Hi friends, here is the MCQ Quiz Monthly Income Scheme Account(MIS). We have already covered MCQ Quiz on POSB Schemes, RD and TD Accounts. Today, we will be discussing the most important questions on MIS Scheme – Monthly Income Scheme Account. All probable Questions from National Savings (MIS) Account Rules 2019 have also been covered here.
This questions will be useful for Inspector Posts Exam (IPO Exam) and Postal Service Group B Exam (PS Gr.B Exam). Those preparing for GDS/MTS to Postman Exam, GDS/MTS/Postman to PA Exam and GDS to MTS Exam will also find these questions useful. Attempt this questions and share your feedback.
MCQ Quiz Monthly Income Scheme Account (MIS)
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Check Full MCQ Quiz on Post office Savings Scheme
1. Which among the following is/are condition for premature closure of account?
(A)if the account is closed on or before the expiry of three years from the date of opening of such account, an amount equal to two per cent. of the deposit shall be deducted
(B)If the account is closed after the expiry of three years from the date of opening of such account, an amount equal to one per cent. of the deposit shall be deducted
(C)Both A and B are correct
(D)None of the above are correct
Ans: (C)Both A and B are correct
2. Under MIS account, account holder may be permitted to withdraw the deposit and close the account at any time after expiry of?
(A)at anytime from the date of opening of such account
(B)period of one year from the date of opening of such account
(C)period of two year from the date of opening of such account
(D)period of three year from the date of opening of such account
Ans: (B)period of one year from the date of opening of such account
3. Comment on the following: In case of interest payable for the excess amount deposited under MIS account than what is permissible.
(A)POSB interest shall be admissible from the date of deposit of the excess amount till the end of the month preceding the month in which the deposit has been refunded
(B)POSB interest shall be admissible from the date of deposit of the excess amount till the end of the month in which the deposit has been refunded
(C)Either A or B whichever is higher
(D)None of these
Ans: (A)POSB interest shall be admissible from the date of deposit of the excess amount till the end of the month preceding the month in which the deposit has been refunded
4. Under MIS account, where a deposit in excess to the ceiling specified has been made, such excess amount to be repaid to the holder immediately shall carry an interest?
(A)rate applicable to the Post Office Savings Account
(B)rate applicable to the PPF Account
(C)rate applicable to the 1 year TD Account
(D)no interest rate is applicable to such amount
Ans: (A)rate applicable to the Post Office Savings Account
5. Under MIS account, where a deposit in excess to the ceiling specified has been made, the what action is to be caused?
(A)Balance amount to be transferred to the SB account of the holder
(B)If the balance amount is above 1000, another MIS account to be opened
(C)accounts office shall refund the excess deposit to the account holder immediately
(D)None of the above
Ans: (C)accounts office shall refund the excess deposit to the account holder immediately
6. Under MIS account, if the interest payable every month is not claimed by the account holder, then such interest shall?
(A)not earn any additional interest
(B)earn interest equal to PPF
(C)earn interest equal to SB
(D)earn interest equal to TD
Ans: (A)not earn any additional interest
7. Interest on MIS account shall be payable to the account holder on completion of?
(A)a month from the date of deposit
(B)six month from the date of deposit
(C)one year from the date of deposit
(D)three year from the date of deposit
Ans: (A)a month from the date of deposit
MCQ Quiz: Post Office Savings Schemes (POSB) [Set 1]
8. Under MIS account, deposits in all the accounts taken together for an individual shall not exceed?
(A)2 lakhs
(B)3 lakhs
(C)5 lakhs
(D)4.5 lakhs
Ans: (D)4.5 lakhs
9. There shall be how many deposit in an MIS account?
(A)any number of deposits
(B)one deposit in every six months
(C)only one initial deposit
(D)one deposit during every year
Ans: (C)only one initial deposit
10. In a joint MIS account, how the share in investment is calculated?
(A)all the joint holders shall have equal share
(B)first account holder gets 60% and remaining shared among the other
(C)first account holder gets 40% and remaining shared among the other
(D)None of these
Ans: (A)all the joint holders shall have equal share
11. An individual may open how many Monthly Income Scheme (MIS) Account?
(A)Only one
(B)operate one or more than one account as a single account
(C)Unlimited
(D)None of these
Ans: (B)operate one or more than one account as a single account
12. A minor on attaining what age can can open a Monthly Income Scheme Account (MIS) in his own name?
(A)16 years
(B)18 years
(C)10 years
(D)12 years
Ans: (C)10 years
13. Monthly Income Scheme Account (MIS) can be opened by? 1. a single adult 2. upto a maximum of three adults in joint names 3. a minor who has attained the age of ten years 4. a guardian on behalf of a minor or a person of unsound mind
(A)1 only
(B)1, 3 and 4 only
(C)1, 2 and 4 only
(D)1, 2, 3 and 4
Ans: (D)1, 2, 3 and 4
14. “Year” as defined under National Savings (Monthly Income Account) Scheme, 2019 means?
(A)a period of twelve months commencing from the date of deposit in the account
(B)a period of twenty four months commencing from the date of deposit in the account
(C)a period of thirty six months commencing from the date of deposit in the account
(D)a period of six months commencing from the date of deposit in the account
Ans: (A)a period of twelve months commencing from the date of deposit in the account
Post Office RD Account MCQ Questions
15. “Account holder” under National Savings (Monthly Income Account) Scheme, 2019 means?
(A)an individual in whose name the account is held
(B)an individual in whose name the account is held and his/her spouse
(C)an individual in whose name the account is held and his/her nominees
(D)All the above
Ans: (A)an individual in whose name the account is held
16. What is the maturity period of MIS scheme?
(A)3 Years
(B)5 Years
(C)1 Year
(D)None of these
Ans: (B)5 Years
17. Under MIS Scheme, no deposit shall be withdrawn before the expiry of _ from the date of deposit?
(A)6 months
(B)9 months
(C)1 year
(D)None of these
Ans: (C)1 year
18. What is Maximum investment limit in joint MIS account?
(A)4.5 lakh
(B)5 lakh
(C)10 lakh
(D)9 lakh
Ans: (D)9 lakh
19. What is Maximum investment limit in single MIS account?
(A)4.5 lakh
(B)5 lakh
(C)10 lakh
(D)1 lakh
Ans: (A)4.5 lakh
20. What is the minimum amount for opening of MIS account?
(A)100
(B)500
(C)1000
(D)200
Ans: (C)1000
21. What is the Interest payable for Monthly Income Scheme Account (MIS) as of September 2021?
(A) 5.5 % per annum payable monthly
(B) 7.6 % per annum payable monthly
(C) 6.6 % per annum payable monthly
(D) 4.5 % per annum payable monthly
Ans: (C) 6.6 % per annum payable monthly
Time Deposit Account (TD) MCQ Quiz
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