Q51. Which card is linked directly to your bank account and can be used for daily purchases?
a) Credit Card
b) Debit Card
c) Prepaid Card
d) Gift Card
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Correct Answer: b) Debit Card
Explanation: A Debit Card is linked directly to the user’s bank account, allowing them to make purchases and access funds from their account.
Q52. What does the Pradhan Mantri Mudra Yojana (PMMY) aim to support?
a) Large corporations
b) Public sector enterprises
c) Small and micro enterprises
d) Government employees
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Correct Answer: c) Small and micro enterprises
Explanation: PMMY aims to provide financial support to small and micro enterprises to help them grow and expand their business operations.
Q53. Which of the following insurance schemes provides coverage for accidental death and disability with a low premium?
a) Pradhan Mantri Jan Dhan Yojana (PMJDY)
b) Atal Pension Yojana (APY)
c) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
d) Pradhan Mantri Suraksha Bima Yojana (PMSBY)
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Correct Answer: d) Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Explanation: PMSBY offers affordable insurance coverage for accidental death and disability, aimed at low-income individuals.
Q54. What is a primary advantage of using a Demand Draft (DD)?
a) Immediate cash withdrawal
b) Secured and guaranteed payment
c) Instant credit approval
d) Frequent transaction capability
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Correct Answer: b) Secured and guaranteed payment
Explanation: A Demand Draft ensures a secured and guaranteed payment as it is issued by the bank and is considered a reliable payment method.
Q55. Which banking service allows customers to perform transactions via a telephone call?
a) Mobile Banking
b) Internet Banking
c) Telephone Banking
d) ATM Services
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Correct Answer: c) Telephone Banking
Explanation: Telephone Banking allows customers to perform banking transactions and access account information by calling their bank.
Q56. What is the main benefit of the Pradhan Mantri Jan Dhan Yojana (PMJDY) in terms of banking accessibility?
a) Provides high-interest rates
b) No need for a minimum balance
c) Offers financial advisory services
d) Provides free credit cards
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Correct Answer: b) No need for a minimum balance
Explanation: PMJDY accounts are designed to provide basic banking services with no requirement for maintaining a minimum balance.
Q57. What document is commonly used to confirm a customer’s identity for KYC purposes?
a) Aadhar Card
b) Utility Bill
c) Bank Statement
d) Lease Agreement
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Correct Answer: a) Aadhar Card
Explanation: The Aadhar Card is widely used for KYC purposes as it provides a reliable form of identity verification.
Q58. What does a Fixed Deposit Account offer compared to a savings account?
a) Higher liquidity
b) Higher interest rates for a fixed tenure
c) Unlimited withdrawals
d) Lower interest rates
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Correct Answer: b) Higher interest rates for a fixed tenure
Explanation: Fixed Deposit Accounts offer higher interest rates than savings accounts, provided the money is kept for a specified fixed period.
Q59. Which insurance scheme is designed to provide health coverage for individuals?
a) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
b) Atal Pension Yojana (APY)
c) Pradhan Mantri Suraksha Bima Yojana (PMSBY)
d) Health Insurance
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Correct Answer: d) Health Insurance
Explanation: Health Insurance provides coverage for medical expenses and healthcare services, protecting individuals from high medical costs.
Q60. What is the purpose of a Pradhan Mantri Jan Dhan Yojana (PMJDY) account?
a) To facilitate luxury banking services
b) To ensure financial inclusion by providing access to banking services
c) To offer high-yield investment options
d) To provide personal loans
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Correct Answer: b) To ensure financial inclusion by providing access to banking services
Explanation: PMJDY aims to promote financial inclusion by providing access to basic banking services for individuals who do not have banking facilities.