Hi friends, here is the Multiple Choice Questions: National Pension System NPS 2004. In the previous set we have discussed 15 Important Questions from New Pension Scheme (NPS) 2004. In this post, we will be discussing another set of 15 MCQ Quiz Questions on NPS. Those preparing for Inspector Posts Exam (IPO Exam) and POSTAL Service Group B Exam (PS Gr.B Exam) will find these questions very useful.
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Multiple Choice Questions: National Pension System NPS 2004
1. Under premature exit from NPS, if the accumulated pension wealth of the subscriber is equal to or less than _ rupees, such subscriber shall have the option to withdraw the entire accumulated pension wealth without purchasing any annuity? [Now Rs.2.5 Lakh from June 2021]
Rs.2 Lakhs
Rs.1 Lakh
Rs.3 lakh
Rs.50,000/-
Correct answer
Rs.1 Lakh
2. Under NPS pre-mature exit, in case of disability/incapacitation of subscriber minimum annuitisation is _ percentage of accumulated wealth?
20%
40%
60%
80%
Correct answer
40%
3. Under NPS pre-mature exit, in case of disability/incapacitation of subscriber maximum Lump sum withdrawal is _ percentage of accumulated wealth
60%
80%
40%
20%
Correct answer
60%
4. Which among the following is/are correct with regard to benefits on retirement/superannuation from NPS? i. Minimum Annuitisation- 40% of accumulated wealth. ii. Maximum Lump sum Withdrawal- 60% of accumulated wealth. iii. The Subscriber may choose to purchase an annuity for an amount greater than 40 percent also.
Only i and ii are correct
Only i and iii are correct
Only iii is correct
All the above are correct
Correct answer
All the above are correct
5. Under NPS Normal Exit, if the accumulated pension wealth of the subscriber is equal to or less than __ rupees, or a limit to be specified by the Authority, such subscriber shall have the option to withdraw the entire accumulated pension wealth without purchasing any annuity? [Now Rs.5 Lakhs w.e.f June 2021]
one lakh
two lakhs
three lakhs
Rs.50,000/-
Correct answer
two lakhs
6. In the case of unfortunate death of NPS Subscriber, minimum Annuitisation is _ percentage of accumulated wealth?
40%
60%
80%
100%
Correct answer
80%
7. In the case of unfortunate death of NPS Subscriber, maximum Lump sum Withdrawal is _ percentage of accumulated wealth?
20%
40%
60%
80%
Correct answer
20%
8. If the accumulated pension wealth of the subscriber is equal to or less than __ rupees, such nominees/ legal heirs shall have the option to withdraw the entire accumulated pension wealth without purchasing any annuity? [Now Rs.5 Lakh w.e.f June 2021]
Rs.50,000/-
Rs.1 Lakh
Rs.3 Lakh
Rs.2 Lakh
Correct answer
Rs.2 Lakh
9. On retirement under NPS, the lump sum can be deferred till the age of _ years?
62 years
65 years
68 years
70 years
Correct answer
70 years
10. Annuity purchase on retirement under NPS can also be deferred for maximum period of _ years?
10 years
3 years
5 years
2 years
Correct answer
3 years
11. Can a subscriber keep on contributing in Tier-1 account even after retirement / superannuation?
Yes
No
Cannot be determined
None of the above
Correct answer
Yes
12. A subscriber wishing to keep on contributing in Tier-1 account even after retirement / superannuation should submit the request atleast __ days prior to the age of attaining 60 years?
25 days
20 days
15 days
10 days
Correct answer
15 days
13. Subscriber who wish to continue with his individual pension account under NPS beyond the age of sixty years or the age of superannuation may do so by making an application in writing with reasons for such delay to the National Pension System Trust, within _____days of attaining such age or superannuation?
30 days
60 days
90 days
180 days
Correct answer
180 days
14. Can a subscriber continue Tier-2 account after closure of his Tier-1 accounts under NPS?
Yes
No
Cannot be determined
None of these
Correct answer
No
15. Which among the following is the default scheme for annuity available under New Pension Scheme?
Annuity for life of the subscriber and his or her spouse (if any) with provision for return of purchase price of the annuity
Annuity for life with return of purchase price (amount given to annuity service provider) on death)
Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter
On death during the guarantee period
Correct answer
Annuity for life of the subscriber and his or her spouse (if any) with provision for return of purchase price of the annuity
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