Q61. Which document is often used as proof of address when opening a bank account?
a) Utility bill
b) Voter ID card
c) PAN card
d) Passport
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Correct Answer: a) Utility bill
Explanation: A utility bill is commonly used as proof of address for opening a bank account due to its official nature and accuracy.
Q62. What is a key feature of a Recurring Deposit Account?
a) Allows frequent withdrawals
b) Provides a fixed return on regular deposits
c) Offers no interest
d) Requires a high minimum balance
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Correct Answer: b) Provides a fixed return on regular deposits
Explanation: A Recurring Deposit Account allows for regular deposits and offers a fixed return on the accumulated amount over a specified period.
Q63. What does the term “overdraft” allow a customer to do?
a) Withdraw more money than the account balance
b) Open additional accounts
c) Transfer funds internationally
d) Access insurance services
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Correct Answer: a) Withdraw more money than the account balance
Explanation: An overdraft facility allows account holders to withdraw more funds than their account balance, up to an approved limit.
Q64. Which scheme provides life insurance coverage with a low premium to individuals?
a) Pradhan Mantri Jan Dhan Yojana (PMJDY)
b) Atal Pension Yojana (APY)
c) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
d) Pradhan Mantri Mudra Yojana (PMMY)
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Correct Answer: c) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Explanation: PMJJBY offers life insurance coverage at a minimal premium, ensuring financial protection in the event of death.
Q65. What is the primary benefit of mobile banking services?
a) Enhanced customer support
b) Ability to perform banking transactions from a mobile device
c) Access to physical branch services
d) Higher interest rates on deposits
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Correct Answer: b) Ability to perform banking transactions from a mobile device
Explanation: Mobile banking allows customers to perform a wide range of banking transactions conveniently from their mobile devices.
Q66. What is an ATM card primarily used for?
a) Making online purchases
b) Withdrawing cash and checking account balances
c) Applying for loans
d) Investing in securities
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Correct Answer: b) Withdrawing cash and checking account balances
Explanation: An ATM card is used to access cash from ATMs and check account balances.
Q67. What type of card is typically used for online transactions and can be preloaded with a specific amount?
a) Credit Card
b) Debit Card
c) Prepaid Card
d) Loyalty Card
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Correct Answer: c) Prepaid Card
Explanation: Prepaid Cards are preloaded with a specific amount of money and can be used for online transactions up to the value loaded onto the card.
Q68. What does the term “Fixed Deposit” refer to?
a) An account with flexible withdrawal options
b) An investment with a fixed tenure and interest rate
c) An account that offers a variable interest rate
d) A savings account with no interest
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Correct Answer: b) An investment with a fixed tenure and interest rate
Explanation: A Fixed Deposit is a financial instrument where money is deposited for a fixed term at a predetermined interest rate.
Q69. What is the primary goal of the Atal Pension Yojana (APY)?
a) To offer education loans
b) To provide retirement benefits
c) To facilitate housing loans
d) To offer health insurance
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Correct Answer: b) To provide retirement benefits
Explanation: The Atal Pension Yojana aims to provide a secure pension to individuals upon retirement, ensuring financial stability in old age.
Q70. Which document is commonly used for identity verification in banking?
a) Aadhar Card
b) Driving License
c) Birth Certificate
d) PAN Card
Show Answer
Correct Answer: a) Aadhar Card
Explanation: The Aadhar Card is widely accepted as a proof of identity for banking purposes due to its comprehensive identification details.