governor of the state in his official capacity
b)                 The reserve bank of India or a scheduled bank or a co-operative society
c)                  Both the A and B
d)                 None of these                                                                                                  Ans:c

69.       Post maturity interest on TD account shall be paid up to

            a)         1 Year                                                b)         2 Years
            c)         3 Years                                  d)         No  limit                                                 Ans:b

70.       Mark the correct option

a)                 No cheque collection charge is to be charged in Worker wage accounts
b)                 Workers wage account cannot be transferred from one post office to another Post office
c)                  No subsequent deposit can be made in workers wage account
d)                 No amount is required for opening worker wage accounts
e)                 All the above                                                                                                 Ans:e


71.       Minimum limit in opening of MIS account

a)                 Rs 1000/-  and in multiple of Rs 1000/-
b)                 Rs 1500/- and in multiple of Rs 1500/-
c)                  Rs 1250/- and in multiple of Rs 1250/-
d)                 None of these                                                                                               Ans:b

72.       What is the maximum limit of deposit in MIS account in single and joint?

            a)         1.5 lac and 3 lack                             b)         3 lac and 4.5 lack
            c)         4.5 lac and 9 lac                               d)         6 lac    and 9 lac                    Ans:c

73.       Mark the correct option MIS account opened on or after 01 Apr 12
           
a)                 The rate of interest shall be 8.5 % per annum payable monthly.
b)                 No withdrawal will be allowed before expiry of  maturity period 5 years
c)                  No bonus shall be payable
d)                 All the above                                                                                                 Ans:d

73.       5% bonus on initial deposit of MIS account allowed an account opened between

            a)         08 Dec 2007 to 30 Nov 2011         b)         13 Feb 2006 to 30 Nov 2011
            c)         Before 13 Feb 2006                         d)         None of these                       Ans:a

74.       Post maturity interest on TD account shall be paid up to

            a)         1 Year                                                b)         2 Years
            c)         3 Years                                  d)         No  limit                                                 Ans:b

75.       Mark the correct option

a)         The MIS account can be close after expiry of one year.
                b)         The MIS account closed after one year but before three year 2 %  deduction    will be  made on initial deposit
c)            The MIS account closed after expiry of three year 1% deduction will be made   on the initial deposit
d)         In case of death of the depositor before maturity  account may be closed and    deposit refunded along with interest up to the month preceding the month in          which refund made.
e)         All the above                                                                                                 Ans:e


(Prepared & published by AB Kantharaja, Mobile 8969822340, http://abkantharaja.blogspot.in)

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