21.If deposit is ₹9,00,000 in a joint account with 3 adults, how much is considered as each person’s share?
A. ₹3,00,000
B. ₹2,00,000
C. ₹4,50,000
D. ₹9,00,000
22.In case of excess deposit, the refund will earn interest at:
A. Scheme’s interest rate
B. Post Office Savings Account rate
C. Bank FD rate
D. No interest
23.The interest is payable:
A. Quarterly
B. Half-yearly
C. Monthly
D. Annually
24.Which of the following earns no extra interest under this scheme?
A. Monthly deposit
B. Unclaimed interest
C. Extended deposit
D. Nomination
25.What is the primary condition for opening multiple accounts under this scheme?
A. Same post office
B. Must be guardian
C. Cumulative deposit must be within the limit
D. Must submit Form-5
26.What happens if an account holder dies before maturity?
A. Account becomes dormant
B. Account is frozen
C. Closed and refund with interest till preceding month
D. No action taken
27.If an account is prematurely closed within 1 year, what is the penalty?
A. 1%
B. 2%
C. No interest
D. Not permitted
28.Who decides the interest rate for the Monthly Income Account scheme?
A. Reserve Bank of India
B. Department of Posts
C. Central Government
D. Finance Commission
29.Which is true regarding joint accounts in this scheme?
A. Only 2 adults allowed
B. Max deposit ₹5 lakh
C. Each holder’s share is equally divided
D. Cannot be opened by senior citizens
30.What is the frequency of interest payment under this scheme?
A. Quarterly
B. Monthly
C. Half-yearly
D. Annually
