Q81. Which of the following is a common feature of a savings account?
a) No interest on deposits
b) High transaction limits
c) Interest earned on deposits
d) Overdraft facility
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Correct Answer: c) Interest earned on deposits
Explanation: A savings account typically offers interest on the deposited amount, encouraging individuals to save money while providing easy access to their funds.
Q82. What is the primary benefit of using mobile banking?
a) It allows for physical bank visits
b) It provides 24/7 access to banking services
c) It offers high-interest savings accounts
d) It provides free credit scores
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Correct Answer: b) It provides 24/7 access to banking services
Explanation: Mobile banking enables users to perform various banking transactions and access services at any time, offering convenience and flexibility.
Q83. Which scheme is designed to offer a pension after retirement?
a) Pradhan Mantri Suraksha Bima Yojana (PMSBY)
b) Atal Pension Yojana (APY)
c) Pradhan Mantri Jan Dhan Yojana (PMJDY)
d) Pradhan Mantri Mudra Yojana (PMMY)
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Correct Answer: b) Atal Pension Yojana (APY)
Explanation: Atal Pension Yojana (APY) is designed to provide a guaranteed pension to individuals after retirement, ensuring financial stability in old age.
Q84. Which document is typically used to verify address in KYC procedures?
a) Credit card statement
b) Utility bill
c) Airline ticket
d) Membership card
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Correct Answer: b) Utility bill
Explanation: A utility bill is commonly used to verify an individual’s address as part of the KYC process, along with other valid identity documents.
Q85. What does the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provide to policyholders?
a) Accident coverage
b) Life insurance coverage
c) Health insurance
d) Home loan insurance
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Correct Answer: b) Life insurance coverage
Explanation: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides life insurance coverage, offering financial support to the family of the policyholder in the event of death.
Q86. Which scheme provides financial protection against accidental death and disability?
a) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
b) Atal Pension Yojana (APY)
c) Pradhan Mantri Suraksha Bima Yojana (PMSBY)
d) Pradhan Mantri Mudra Yojana (PMMY)
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Correct Answer: c) Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Explanation: Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides financial protection against accidental death and disability, offering affordable insurance coverage.
Q87. What is the main advantage of having a savings account?
a) High transaction fees
b) Unlimited withdrawals with no interest
c) Earning interest on deposited funds
d) No need for KYC documentation
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Correct Answer: c) Earning interest on deposited funds
Explanation: The primary advantage of a savings account is that it allows individuals to earn interest on their deposited funds while providing easy access to their money.
Q88. What is the main feature of a current account?
a) Interest on balance
b) Unlimited transactions with no interest
c) Fixed deposit features
d) Low minimum balance requirement
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Correct Answer: b) Unlimited transactions with no interest
Explanation: A current account is designed for frequent transactions, offering unlimited deposits and withdrawals but typically does not offer interest on the balance.
Q89. What is the purpose of a cheque in financial transactions?
a) To instruct a bank to pay a specific amount from one account to another
b) To withdraw cash from an ATM
c) To apply for a fixed deposit
d) To purchase insurance
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Correct Answer: a) To instruct a bank to pay a specific amount from one account to another
Explanation: A cheque is used to direct a bank to pay a specified amount of money from the drawer’s account to the payee’s account, facilitating secure transactions.
Q90. What is a common feature of a Demand Draft (DD)?
a) It is not guaranteed by the bank
b) It requires the payer’s signature
c) It is a prepaid instrument
d) It can be used for online transactions
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Correct Answer: c) It is a prepaid instrument
Explanation: A Demand Draft (DD) is a prepaid instrument, meaning the payment is guaranteed by the bank, making it a secure method of transferring funds.