MCQ Quiz: Post Office Savings Schemes (POSB) [Set 1]

Hi friends, here is the MCQ Quiz: Post Office Savings Schemes (POSB). Post Office Savings Schemes offers various products like Post Office Savings Account(SB)​​​​, Recurring Deposit Account(RD)​​, Public Provident Fund Account(PPF )​, Senior Citizens Savings Scheme Account(SCSS)​, Sukanya Samriddhi Account(SSA)​ etc. This is a very important topic for various exams including Inspector Posts Exam (IP Exam) and Postal Service Group B Exam (PS Gr.B Exam) etc.

MCQ Quiz: Post Office Savings Schemes
MCQ Quiz: Post Office Savings Schemes

Moreover, the questions will be useful for GDS/MTS to Postman Exam, GDS/MTS/Postman to PA Exam and GDS to MTS Exam.

In this Set 1 we will be covering MCQ Questions related to Post Office Savings Account(SB)​​​​. Other Schemes MCQ will be covered in the comings posts. So subscribe and visit us daily for more study materials.

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MCQ Quiz: Post Office Savings Schemes

Quiz on Post Office Savings Account : Savings Bank

Attempt Quiz Questions on Post Office Savings Account (POSB) and Check Your Score!!

1 / 18

What is the interest per annum on individual / joint accounts under POSB (as of July 2021)?

2 / 18

How many account can be opened by an individual as a single account under POSB scheme?

3 / 18

A minor above ____ years of age can open POSB account in his own name?

4 / 18

Whether conversion of single to joint account or vice versa is allowed under POSB scheme?

5 / 18

No interest will be allowed in a month if balance between 10th and last day of the month falls below ___?

6 / 18

What happens if the account balance became Nil under POSB?

7 / 18

What is the minimum amount for opening Post Office Savings Account?

8 / 18

What is the minimum withdrawal amount under Post office Savings Account?

9 / 18

Under PO Savings account at the time of closure of account, interest will be paid up to the ____month in which account is closed?

10 / 18

A joint POSB account can be opened by how many adults only?

11 / 18

Which among the following facilities is available on PO Savings Account?

12 / 18

Who among the following can open​ a Post Office Savings Account?

13 / 18

What is the maximum deposit amount under Post office Savings Account?

14 / 18

What is the minimum balance to be maintained in POSB accounts effective from 11.12.2020?

15 / 18

In case account balance not raised to Rs. 500 at the end of financial year Rs.____ will be deducted as Account Maintenance Fee?

16 / 18

Under POSB, if no deposit/withdrawal takes place in an account during continuous ____ financial years, the account shall be treated as silent/dormant?

17 / 18

POSB interest will be calculated on the basis of ___ balance between 10th of the month and end of the month and allowed in whole rupees only?

18 / 18

Under Section 80TTA of the Income Tax Act, from all Savings Bank Accounts, interest up to ___ earned in a Financial Year is exempted from taxable Income?

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MCQ Quiz: Post Office Savings Schemes (POSB)

1. What is the minimum amount for opening Post Office Savings Account?
(A) 50
(B) 100
(C) 200
(D) 500
Note: Subsequent deposit not less than 10 rupees

2. Who among the following can open​ a Post Office Savings Account?
(A) a single adult
(B) a guardian on behalf of minor
(C) a guardian on behalf of person of unsound mind
(D) All of these

3. A joint POSB account can be opened by how many adults only?
(A) Two only
(B) Three only
(C) Joint account cannot be opened
(D) No limit in joint custodians

4. A minor above __ years of age can open POSB account in his own name?
(A) Minor cannot open POSB account
(B) 10 years
(C) 7 years
(D) 16 years

5. What is the minimum balance to be maintained in POSB accounts effective from 11.12.2020?
(A) Rs 500
(B) Rs 50
(C) No minimum balance required
(D) Rs 100

6. What is the interest per annum on individual / joint accounts under POSB (as of July 2021)?
(A) 3.5%
(B) 3%
(C) 4%
(D) 5%

7. How many account can be opened by an individual as a single account under POSB scheme?
(A) Only one
(B) Two
(C) Five
(D) No limit

8. Whether conversion of single to joint account or vice versa is allowed under POSB scheme?
(A) Yes
(B) No

9. What is the minimum withdrawal amount under Post office Savings Account?
(A) Rs.500
(B) Rs.100
(C) Rs.50
(D) Rs.10

10. What is the maximum deposit amount under Post office Savings Account?
(A) Rs.One Lakh
(B) Rs.1.5 Lakh
(C) Rs.10 Lakh
(D) No maximum limit

11. In case account balance not raised to Rs. 500 at the end of financial year Rs.__ will be deducted as Account Maintenance Fee?
(A) Rs.10
(B) Rs.50
(C) Rs.100
(D) Rs.500

12. What happens if the account balance became Nil under POSB?
(A) Account becomes silent
(B) Account will be active
(C) Account shall stands automatically closed
(D) None of these

13. POSB interest will be calculated on the basis of _ balance between 10th of the month and end of the month and allowed in whole rupees only?
(A) Minimum
(B) Maximum
(C) Average
(D) None of these

14. No interest will be allowed in a month if balance between 10th and last day of the month falls below _?
(A) Rs.100
(B) Rs.500
(C) Rs.50
(D) Rs.10

15. Under PO Savings account at the time of closure of account, interest will be paid up to the ____month in which account is closed?
(A) preceding
(B) current

16. Under Section 80TTA of the Income Tax Act, from all Savings Bank Accounts, interest up to ____earned in a Financial Year is exempted from taxable Income?
(A) Rs. 10,000
(B) Rs. 10,0000
(C) Rs. 1000
(D) Rs.50,000

17. Under POSB, if no deposit/withdrawal takes place in an account during continuous __ financial years, the account shall be treated as silent/dormant?
(A) Two
(B) Three
(C) Four
(D) Five

18. Which among the following facilities is available on PO Savings Account?
(A) Cheque book
(B) ATM Card
(C) ebanking/mobile banking
(D) All of these

Answers

1. (D) 500

2. (D) All of these

3. (A) Two only

4. (B) 10 years

5. (A) Rs 500

6. (C) 4%

7. (A) Only one

8. (B) No

9. (C) Rs.50

10. (D) No maximum limit

11. (C) Rs.100

12. (C) Account shall stands automatically closed

13. (A) Minimum

14. (B) Rs.500

15. (A) preceding

16. (A) Rs. 10,000

17. (B) Three

18. (D) All of these

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