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
[show_answer]The correct answer is: A [/show_answer]
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
[show_answer]The correct answer is: B [/show_answer]
23.The interest is payable:
A. Quarterly
B. Half-yearly
C. Monthly
D. Annually
[show_answer]The correct answer is: C [/show_answer]
24.Which of the following earns no extra interest under this scheme?
A. Monthly deposit
B. Unclaimed interest
C. Extended deposit
D. Nomination
[show_answer]The correct answer is: B [/show_answer]
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
[show_answer]The correct answer is: C [/show_answer]
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
[show_answer]The correct answer is: C [/show_answer]
27.If an account is prematurely closed within 1 year, what is the penalty?
A. 1%
B. 2%
C. No interest
D. Not permitted
[show_answer]The correct answer is: D [/show_answer]
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
[show_answer]The correct answer is: C [/show_answer]
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
[show_answer]The correct answer is: C [/show_answer]
30.What is the frequency of interest payment under this scheme?
A. Quarterly
B. Monthly
C. Half-yearly
D. Annually
[show_answer]The correct answer is: B [/show_answer]
