Tuesday 29 May 2012

MODEL QUESTIONS FOR PS GP B, IPO & PM GRADE 1 EXAM (POSB MANUAL VOLUME I QN 51-75)

(POSB MANUAL VOLUME I QN 51-75)

 51.       A person can open ____ of RD Accounts in one post office
            a)         Only one                                            b)         One single and another joint
            c)         Any number                                      d)         None of these                       Ans:c
52.       Mark the correct option
a)                 A RD account can be opened with min deposit of Rs 10/- and  multiple of Rs 5/-
b)                 No max deposit will be prescribed in RD account
c)                  Rebate will be paid on 6 advance deposit or more as per prescribed and default will be recovered if a depositor fails to deposit his/her monthly deposit up to last working day of a calendar month,
d)                 All the above                                                                                                 Ans:d
53.       Mark the correct option
a)                 Withdrawal  will be allowed 50% deposited amount in RD account after one year and after 12 monthly deposit.
b)                 No withdrawal is allowed in discontinued RD accounts
c)                  10% interest will be charged on loan amount
d)                 If the repayment with interest is made on or before the 10th of the month, no interest shall be payable for that month
e)                 All the above                                                                                                 Ans:e

54.       The rate of interest in RD account opened before 01 Dec 11 and on or after 01 Dec 2011 and up to 31 Mar 12 is
           
            a)         6.5%, 7%                                           b)         7.5%, 8%
            c)         8%, 8.5%                                           d)         8%, 8.2%                               Ans:b
55.       The maturity value on Rs 10 denomination of RD account opened on or after 01 Dec 2011 and up to 31 Mar 12  and 01 Apr 12 is(Interest @8.4%)
           
            a)         728.29                                                b)         738.62, 747
            c)         738.51                                                d)         738.10                                    Ans:b
56.       Mark the correct option relating to RD
a)                 If there are more than four monthly defaults, the account shall be treated as discontinued
b)                 Revival of the account shall be permitted only within a period of two months from the month of fifth default.
c)                  Discontinued account can be closed after three years
d)                 All the above                                                                                                 Ans:d
57.       Protected saving scheme is admissible in _____ den of RD accounts
            a)         10                                                        b)         20
            c)         50                                                        d)         50                                            Ans:d
(Prepared by AB Kantharaja  Kodagu Dn, Karnataka, presently serving in APS (abkantharaja@gmail.com) mobile No 08969822340)
58.       Mark the correct option relating to Protected saving scheme
a)         Twenty four months have been elapsed from the date of opening the account and during the said period all the month installments have been paid into the account without any default and there has been no withdrawal from the account during the period.
b)         The age of the depositor or depositors as the case may be, at the time of opening the account was not less than 18 years and not more than 53 years
c)         The legal heir/nominee of the deceased depositor has not made any claim or has not already been given the benefit in respect of any other account under the scheme
d)         The claim applied for within one year of the death of the depositor    
e)         All the above                                                                                                   Ans:e
59.       Mark the correct option
           
a)                 In case RD account opened between 1st and 15th of the month the subsequent deposit shall be made up to 15th of the next month.
b)                 In case RD account opened between 16th and last date of the month the subsequent deposit shall be made up to end of the month of next month
c)                  The above effect apply all account opened before 01 Jan 2012 and after .
d)                 All the above                                                                                                 Ans:d
          (This rule presently not in force)
60.       In case of maturity value of discontinued RD account is retained after the date of maturity the depositor shall be entitled ______ of interest wef 01 Jan 2012
            a)         3.5%                                                   b)         4%
            c)         8%                                                      d)         9.25%                                     Ans:b
61.       Post maturity interest on RD account after extended maturity period shall be paid up to
            a)         1 Year                                                b)         2 Years
            c)         3 Years                                  d)         No  limit          (from 01-01-12)            Ans:d
62.       Present rate of interested on on 1, 2, 4, 5 years  fixed deposit(TD)  is
            a)         6.25%, 6.50%, 7.25%, 7.50%         b)         7.25%, 7.50%, 8%, 8.2%
            c)         8.2%, 8.3%, 8.4%, 8.5%                  d)         None of these                       Ans:c
63.       A person can open ____ of TD Accounts in one post office
            a)         Only one                                            b)         One single and another joint
            c)         Any number                                      d)         None of these                       Ans:c
64.       Minimum limit for deposit in TD Account
            a)         200/- and multiple 200/-                  b)         100/- and multiple 100/-
            c)         200/- and multiple 100/-                  d)         None of these                       Ans:a
65.       Mark the correct option
a)                 There is no maximum limit of deposit in TD accounts of any type
b)                 No subsequent withdrawal allowed in TD accounts before date of maturity
c)                  The investment under 5 years TD qualifies for the benefit of Section 80C f the income tax Act 1961 from 01-04-2007
d)                 All the above                                                                                                 Ans:d
66.       The amount of maturity inclusive of interest if becomes Rs 20000/- or above shall be paid by
            a)         Cash only                                          b)         By crossed cheque
            c)         By Credit into saving accounts     d)         Either B or C                         Ans:d
67.       Mark the correct option
a)                 TD accounts cannot be closed prematurely before 6 months from the date of opening of account.
b)                 Where a deposit in 1, 2, 3 or 5 year account is withdrawn prematurely after 6 month but before expiry of one year from the  date of deposit , no interest will be payable to the depositor.
c)                  Where a deposit in 2,3 or 5 year account is withdrawn prematurely after the expiry of one year interest on such deposit shall be payable to the depositor such interest hall be calculated at the rate which shall be 1% less than the rate specified for 1 , 2 or 3 years as the case may be.
d)                 All the above                                                                                                    Ans:d
68.       Pledging of TD account as security in the name of
a)                 The president of India or Governor of the state in his official capacity
b)                 The reserve bank of India or a scheduled bank or a co-operative society
c)                  Both the A and B
d)                 None of these                                                                                                  Ans:c
69.       Post maturity interest on TD account shall be paid up to
            a)         1 Year                                                b)         2 Years
            c)         3 Years                                  d)         No  limit                                                 Ans:b
70.       Mark the correct option
a)                 No cheque collection charge is to be charged in Worker wage accounts
b)                 Workers wage account cannot be transferred from one post office to another Post office
c)                  No subsequent deposit can be made in workers wage account
d)                 No amount is required for opening worker wage accounts
e)                 All the above                                                                                                 Ans:e
71.       Minimum limit in opening of MIS account
a)                 Rs 1000/-  and in multiple of Rs 1000/-
b)                 Rs 1500/- and in multiple of Rs 1500/-
c)                  Rs 1250/- and in multiple of Rs 1250/-
d)                 None of these                                                                                               Ans:b
72.       What is the maximum limit of deposit in MIS account in single and joint?
            a)         1.5 lac and 3 lack                             b)         3 lac and 4.5 lack
            c)         4.5 lac and 9 lac                               d)         6 lac    and 9 lac                    Ans:c
73.       Mark the correct option MIS account opened on or after 01 Apr 12
           
a)                 The rate of interest shall be 8.5 % per annum payable monthly.
b)                 No withdrawal will be allowed before expiry of  maturity period 5 years
c)                  No bonus shall be payable
d)                 All the above                                                                                                 Ans:d
73.       5% bonus on initial deposit of MIS account allowed an account opened between
            a)         08 Dec 2007 to 30 Nov 2011         b)         13 Feb 2006 to 30 Nov 2011
            c)         Before 13 Feb 2006                         d)         None of these                       Ans:a
74.       Post maturity interest on TD account shall be paid up to
            a)         1 Year                                                b)         2 Years
            c)         3 Years                                  d)         No  limit                                                 Ans:b
75.       Mark the correct option
            a)         The MIS account can be close after expiry of one year.
            b)         The MIS account closed after one year but before three year 2 %  deduction         will be  made on initial deposit
c)            The MIS account closed after expiry of three year 1% deduction will be made         .     on the initial deposit
d)         In case of death of the depositor before maturity  account may be closed and        deposit refunded along with interest up to the month preceding the month in          which refund made.
e)         All the above                                                                                                 Ans:e

12 year old Bihar boy clears Class 12 after cracking IIT - JEE


Patna, May 29, 2012(IANS): After cracking the highly competitive Indian Institute of Technology-Joint Entrance Examination (IIT-JEE), Satyam Kumar, the 12-and-half-year-old boy from Bihar has now passed Class 12 with 85 percent marks.
Satyam has become the youngest in the country to clear the Class 12 Central Board of Secondary Education (CBSE) examination, family sources Tuesday claimed.
Satyam, a resident of Bakhorapur village in Bhojpur district, cleared IIT-JEE from the Mumbai zone with an all-India rank of 8,137. He has been the youngest yet to crack what is considered to be the toughest qualifying exam in the country. 
Satyam is currently studying in Rajasthan’s Kota town, well-known for its IIT-JEE coaching centres. He stays with his younger brother and uncle. Satyam had also done his Class 10 from Modern School in Kota. 
“We are happy and celebrating his rare success. After all, it is a matter of pride for the family, village and the state,” Satyam’s uncle Rampukar Singh told IANS over telephone.
Singh said, “CBSE officials informed us that Satyam is the youngest to clear Class 12. The entire village is upbeat because he has become a role model for others.”
The village celebrated his success by bursting firecrackers and consuming sweets when he cracked IIT-JEE May 18.
Satyam is busy preparing for next year’s IIT-JEE. After cracking IIT-JEE this year, he made it clear that he would not join IIT because of his poor rank. He will attempt next year for a better rank.
Kumar’s father, Sidhnath Singh, a farmer, is proud of him.
He said his son was intelligent since early childhood.
Courtesy : http://tkbsen.com/

OFFICIALS GOT FINANCIAL UPGRADTION UNDER MACP ALSO ELIGIBLE FOR TO APPEAR POSTMASTER GRADE I DEPARTMENTAL EXAMINATION


OFFICIALS GOT  FINANCIAL UPGRADTION UNDER MACP ALSO ELIGIBLE FOR TO APPEAR POSTMASTER GRADE I DEPARTMENTAL EXAMINATION

Transfer u/r 38 of P&T Manual Vol. IV in Postmaster Grade-I

MODEL QUESTIONS FOR PS GP B, IPO & PM GRADE 1 EXAM(POSB MANUAL VOLUME I QN 26-50)

(POSB MANUAL VOLUME I QN 26-50)

26.       No maximum limit on saving bank  accounts from
            a)         01 Oct 2011                                       b)         01 Dec 2011
            c)         01 Jan 2012                                      d)         None of these                       Ans:a
27.       Interest earned is Tax free u to Rs
            a)         5000/-                                                 b)         3000
            c)         2500/-                                                 d)         3500/-                                     Ans:d
28.       Mark the incorrect option
a)                 Single account  can be converted into Joint and Vice versa
b)                 Minor after attaining majority has to apply for conversion of the account in his name
c)                  If minor attaining majority the account can be closed by guardian
d)                 None of these                                                                                               Ans:c
29.       If the account opened with initial deposit exceeding Rs 50000/- _____ is mandatory
            a)         Pan Card photocopy                       b)         Declaration in form 60/61
            c)         Both the above                                 d)         Either A or B                         Ans:d

30.       Mark the correct option
a)                 A pensioner of any central or state Govt whom dept of post has signed an agreement for disbursement of pension can open either single or joint with spouse account.
b)                 Sanchayika accounts can be opened in the name of the principal/teacher and two students not less than 10 year of age
c)                  Minor account can be opened by a person  under the law in force from time to time as guardian when father and mother both are not alive
d)                 All the above                                                                                                 Ans:d
31.       Mark correct option relating to worker wage accounts
a)                 A single account may be opened by any of the registered adult of a house hold whose name is mentioned in the job card.
b)                 A joint account can be opened in the name of husband and wife provided that names of both are registered in the job card
c)                  Joint B account cannot be opened under this category of account
d)                 Only one account can be opened.
e)                 All the above                                                                                                 Ans:d
32.       What is IGNOAPS?
a)                 Indian Government National Old  Age Pension Scheme
b)                 Indian Guaranty National Old Age Pension Scheme
c)                  Indira Gandhi National Old Age Pension Scheme
d)                 None of these                                                                                               Ans:c
33.       What is IGNWPS?
a)                 Indian Government National Worker Pension Scheme
b)                 Indira Gandhi National Widow Pension Scheme
c)                  Indira Gandhi National Worker Pension Scheme
d)                 None of these                                                                                               Ans:b
34.       What is IGNDPS?
a)                 Indira Gandhi National Development pension Scheme
b)                 Indian Government National disability pension Scheme
c)                  Indiara Gandhi National disability pension Scheme
d)                 None of these                                                                                               Ans:c
35.       A blind or illiterate or physically handicapped adult
a)                 Cannot be opened any account
b)                 May open or operate account personally
c)                  May operate account through a literate agent nominated by him for the purpose
d)                 Both the B and C                                                                                         And:d
36.       Mark the correct option
a)                 A literate person can account with cheque facility
b)                 No minimum amount is required for opening of Workers wage account
c)                  Saving account can be opened by cash only
d)                 All the above                                                                                                 Ans:d
40.       What is MG-NREGA?
a)                 Most Guaranteed – National Rural Employment Guaranty Act
b)                 Mhatma Gandhi- New Right Enabled Guaranty Act
c)                  Mahatma Gandhi- National Rural Employment Guaranty Act
d)                 None of these                                                                                               Ans:c
41.       Mark the correct option
a)                 No subsequent deposit allowed less than Rs 5 in saving account
b)                 No withdrawal is allowed less than Rs 5
c)                  No withdrawal shall be permitted which has the effect reducing the balance to less than fifty in single account and less than 500 in cheque account
d)                 All the above                                                                                                 Ans:d
42.       Mark the correct option
a)                 No interest shall be allowed on an account for any month in which the balance at credit below twenty rupees ant any time between the close of the tenth day and end of the month
b)                 No interest shall be allowed on an account for any year in which the amount of interest for the year is less than one rupees
c)                  In case death of the depositor interest in the account will be allowed till the end of the month preceding the month in which sanction for withdrawal of balance is issued by competent postal authority
d)                 All the above                                                                                                 Ans:d
43.       Mark the incorrect option
a)                 No  further transaction will be allowed in silent account
b)                 The silent account cannot be revived should be closed
c)                  The silent account can be revived by transaction and submitting an application.
d)                 None of these                                                                                               Ans:b
44.       Mark the correct option
a)                 In case of silent accounts in which the minimum balance below Rs 50/- a service charge of Rs 20/- per year is debited on the last working day of the financial year.
b)                 When balance in silent account becomes Zero the account shall be treated as closed
c)                  A service charge for dishonored cheques @50/- per cheque plus postage charge will be debited to the depositor accounts.
d)                 All the above                                                                                                 Ans:d
45.       In case any discrepancy, passbook will be retained and receipt form____ will be issued to the depositor
            a)         SB-32                                                 b)         SB-28
            c)         SB-27                                                 d)         SB-14                                     Ans:b
46.       In case the balance was above one lac in deceased depositor account___ is necessary
a)                 Witness of responsible person
b)                 Thumb impression of the deceased person
c)                  Succession certificate or Probate of will or letter of administration
d)                 All the above                                                                                                 Ans:c
47.       To supply of saving bank ledger copy Rs _____ will be charged
a)                 10 per ledger copy
b)                 Rs 5 per every thirty entry
c)                  Rs 2 per every thirty entries or part there of
d)                 Free                                                                                                                Ans:c
48.       Mark the correct option relating to cheque collection charges.
a)                 Rs 30/- for a cheque up to Rs 1000/-
b)                 Rs 3/- per thousand beyond Rs 1000/-
c)                  No collection charges will be charged on outstation cheque  of Post office saving bank drawn in post office saving bank
d)                 All the above                                                                                                 Ans:d
49.       When an account opened in contravention of rules
a)                 The account should be closed
b)                 The deposit made in the account refunded to the depositor without interest
c)                  Both  A and B
d)                 None of these                                                                                               Ans:c
50.       Mark the correct option
a)                 The account can be transferred  submitting an application in form SB 10(b)
b)                 The account may be opened in using the form SB 3
c)                  SB 7 is necessary to get withdrawal  except cheque account
d)                 All the above                                                                                                 Ans:d

(Prepared & published by AB Kantharaja, Mobile 08969822340,

HOW TO CALCULATE THE INTEREST RATES FOR GENERAL PROVIDENT FUND

HOW TO CALCULATE THE INTEREST RATES FOR GENERAL PROVIDENT FUND

            
The rate of interest on GPF is generally fixed after taking into consideration the average secondary market yields on government securities. The rates of interest on General Provident Fund (GPF) is 8% for the period from 1.4.2011 to 30.11.2011 and 8.6%from 1.12.2011 to 31.3.2012, whereas the rate of interest on EPF for the financial year 2011-12 is 8.25%.whereas the rate of interest on EPF is fixed on the recommendation of the Central Board of Trustees (CBT) by the Employees Provident Fund Organisation (EPFO), Ministry of Labour and Employment based on the income earned on the accumulated fund during the financial year.

       
Ministry of Finance announced on 22nd May 2012, the interest rates on General Provident Fund and similar funds, which has been revised to 8.8% (Eight point six per cent) with effect from1.04.2012.