Hi friends, here is the Senior Citizens Scheme Objective Questions. In the previous Set 1 MCQ we have discussed Important 15 questions on Senior Citizens Savings Scheme (SCSS). Today we will be discussing the remaining questions from the Senior Citizen Scheme. 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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Senior Citizens Scheme Objective Questions
1. If a Retired Civilian Employees above 55 years of age and below 60 years of age open a Senior Citizen Savings Scheme (SCSS) account then, the deposit shall be?
(A)restricted to the retirement benefits received
(B)fifteen lakh rupees
(C)Either A or B, whichever is lower
(D)None of the above
Correct answer
(C)Either A or B, whichever is lower
2. “Retirement benefits” as defined under Senior Citizens’ Savings Scheme,2019 shall include?
(A)Provident Fund dues and commuted value of pension
(B)retirement or superannuation gratuity and cash equivalent of leave
(C)savings element of Group Savings Linked Insurance Scheme
(D)All the above
Correct answer
(D)All the above
3. There shall be how many deposit under Senior Citizen Savings Scheme (SCSS)?
(A)only one, which is the initial deposit
(B)only one in a year up to first five years
(C)any number of deposit
(D)Depositor can choose the no.of deposits at the time of opening
Correct answer
(A)only one, which is the initial deposit
4. Where a deposit in excess to the ceiling specified in Senior Citizen Savings Scheme (SCSS) has been made, accounts office shall cause which among the following action?
(A)excess deposit shall be transferred to the SB account of the holder
(B)refund the excess deposit to the account holder immediately
(C)excess deposit shall be forfeited
(D)None of the above
Correct answer
(B)refund the excess deposit to the account holder immediately
5. Which among the following is/are correct with regard to Senior Citizen Savings Scheme (SCSS)? i. If the interest payable every quarter is not claimed by an account holder, such interest shall not earn additional interest ii. Interest shall be credited to the account holder’s savings account is authorized iii. Excess amount credited shall carry interest at the rate of POSB and such interest shall be payable from the date of deposit of excess amount to the date of refund
(A)(i) only
(B)(ii) only
(C)(i) and (ii) only
(D)All the above (i), (ii) and (iii)
Correct answer
(D)All the above (i), (ii) and (iii)
6. If the interest payable every quarter under Senior Citizen Savings Scheme (SCSS) is not claimed by an account holder, such interest shall?
(A)earn interest at the same rate as per the scheme
(B)earn interest at the rate of POSB scheme
(C)shall not earn any additional interest
(D)None of the above
Correct answer
(C)shall not earn any additional interest
7. Interest under Senior Citizen Savings Scheme (SCSS) is taxable if total interest in all SCSS accounts exceeds Rs._ in a financial year?
(A)Rs.50,000/-
(B)Rs.25,000/-
(C)Rs.1 lakh
(D)Rs.10,000/-
Correct answer
(A)Rs.50,000/-
8. Account opened under Senior Citizen Savings Scheme (SCSS) can be prematurely closed after?
(A)One year of account opening
(B)Two years of account opening
(C)Three years of account opening
(D)any time after date of opening
Correct answer
(D)any time after date of opening
9. Which among the following is/are correct with regard to Premature Closure of Account under Senior Citizen Savings Scheme (SCSS)?
(A)If account closed before 1 year, no interest will be payable and if any interest paid in account shall be recovered from principle
(B)If account closed after 1 year but before 2 year from the date of opening, an amount equal to 1.5 % will be deducted from principal amount
(C)If account closed after 2 year but before 5 year from the date of opening, an amount equal to 1 % will be deducted from principal amount
(D)All the above
Correct answer
(D)All the above
10. Extended account under Senior Citizen Savings Scheme (SCSS) can be closed after the expiry of _ from the date of extension of the account without any deduction?
(A)Six months
(B)One year
(C)Three Months
(D)Two years
Correct answer
(B)One year
11. Senior Citizen Savings Scheme (SCSS) may be closed after __ year from the date of opening by submitting prescribed application form with passbook at concerned Post Office?
(A)5 years
(B)3 years
(C)15 years
(D)10 years
Correct answer
(A)5 years
12. In case of death of account holder under Senior Citizen Savings Scheme (SCSS), from the date of death, account shall earn interest at?
(A)rate of Senior Citizen Savings Scheme
(B)rate of PO Savings Account
(C)rate of Time Deposit Scheme
(D)No interest shall be applicable
Correct answer
(B)rate of PO Savings Account
13. Which among the following is/are correct with regard to account closure on maturity under Senior Citizen Savings Scheme (SCSS)?
(A)Account may be closed after 5 year from the date of opening by submitting prescribed application form with passbook at concerned Post Office.
(B)In case of death of account holder, from the date of death, account shall earn interest at the rate of PO Savings Account
(C)In case spouse is a joint holder or a sole nominee, account can be continued till maturity if spouse is eligible to open SCSS account and not have another SCSS Account
(D)All the above are correct
Correct answer
(D)All the above are correct
14. Account holder under Senior Citizen Savings Scheme (SCSS)may extend the account for further period for __ years from the date of maturity by submitting prescribed form with passbook at concerned post office?
(A)3 years
(B)1 year
(C)2 years
(D)5 years
Correct answer
(A)3 years
15. Senior Citizen Savings Scheme (SCSS) Account can be extended within _ year/months of maturity?
(A)One month
(B)Three months
(C)six months
(D)One year
Correct answer
(D)One year
16. Extended account under Senior Citizen Savings Scheme (SCSS) shall earn interest at the rate applicable on?
(A)from time to time
(B)interest at the time of initial deposit in the scheme
(C)on the date of maturity
(D)None of the above
Correct answer
(C)on the date of maturity
17. Which among the following is/are correct with regard to extension of account after maturity under Senior Citizen Savings Scheme (SCSS)?
(A)The account holder may extend the account for a further period of three years within a period of one year from the date of maturity
(B)The extension of the account shall be deemed to have been made from the date of maturity irrespective of the date of application
(C)Extension of an account shall be available only once
(D)All the above
Correct answer
(D)All the above
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