National Savings (Monthly Income Account) Scheme 2019-Practice high-quality MCQs for the Inspector of Post Office (IPO) Exam covering key postal rules, procedures, and current schemes. Ideal for quick revision and accurate self-assessment based on the latest syllabus.
1.What is the minimum deposit required to open a Monthly Income Account?
A. ₹500
B. ₹1,000
C. ₹1,500
D. ₹2,000
2.What is the maximum deposit allowed in a single account under this scheme?
A. ₹5,00,000
B. ₹4,00,000
C. ₹4,50,000
D. ₹9,00,000
3.In a joint account with 2 adults, each depositor’s share is considered as:
A. Full amount
B. ½ of total deposit
C. â…“ of total deposit
D. ¼ of total deposit
4.What is the maximum deposit permitted in a joint Monthly Income Account?
A. ₹4,50,000
B. ₹5,00,000
C. ₹6,00,000
D. ₹9,00,000
5.Which of the following is not eligible to open an account under this scheme?
A. Minor aged 12
B. Joint account of 4 adults
C. Single adult
D. Guardian on behalf of unsound mind
6.Which form is used for opening the Monthly Income Account?
A. Form-3
B. Form-5
C. Form-1
D. Form-9
7.Monthly interest begins from:
A. Date of deposit
B. First day of next month
C. Same day next month
D. One month after date of deposit
8.If interest due date falls on a Sunday or holiday, it is paid on:
A. Next working day
B. Same day
C. Previous business day
D. Postponed to next month
9.If deposit is made on 29th, 30th, or 31st, interest for next month is paid on:
A. Same day next month
B. First day of month
C. Last date of the next month
D. 28th of next month
10.What happens to excess deposits made beyond permissible limits?
A. Refunded with penalty
B. Refunded without interest
C. Refunded with Post Office Savings Account interest
D. Retained without refund
