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
[show_answer]The correct answer is: B [/show_answer]
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
[show_answer]The correct answer is: C [/show_answer]
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
[show_answer]The correct answer is: B [/show_answer]
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
[show_answer]The correct answer is: D [/show_answer]
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
[show_answer]The correct answer is: B [/show_answer]
6.Which form is used for opening the Monthly Income Account?
A. Form-3
B. Form-5
C. Form-1
D. Form-9
[show_answer]The correct answer is: C [/show_answer]
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
[show_answer]The correct answer is: D [/show_answer]
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
[show_answer]The correct answer is: C [/show_answer]
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
[show_answer]The correct answer is: C [/show_answer]
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
[show_answer]The correct answer is: C [/show_answer]
