11.What is the interest treatment for unclaimed monthly interest?
A. Carries compound interest
B. Carries simple interest
C. No additional interest is paid
D. Penal interest is charged
[show_answer]The correct answer is: C [/show_answer]
12.Can a minor open an account in their own name under this scheme?
A. Yes, if aged 10 or more
B. Yes, regardless of age
C. No
D. Only through guardian
[show_answer]The correct answer is: A [/show_answer]
13.A guardian can open an account on behalf of:
A. Minor
B. Person of unsound mind
C. Both A and B
D. Neither A nor B
[show_answer]The correct answer is: C [/show_answer]
14.What is the deduction if the account is closed after 1 year but before 3 years?
A. 1% of deposit
B. 2% of deposit
C. 3% of deposit
D. No deduction
[show_answer]The correct answer is: B [/show_answer]
15.If the account is closed after 3 years but before 5 years, the deduction is:
A. 1%
B. 2%
C. 3%
D. Nil
[show_answer]The correct answer is: A [/show_answer]
16.What is the maturity period of the Monthly Income Account Scheme?
A. 3 years
B. 5 years
C. 7 years
D. 10 years
[show_answer]The correct answer is: B [/show_answer]
17.What happens to the account on death of depositor before maturity?
A. Continues till maturity
B. Interest stopped
C. Account closed and refund with interest
D. Transferred to nominee without interest
[show_answer]The correct answer is: C [/show_answer]
18.Can multiple accounts be opened under this scheme?
A. No
B. Yes, subject to deposit ceiling
C. Yes, without restriction
D. Only one account allowed per family
[show_answer]The correct answer is: B [/show_answer]
19.What is the unit value in which deposits must be made?
A. ₹500
B. ₹100
C. ₹1,000
D. ₹5,000
[show_answer]The correct answer is: C [/show_answer]
20.For a joint account of 3 adults, each depositor’s share is considered as:
A. ¼ of deposit
B. â…“ of deposit
C. ½ of deposit
D. Full deposit
[show_answer]The correct answer is: B [/show_answer]
