Q31. What type of banking service is provided through a mobile banking app?
a) Cheque deposit
b) Balance inquiry
c) Loan repayment
d) All of the above
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Correct Answer: d) All of the above
Explanation: Mobile banking apps offer a wide range of services, including balance inquiries, cheque deposits, loan repayments, fund transfers, and more, enabling customers to manage their accounts remotely.
Q32. What is the primary focus of the Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
a) Health insurance
b) Accident insurance
c) Life insurance
d) Car insurance
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Correct Answer: b) Accident insurance
Explanation: The Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides affordable accident insurance to individuals, offering financial protection in case of accidental death or disability.
Q33. What is the maximum age to join the Atal Pension Yojana (APY)?
a) 30 years
b) 40 years
c) 50 years
d) 60 years
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Correct Answer: b) 40 years
Explanation: The maximum age to join the Atal Pension Yojana (APY) is 40 years, allowing individuals to save for their retirement and receive a guaranteed pension after reaching 60 years of age.
Q34. What is the main benefit of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
a) Provides health insurance coverage
b) Offers life insurance coverage
c) Gives education loans
d) Offers high-interest savings
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Correct Answer: b) Offers life insurance coverage
Explanation: PMJJBY offers life insurance coverage, providing financial protection to the beneficiaries of the policyholder in case of the policyholder’s death, ensuring their financial security.
Q35. Which banking product is typically used for withdrawing money from an ATM?
a) RuPay Card
b) Fixed Deposit Certificate
c) Cheque Book
d) Passbook
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Correct Answer: a) RuPay Card
Explanation: A RuPay Card is typically used for withdrawing money from ATMs, making payments at point-of-sale terminals, and conducting online transactions. It is similar to other debit cards.
Q36. What is a common feature of savings accounts?
a) High-interest rates with no withdrawal limits
b) Easy access to funds with a modest interest rate
c) Long-term fixed tenure with high returns
d) Unlimited overdraft facility
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Correct Answer: b) Easy access to funds with a modest interest rate
Explanation: Savings accounts offer easy access to funds, with account holders earning a modest interest on their deposits. They are designed to encourage saving while keeping money accessible.
Q37. What is the primary purpose of a loan provided by a bank?
a) To earn interest on savings
b) To enable borrowers to purchase or invest
c) To offer free insurance
d) To avoid paying taxes
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Correct Answer: b) To enable borrowers to purchase or invest
Explanation: Loans provided by banks are designed to enable borrowers to purchase assets (like homes or cars), invest in businesses, or cover significant expenses, with the expectation of repayment with interest.
Q38. Which banking service is typically linked with a savings account for additional security?
a) Health insurance
b) Fixed deposit
c) Overdraft protection
d) Credit card
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Correct Answer: c) Overdraft protection
Explanation: Overdraft protection is a service linked to savings accounts that prevents transactions from being declined due to insufficient funds, effectively covering the shortfall and avoiding penalties.
Q39. What is a common feature of a current account?
a) No interest on the balance
b) High interest on deposits
c) Fixed tenure
d) Insurance coverage
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Correct Answer: a) No interest on the balance
Explanation: Current accounts are typically used by businesses and do not offer interest on the balance. They provide features like unlimited transactions and overdraft facilities, making them ideal for daily operations.
Q40. What is the role of a cheque in banking transactions?
a) To request a loan
b) To withdraw cash instantly
c) To instruct a bank to pay a specific amount from one account to another
d) To deposit cash into a bank
Show Answer
Correct Answer: c) To instruct a bank to pay a specific amount from one account to another
Explanation: A cheque is a written instruction directing a bank to pay a specific amount of money from one account to another. It is commonly used for payments and money transfers.