Post Office Saving Bank (POSB) Questions for IPPB Exam

# Banking Awareness Questions Set 96 (Post Office Savings Schemes)

Banking Awareness Questions on Post Office Saving Bank (POSB) for upcoming bank and insurance exams IPPB, SBI PO, IBPS PO/Clerk, RRB PO/Clerk, RBI, BoB and other exams.

1. What is the rate of interest offered by Post Office Saving Bank?
A) 5%
B) 4.5%
C) 4%
D) 5.5%
Option C
Some Extra:
Monopoly is when the production of a good or service with no close substitutes is carried out by a single firm with the market power to decide the price of its output.

2. What is the minimum amount required to get open a Savings Account in Post Office?
A) Account can be opened with Nil Amount
B) Rs 10
C) Rs 50
D) Rs 20
Option D
Some Extra:
Rs 20
There is no maximum limit to be deposited in Account.
3. In case of a Savings Account in Post Office, what maximum amount of interest earned per year on deposited money is tax free?
A) Rs 5,000
B) Rs 10,000
C) Rs 12,000
D) Rs 8,000
Option B
Some Extra:
Up to INR 10,000/- per year from financial year 2012-13
4. To avail the facility of Cheque in Savings Account in Post office, what minimum amount is required to get open an account?
A) Rs 500
B) Rs 100
C) Rs 1000
D) Rs 200
Option A
Some Extra:
In case of a savings account, it is Rs 20. And to avail cheque facility for the same account, it is Rs 500
5. What is the minimum balance required to be maintained in the Savings Account in Post Office for cheque facility?
A) Rs 500
B) Rs 100
C) Rs 1000
D) Rs 200
Option A
Some Extra:
Rs 500 should be maintained in account so as to continue getting benefits of cheque facility.
6. What is the minimum balance required to be maintained in the Savings Account in Post Office in case of non – cheque facility account?
A) Rs 20
B) Rs 10
C) Rs 50
D) Rs 100
Option C
Some Extra:
Rs 50 in case of non – cheque facility account.

7. In Post Office, joint account can be opened by ___________ adults.
A) two only
B) three or four
C) two or four
D) two or three
Option D
Some Extra:
Joint account can be opened by two or three adults.
8. What is the minimum age required to get open a savings Account in Post Office?
A) 10
B) No minimum age
C) 18
D) 21
Option A
Some Extra:
Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
9. Which of the following is true in regard to Post Office Saving Account?
(i) Account can be opened by cash only.
(ii) Nomination facility is available at the time of opening and also after opening of account.
(iii) Account can be transferred from one post office to another.
(iv) Single account can be converted into Joint and Vice Versa.
(v) One account can be opened in one post office.
A) Only (i), (iii) and (v)

B) Only (i), (iv) and (v)
C) Only (ii), (iii), (v)
D) All (i), (ii) , (iii), (iv) and (v)
Option D
Some Extra:
All the five points about POSB Account are correct.  ATM facility is also available.
10. In a Post Office Savings Bank (POSB) Account, at least _____ transaction of deposit or withdrawal in _____ financial years is necessary to keep the account active.
A) 1, 2
B) 1, 3
C) 2, 3
D) 2, 1