Hi friends, here is the MCQ on Senior Citizens Savings Scheme (SCSS). In the previous posts, we have discussed MCQ on other schemes like POSB, RD, TD, MIS etc. In this post we will be discussing MCQ Questions on Senior Citizens Savings Scheme (SCSS). This questions will be very useful for various Postal Exams. Those preparing for Inspector Posts Exam (IPO Exam) and Postal Service Group B Exam (PS Gr.B Exam) will find these questions handy.
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MCQ on Senior Citizens Savings Scheme (SCSS)
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1. Senior Citizens’ Savings Scheme, 2019 came into force on?
(A)1 July 2019
(B)12 December 2019
(C)1 January 2020
(D)12 June 2019
Ans: (B)12 December 2019
2. In case of a joint account under Senior Citizen Savings Scheme (SCSS), the age of which account holder shall be considered to determine the eligibility to open the account?
(A)Age of the spouse
(B)age of the first account holder
(C)Either A or B
(D)None of the above
Ans: (B)age of the first account holder
3. In case of a joint account, the age of the first account holder shall be considered to determine the eligibility to open the account. In such case, what should be the age limit of the second applicant ie.spouse?
(A)Second applicant’s age should fall in the eligible category
(B)Second applicant should be above 50 years of age
(C)There shall be no age-limit for the second applicant
(D)None of the above
Ans: (C)There shall be no age-limit for the second applicant
4. “Year” as defined under Senior Citizens’ Savings Scheme, 2019 means?
(A)period of twelve months commencing from the date of deposit in the account
(B)period of three months commencing from the date of deposit in the account.
(C)period of six months commencing from the date of deposit in the account.
(D)period of twenty four months commencing from the date of deposit in the account.
Ans: (A)period of twelve months commencing from the date of deposit in the account
5. The Senior Citizen Savings Scheme (SCSS) account shall be opened with a minimum deposit of?
(A)Rs.10,000
(B)Rs.500
(C)Rs.50,000
(D)Rs.1000
Ans: (D)Rs.1000
6. An individual above _____ years of age can open Senior Citizen Savings Scheme (SCSS)?
(A)55 years
(B)50 years
(C)60 years
(D)65 years
Ans:(C)60 years
7. Comment on the following statement: Both the spouses can open single account and joint accounts with each other with the maximum deposit of upto fifteen lakhs rupees in each account provided both are individually eligible to open the account.
(A)The above statement is wrong
(B)The above statement is fully correct
(C)The above statement is correct provided deposit in each account will be 7.5 lakhs only
(D)Statement is correct provided annual pension to both spouses should be above 10 lakhs
Ans: (B)The above statement is fully correct
8. The whole amount of deposit in a joint account under Senior Citizen Savings Scheme (SCSS) shall be attributable to the?
(A)first account holder
(B)second account holder
(C)Either A or B
(D)Nominee only
Ans: (A)first account holder
9. How the Senior Citizen Savings Scheme (SCSS) can be opened? i. Account can be opened as individual capacity ii. Account can be opened jointly with any relative iii. Account can be opened jointly with son/daughter only iv. Account can be opened jointly with spouse only
(A)All the above are correct
(B)i and iii only are correct
(C)i and iv only are correct
(D)i, iii and iv only are correct
Ans: (C)i and iv only are correct
10. Retired personnel of Defence Services (excluding Civilian Defence employees) shall be eligible to open an account under Senior Citizen Savings Scheme (SCSS) on attaining the age of?
(A)50 years
(B)55 years
(C)60 years
(D)62 years
Ans: (A)50 years
11. Which among the following is true about Senior Citizen Savings Scheme (SCSS)?
(A)An individual above 55 years of age can join Senior Citizen Savings Scheme (SCSS)
(B)Minimum deposit shall be Rs.500
(C)The successor or legal heir of a deceased serving personnel shall not be eligible to deposit the terminal benefits of such deceased personnel under this Scheme
(D)All the above are correct
Ans: (C)The successor or legal heir of a deceased serving personnel shall not be eligible to deposit the terminal benefits of such deceased personnel under this Scheme
12. An account holder may operate how many accounts under Senior Citizen Savings Scheme (SCSS)?
(A)Only one
(B)more than one subject to the condition that the deposits in all the accounts taken together shall not exceed the maximum limit
(C)Any number of subject to no limitation
(D)None of the above
Ans: (B)more than one subject to the condition that the deposits in all the accounts taken together shall not exceed the maximum limit
13. What is the present rate of Interest (as of October 2021) under Senior Citizen Savings Scheme (SCSS)?
(A)7.4 % per annum
(B)8.9 % per annum
(C)9.1 % per annum
(D)6.4 % per annum
Ans: (A)7.4 % per annum
14. Retired Civilian Employees above 55 years of age can open Senior Citizen Savings Scheme (SCSS) subject to which among the following conditions?
(A)the account is opened by such individual within one month of the date of receipt of the retirement benefits
(B)proof of date of disbursal of such retirement benefit(s)
(C)a certificate from the employer indicating the details of retirement on superannuation or otherwise, retirement benefits, employment held and period of such employment with the employer
(D)All the above
Ans: (D)All the above
15. Who among the following may open an account under Senior Citizen Savings Scheme (SCSS)?
(A)An individual above 60 years of age
(B)Retired Civilian Employees above 55 years of age and below 60 years of age
(C)Retired Defense Employees above 50 years of age and below 60 years of age
(D)All the above
Ans: (D)All the above
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