Q91. Which document is commonly used as proof of identity for banking purposes?
a) Driving License
b) Marriage Certificate
c) Utility Bill
d) Rent Agreement
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Correct Answer: a) Driving License
Explanation: The Driving License is widely accepted as proof of identity for banking purposes due to its official nature and photograph.
Q92. What does the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provide?
a) Health insurance for low-income groups
b) Life insurance coverage with a low premium
c) Pension benefits for senior citizens
d) Loans for small businesses
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Correct Answer: b) Life insurance coverage with a low premium
Explanation: PMJJBY provides affordable life insurance coverage to individuals, ensuring financial protection for their families in case of death.
Q93. What is the primary goal of the Pradhan Mantri Jan Dhan Yojana (PMJDY)?
a) To provide high-yield investment options
b) To offer credit cards to low-income individuals
c) To facilitate the opening of basic bank accounts
d) To offer personal loans
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Correct Answer: c) To facilitate the opening of basic bank accounts
Explanation: PMJDY aims to increase financial inclusion by providing access to basic banking accounts for individuals who previously did not have bank accounts.
Q94. What is the main feature of a Prepaid Card?
a) Ability to earn rewards
b) Requires funds to be loaded before use
c) Offers overdraft facilities
d) Provides high credit limits
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Correct Answer: b) Requires funds to be loaded before use
Explanation: A Prepaid Card must be loaded with funds before it can be used for transactions, limiting spending to the amount preloaded.
Q95. Which document is often used to verify an individual’s address when opening a bank account?
a) Utility Bill
b) Educational Certificate
c) Employment Contract
d) Birth Certificate
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Correct Answer: a) Utility Bill
Explanation: A utility bill is commonly used as proof of address due to its official nature and accurate representation of an individual’s residential address.
Q96. What is a primary advantage of using a Credit Card?
a) Access to a line of credit for purchases
b) No annual fees
c) Immediate cash withdrawals
d) High interest rates on purchases
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Correct Answer: a) Access to a line of credit for purchases
Explanation: Credit Cards offer access to a line of credit, allowing users to make purchases and pay back later, often with additional benefits like rewards.
Q97. What is the purpose of a Recurring Deposit Account?
a) To save regularly and earn a fixed interest rate
b) To offer instant cash withdrawals
c) To facilitate business transactions
d) To provide a flexible saving option
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Correct Answer: a) To save regularly and earn a fixed interest rate
Explanation: A Recurring Deposit Account is designed for regular saving with fixed monthly deposits, providing a guaranteed return over a set period.
Q98. What does an Overdraft Facility allow an account holder to do?
a) Access additional funds beyond the account balance
b) Transfer funds internationally
c) Earn higher interest rates
d) Access a high credit limit
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Correct Answer: a) Access additional funds beyond the account balance
Explanation: An Overdraft Facility allows account holders to withdraw more than their account balance, up to an approved limit.
Q99. What is the main advantage of using Mobile Banking?
a) Access to banking services without visiting a branch
b) Increased fees for transactions
c) Limited accessibility to account information
d) Restrictions on transaction types
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Correct Answer: a) Access to banking services without visiting a branch
Explanation: Mobile Banking offers the convenience of accessing and managing bank accounts from mobile devices without the need to visit a physical branch.
Q100. What type of card is generally used for accessing cash from ATMs?
a) Credit Card
b) Debit Card
c) Prepaid Card
d) Gift Card
Show Answer
Correct Answer: b) Debit Card
Explanation: Debit Cards are used to access cash from ATMs and make purchases directly linked to the holder’s bank account balance.