MCQ on Banking2
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The following post contains the Multiple Choice Questions (MCQ) and Answers on Banking Industry. This might be useful for the candidates who prepare for Banking exams. And it also be useful for the banker who wish to appear for promotion. If you want to improve your banking knowledge read the following MCQ and its answer carefully. These are commonly asked questions in IBPS (Institute of Banking Personnel Selection), SBI, RBI and other competitive exams.

1. A currency note that is formed by joining a half of any one note to a half of another note is called:

  • a. Mismatched note
  • b. Fake note
  • c. Mutilated note
  • d. Impound note

2. As per the revised guidelines of RBI, penalty for shortage of notes of Rs.50 and above in the remittance to RBI is

  • a. Equal to value of denomination
  • b. Value of loss or shortage of notes
  • c. Flat 10,000
  • d. Both a and b

3. What is cash retention limit?

  • a. limit permitted by RBI for bank as a whole
  • b. another name of CRR
  • c. maximum amount that can be held by a branch on a day
  • d. amount kept in a currency chest

4. Dishonor of ECS mandate for reason of insufficient funds for four or more occasions during the financial year may result in

  • a. Further ECS mandate will not be accepted
  • b. Penalty of Rs.1000 to be imposed
  • c. Closure of account by the Bank.
  • d. Caution letter to be issued to customer

5. What is the relationship between banker and customer under safe deposit locker hired?

  • a. Banker & Customer
  • b. Bailee & Bailor
  • c. Lessor and lessee
  • d. Principal & Student

6. GST has come into existence from which date?

  • a. From 01-07-2017
  • b. From 01-09-2017
  • c. From 01-04- 2017
  • d. From 01-01-2017

7. What is the “Quiet Period”?

  • a. It is the period commencing from the first day following the end of the reporting period until the release of financial results / performance by the Bank
  • b. No one, including the Designated spokespersons, should communicate to any one regarding matters relating to earnings and financial performance
  • c. Both a & b
  • d. Next 3 days after publishing Balance Sheet

8. Off-shore Banking Unit can do the following Operations

  • a. Lending Abroad
  • c. Treasury Operations
  • b. Deemed Exports
  • d. Retail Lending
MCQ on Banking1

9. Statutory Liquidity Ratio is governed by

  • a. RBI act
  • b. N I Act
  • c. RTI act
  • d. Banking Regulation Act 1949

MCQ on PM Schemes for Banking exam

10. Pradhan mantra Jeevan Jyoti Bima Yojana (PMJJBY) Scheme covers

  • a. Death due to any reason
  • b. Death due on Natural
  • c. Death due to accident
  • d. It is a General Insurance Scheme

11. Pradhan Mantri Suraksha Bima Yojana (PMSBY) offered to the following:

  • a. All Individuals who are working in Public Sector
  • b. All Savings Bank customers aged 18 to 70 years
  • c. All citizens who are in unorganized sector
  • d. All SB accounts holders of PSB irrespective of Age

12. What is the sum insured under PMSBY

  • a. Rs. 100000 to Rs.500000/- depending on selection by Account holder
  • b. Natural Death during the policy in force
  • c. Rs.50000 to Rs.100000 to all our SB account holders
  • d. Death due to accident, Loss of both eyes, hands, foot subject to maximum of Rs.2 lakhs

13. Atal Pension Yojana Scheme is offered to:

  • a. All citizens in the unorganized sector
  • b. Only to Agriculture Labourers
  • c. All the Income Tax payers
  • d. Central Government Employees

14. What is the maximum period of the PPF account?

  • a. 10 years
  • b. 15 years
  • c. 21 years
  • d. 12 year

15. What are the min & max amounts accepted in Sukanya Samriddhi Account (SSA)?

  • a. Min 500 & Max 10000 in a year
  • b. No Min & Max 1,00,000/-
  • c. Min of Rs.1000 & Max of Rs.1,50,000/- in a Financial Year
  • d. No min & No Max ceiling

16. When will the SSA account mature for payment?

  • a. 10 years from the date of opening
  • b. 18 years from the date of opening of account
  • c. It is a SB account, hence no maturity period
  • d. Account matures on completion of 21 years from the date of opening of the account

17. Whether defaulted SSA account can be regularized?

  • a. within 15 years of opening by paying Rs.100 penalty
  • b. within 15 years of opening by paying Rs.50/- as penalty.
  • c. Any time during pendency of the tenure
  • d. Once defaulted, it can not be regularized

18. Whether premature closure is permitted in SSA account?

  • a. Death of Beneficiary Account Holder
  • b. The account holder becoming a Non-citizen or Non-resident of India.
  • c. On grounds of medical support in life threatening diseases of the Account Holder and death of the guardian.
  • d. All the above

19. Public provident fund (PPF) accounts can be opened by

  • a. Individual, HUF, minor
  • b. Firm, HUF, company
  • c. Individual, company, firm
  • d. Individual person only

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