Q21. Which of the following is a social security scheme providing pension benefits to low-income workers?
a) Pradhan Mantri Jan Dhan Yojana (PMJDY)
b) Atal Pension Yojana (APY)
c) Pradhan Mantri Suraksha Bima Yojana (PMSBY)
d) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
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Correct Answer: b) Atal Pension Yojana (APY)
Explanation: The Atal Pension Yojana provides a pension to low-income workers and individuals in the unorganized sector, ensuring financial security in old age.
Q22. Which banking service allows customers to check their account balance and make transactions via mobile devices?
a) Internet Banking
b) Mobile Banking
c) Telephone Banking
d) SMS Banking
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Correct Answer: b) Mobile Banking
Explanation: Mobile Banking enables customers to access their bank accounts, check balances, and perform transactions using mobile devices.
Q23. What type of insurance is designed to cover risks related to death, disability, and health expenses?
a) Life Insurance
b) Health Insurance
c) General Insurance
d) All of the above
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Correct Answer: d) All of the above
Explanation: Various types of insurance, including life, health, and general insurance, are designed to cover different risks associated with death, disability, and health expenses.
Q24. How can a customer ensure their ATM PIN remains secure?
a) Write it down and keep it in a safe place
b) Share it with trusted family members
c) Change it regularly and avoid sharing it
d) Use the same PIN for multiple accounts
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Correct Answer: c) Change it regularly and avoid sharing it
Explanation: Changing your ATM PIN regularly and keeping it confidential helps protect against unauthorized access and fraud.
Q25. What is the main purpose of the Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
a) To offer retirement benefits
b) To provide accidental death and disability insurance
c) To promote digital financial literacy
d) To support small-scale industries
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Correct Answer: b) To provide accidental death and disability insurance
Explanation: PMSBY aims to provide insurance coverage for accidental death and disability to individuals at a low premium.
Q26. What is typically required to open a Pradhan Mantri Jan Dhan Yojana (PMJDY) account?
a) Proof of income
b) Aadhar Card
c) Business registration
d) Education qualification
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Correct Answer: b) Aadhar Card
Explanation: PMJDY accounts require minimal documentation, with the Aadhar Card being a primary requirement for identity verification.
Q27. What does a recurring deposit account typically offer?
a) A fixed interest rate on regular deposits
b) High liquidity for frequent transactions
c) Insurance coverage
d) Overdraft facilities
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Correct Answer: a) A fixed interest rate on regular deposits
Explanation: A Recurring Deposit Account allows regular deposits at a fixed interest rate over a specific period, offering a steady return on investments.
Q28. Which document is commonly used as proof of address when opening a bank account?
a) Birth certificate
b) Utility bill
c) Credit card statement
d) Employment letter
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Correct Answer: b) Utility bill
Explanation: A utility bill is often used as proof of address because it provides a clear and official record of the customer’s residential address.
Q29. What is the benefit of having a bank account under the Pradhan Mantri Jan Dhan Yojana (PMJDY)?
a) Access to loans at lower interest rates
b) Free insurance coverage
c) No minimum balance requirement and easy access to banking services
d) Priority in government job applications
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Correct Answer: c) No minimum balance requirement and easy access to banking services
Explanation: PMJDY accounts offer easy access to banking services without a minimum balance requirement, promoting financial inclusion.
Q30. What is a primary feature of a savings bank account?
a) Unlimited withdrawals
b) Low interest rates
c) High minimum balance requirements
d) Interest accrual on deposited funds
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Correct Answer: d) Interest accrual on deposited funds
Explanation: Savings accounts typically offer interest on deposited funds, helping account holders grow their savings over time.