{"id":810,"date":"2025-09-17T01:50:40","date_gmt":"2025-09-17T01:50:40","guid":{"rendered":"https:\/\/postaladda.com\/mcq\/?p=810"},"modified":"2025-12-07T02:31:19","modified_gmt":"2025-12-07T02:31:19","slug":"national-savings-monthly-income-account-scheme-2019","status":"publish","type":"post","link":"https:\/\/postaladda.com\/mcq\/national-savings-monthly-income-account-scheme-2019\/","title":{"rendered":"National Savings (Monthly Income Account) Scheme 2019"},"content":{"rendered":"\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1.What is the minimum deposit required to open a Monthly Income Account?<\/h2>\n\n\n\n<p>A. \u20b9500<br>B. \u20b91,000<br>C. \u20b91,500<br>D. \u20b92,000<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  B<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">2.What is the maximum deposit allowed in a single account under this scheme?<\/h2>\n\n\n\n<p>A. \u20b95,00,000<br>B. \u20b94,00,000<br>C. \u20b94,50,000<br>D. \u20b99,00,000<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  C<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">3.In a joint account with 2 adults, each depositor\u2019s share is considered as:<\/h2>\n\n\n\n<p>A. Full amount<br>B. \u00bd of total deposit<br>C. \u2153 of total deposit<br>D. \u00bc of total deposit<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  B<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">4.What is the maximum deposit permitted in a joint Monthly Income Account?<\/h2>\n\n\n\n<p>A. \u20b94,50,000<br>B. \u20b95,00,000<br>C. \u20b96,00,000<br>D. \u20b99,00,000<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  D<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">5.Which of the following is not eligible to open an account under this scheme?<\/h2>\n\n\n\n<p>A. Minor aged 12<br>B. Joint account of 4 adults<br>C. Single adult<br>D. Guardian on behalf of unsound mind<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  B<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">6.Which form is used for opening the Monthly Income Account?<\/h2>\n\n\n\n<p>A. Form-3<br>B. Form-5<br>C. Form-1<br>D. Form-9<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  C<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">7.Monthly interest begins from:<\/h2>\n\n\n\n<p>A. Date of deposit<br>B. First day of next month<br>C. Same day next month<br>D. One month after date of deposit<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  D<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">8.If interest due date falls on a Sunday or holiday, it is paid on:<\/h2>\n\n\n\n<p>A. Next working day<br>B. Same day<br>C. Previous business day<br>D. Postponed to next month<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  C<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">9.If deposit is made on 29th, 30th, or 31st, interest for next month is paid on:<\/h2>\n\n\n\n<p>A. Same day next month<br>B. First day of month<br>C. Last date of the next month<br>D. 28th of next month<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  C<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">10.What happens to excess deposits made beyond permissible limits?<\/h2>\n\n\n\n<p>A. Refunded with penalty<br>B. Refunded without interest<br>C. Refunded with Post Office Savings Account interest<br>D. Retained without refund<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  C<\/div>\n\n\n\n<!--nextpage-->\n\n\n\n<h2 class=\"wp-block-heading\">11.What is the interest treatment for unclaimed monthly interest?<\/h2>\n\n\n\n<p>A. Carries compound interest<br>B. Carries simple interest<br>C. No additional interest is paid<br>D. Penal interest is charged<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  C<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">12.Can a minor open an account in their own name under this scheme?<\/h2>\n\n\n\n<p>A. Yes, if aged 10 or more<br>B. Yes, regardless of age<br>C. No<br>D. Only through guardian<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  A<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">13.A guardian can open an account on behalf of:<\/h2>\n\n\n\n<p>A. Minor<br>B. Person of unsound mind<br>C. Both A and B<br>D. Neither A nor B<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  C<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">14.What is the deduction if the account is closed after 1 year but before 3 years?<\/h2>\n\n\n\n<p>A. 1% of deposit<br>B. 2% of deposit<br>C. 3% of deposit<br>D. No deduction<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  B<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">15.If the account is closed after 3 years but before 5 years, the deduction is:<\/h2>\n\n\n\n<p>A. 1%<br>B. 2%<br>C. 3%<br>D. Nil<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  A<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">16.What is the maturity period of the Monthly Income Account Scheme?<\/h2>\n\n\n\n<p>A. 3 years<br>B. 5 years<br>C. 7 years<br>D. 10 years<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  B<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">17.What happens to the account on death of depositor before maturity?<\/h2>\n\n\n\n<p>A. Continues till maturity<br>B. Interest stopped<br>C. Account closed and refund with interest<br>D. Transferred to nominee without interest<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  C<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">18.Can multiple accounts be opened under this scheme?<\/h2>\n\n\n\n<p>A. No<br>B. Yes, subject to deposit ceiling<br>C. Yes, without restriction<br>D. Only one account allowed per family<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  B<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">19.What is the unit value in which deposits must be made?<\/h2>\n\n\n\n<p>A. \u20b9500<br>B. \u20b9100<br>C. \u20b91,000<br>D. \u20b95,000<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  C<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">20.For a joint account of 3 adults, each depositor\u2019s share is considered as:<\/h2>\n\n\n\n<p>A. \u00bc of deposit<br>B. \u2153 of deposit<br>C. \u00bd of deposit<br>D. Full deposit<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  B<\/div>\n\n\n\n<!--nextpage-->\n\n\n\n<h2 class=\"wp-block-heading\">21.If deposit is \u20b99,00,000 in a joint account with 3 adults, how much is considered as each person\u2019s share?<\/h2>\n\n\n\n<p>A. \u20b93,00,000<br>B. \u20b92,00,000<br>C. \u20b94,50,000<br>D. \u20b99,00,000<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  A<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">22.In case of excess deposit, the refund will earn interest at:<\/h2>\n\n\n\n<p>A. Scheme\u2019s interest rate<br>B. Post Office Savings Account rate<br>C. Bank FD rate<br>D. No interest<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  B<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">23.The interest is payable:<\/h2>\n\n\n\n<p>A. Quarterly<br>B. Half-yearly<br>C. Monthly<br>D. Annually<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  C<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">24.Which of the following earns no extra interest under this scheme?<\/h2>\n\n\n\n<p>A. Monthly deposit<br>B. Unclaimed interest<br>C. Extended deposit<br>D. Nomination<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  B<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">25.What is the primary condition for opening multiple accounts under this scheme?<\/h2>\n\n\n\n<p>A. Same post office<br>B. Must be guardian<br>C. Cumulative deposit must be within the limit<br>D. Must submit Form-5<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  C<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">26.What happens if an account holder dies before maturity?<\/h2>\n\n\n\n<p>A. Account becomes dormant<br>B. Account is frozen<br>C. Closed and refund with interest till preceding month<br>D. No action taken<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  C<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">27.If an account is prematurely closed within 1 year, what is the penalty?<\/h2>\n\n\n\n<p>A. 1%<br>B. 2%<br>C. No interest<br>D. Not permitted<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  D<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">28.Who decides the interest rate for the Monthly Income Account scheme?<\/h2>\n\n\n\n<p>A. Reserve Bank of India<br>B. Department of Posts<br>C. Central Government<br>D. Finance Commission<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  C<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">29.Which is true regarding joint accounts in this scheme?<\/h2>\n\n\n\n<p>A. Only 2 adults allowed<br>B. Max deposit \u20b95 lakh<br>C. Each holder\u2019s share is equally divided<br>D. Cannot be opened by senior citizens<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  C<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">30.What is the frequency of interest payment under this scheme?<\/h2>\n\n\n\n<p>A. Quarterly<br>B. Monthly<br>C. Half-yearly<br>D. Annually<\/p>\n\n\n<button class=\"show-answer-btn\" onclick=\"pa_toggle_answer(this)\">Show Answer<\/button><div class=\"answer\">The correct answer is:  B<\/div>\n","protected":false},"excerpt":{"rendered":"<p>National Savings (Monthly Income Account) Scheme 2019-Practice high-quality MCQs for the Inspector of Post Office (IPO) Exam covering key postal [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1,4,18],"tags":[],"class_list":["post-810","post","type-post","status-publish","format-standard","hentry","category-blog","category-ipo-mcqs","category-ipo-paper-01"],"_links":{"self":[{"href":"https:\/\/postaladda.com\/mcq\/wp-json\/wp\/v2\/posts\/810","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/postaladda.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/postaladda.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/postaladda.com\/mcq\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/postaladda.com\/mcq\/wp-json\/wp\/v2\/comments?post=810"}],"version-history":[{"count":2,"href":"https:\/\/postaladda.com\/mcq\/wp-json\/wp\/v2\/posts\/810\/revisions"}],"predecessor-version":[{"id":1136,"href":"https:\/\/postaladda.com\/mcq\/wp-json\/wp\/v2\/posts\/810\/revisions\/1136"}],"wp:attachment":[{"href":"https:\/\/postaladda.com\/mcq\/wp-json\/wp\/v2\/media?parent=810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/postaladda.com\/mcq\/wp-json\/wp\/v2\/categories?post=810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/postaladda.com\/mcq\/wp-json\/wp\/v2\/tags?post=810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}