Public Provident Fund (PPF) Scheme – MCQs-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.In which year was the Public Provident Fund (PPF) scheme introduced in India?
A. 1952
B. 1968
C. 1980
D. 1975
2.What is the primary objective of the PPF scheme?
A. Provide short-term loans
B. Offer housing subsidy
C. Encourage savings for retirement
D. Boost rural employment
3.Who is eligible to open a PPF account?
A. Only salaried employees
B. Any Indian resident individual
C. NRIs
D. Companies
4. How many PPF accounts can a person open in their own name?
A. Two
B. Unlimited
C. One
D. Three
5.Can a joint PPF account be opened?
A. Yes
B. No
C. Only with spouse
D. Only with minor
6.Can a guardian open a PPF account for a minor?
A. No
B. Yes
C. Only if guardian is mother
D. Only after 10 years of age
7.What is the minimum annual deposit required to keep a PPF account active?
A. ₹1,000
B. ₹100
C. ₹500
D. ₹5,000
8.What is the maximum deposit allowed in a PPF account in a financial year?
A. ₹1,00,000
B. ₹1,50,000
C. ₹2,00,000
D. ₹1,75,000
9.Deposits in a PPF account must be in multiples of:
A. ₹10
B. ₹500
C. ₹100
D. ₹50
10.Which Income Tax Act section allows deduction for PPF deposits?
A. Section 24
B. Section 80G
C. Section 80C
D. Section 10A
