Q61. What does a RuPay card primarily provide?
a) Health insurance coverage
b) Easy access to funds for shopping and ATM withdrawals
c) High-interest savings
d) Long-term investment options
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Correct Answer: b) Easy access to funds for shopping and ATM withdrawals
Explanation: A RuPay card offers easy access to funds, allowing users to make purchases at retail outlets, withdraw cash from ATMs, and perform online transactions securely.
Q62. What is the purpose of a fixed deposit account?
a) To earn high-interest rates over a fixed tenure
b) To allow unlimited withdrawals
c) To provide an overdraft facility
d) To offer life insurance coverage
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Correct Answer: a) To earn high-interest rates over a fixed tenure
Explanation: A fixed deposit account offers high-interest rates for a specified tenure, providing a secure investment option for individuals looking to save and earn more on their deposits.
Q63. What is the key feature of Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
a) Provides coverage for natural disasters
b) Offers low-premium accident insurance
c) Guarantees high returns on investments
d) Provides free credit cards
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Correct Answer: b) Offers low-premium accident insurance
Explanation: Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers affordable accident insurance coverage at a low premium, providing financial protection in the event of accidental death or disability.
Q64. What is the role of a Demand Draft (DD)?
a) To withdraw cash from an ATM
b) To transfer funds securely from one bank account to another
c) To purchase stocks
d) To open a savings account
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Correct Answer: b) To transfer funds securely from one bank account to another
Explanation: A Demand Draft (DD) is used to transfer funds securely between bank accounts, ensuring that the payment is guaranteed by the bank.
Q65. What does the Atal Pension Yojana (APY) provide to its subscribers?
a) Interest on savings
b) Guaranteed pension after retirement
c) Accident insurance coverage
d) Scholarships for students
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Correct Answer: b) Guaranteed pension after retirement
Explanation: The Atal Pension Yojana (APY) offers a guaranteed pension to subscribers after retirement, providing financial security and support in their old age.
Q66. What document is commonly required for KYC verification in banks?
a) Mobile phone bill
b) Credit card statement
c) Passport
d) Airplane ticket
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Correct Answer: c) Passport
Explanation: A passport is commonly used for KYC verification as it serves as a valid proof of identity and address, which is necessary for opening a bank account.
Q67. Which banking service is typically associated with a savings account?
a) High-interest loans
b) Overdraft facility
c) Fixed deposits
d) Insurance coverage
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Correct Answer: c) Fixed deposits
Explanation: Savings accounts are often associated with fixed deposits, where individuals can park their funds for a fixed period at higher interest rates compared to regular savings accounts.
Q68. What is the main advantage of Pradhan Mantri Jan Dhan Yojana (PMJDY)?
a) Provides life insurance
b) Offers zero-balance accounts
c) Guarantees high returns on investments
d) Provides business loans
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Correct Answer: b) Offers zero-balance accounts
Explanation: Pradhan Mantri Jan Dhan Yojana (PMJDY) offers zero-balance accounts, making banking accessible to individuals who may not be able to maintain a minimum balance.
Q69. What is a Demand Draft (DD) used for in banking transactions?
a) To transfer funds securely
b) To open a new bank account
c) To invest in mutual funds
d) To get a personal loan
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Correct Answer: a) To transfer funds securely
Explanation: A Demand Draft (DD) is used for securely transferring funds between bank accounts, often used when a secure form of payment is needed.
Q70. What does an ATM card typically allow you to do?
a) Purchase stocks
b) Access funds from ATMs and make payments
c) Apply for a loan
d) Buy insurance
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Correct Answer: b) Access funds from ATMs and make payments
Explanation: An ATM card allows users to access their funds from ATMs, make payments at point-of-sale terminals, and perform various banking transactions.