Money and Banking in India Class 12 Objective Questions | MCQ Quiz for Practice

61. What is Atal Pension Yojana (APY)?

1. Provides social security to the unorganized sector
2. Encourages workers to voluntarily save for their retirement
3. Fixed pension is paid on attaining age of 60 years
4. All of above

62. What is Direct Benefit Transfer?

1. Cash discount on goods
2. Remittance through Banks
3. Transfer of social benefits / subsidies directly in Bank accounts of beneficiaries
4. None of above

63. What is meant by Aadhaar seeding?

1. Linking of Aadhaar with Bank account
2. Duplicate issuance of Aadhaar
3. Transfer of Aadhaar
4. None of above

64. What is Pradhan Mantri Jivan Jyoti Bima Yojana (PMJJBY)?

1. Covers life insurance up to Rs.2 lac
2. Accident insurance cover
3. Both a and b
4. None of above

65. What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

1. Accidental insurance cover
2. Life insurance cover
3. Overdraft up to Rs.5,000/-
4. None of above

66. What is RuPay Debit Card?

1. Domestic debit card
2. Introduced by National Payments Corporation of India
3. Accepted at all ATMs and PoS machines
4. All of above

67. What is the maximum amount of deposits acceptable in Small accounts?

1. Rs.30,000/-
2. Rs.40,000/-
3. Rs.50,000/-
4. None of above

68. What is the minimum deposit required while opening a BSBD Account?

1. Rs.100/-
2. No minimum deposit required
3. Rs.1,000/-
4. Rs.500/-

69. What is validity period of cheque?

1. 4 months from date of issue
2. 3 months from date of issue
3. 1 month from date of issue
4. Unlimited

70. What kinds of services are available free in Basic Savings Bank Deposit Account?

1. Receipt / credit of money through NEFT / RTGS
2. No annual maintenance charges on ATM-cum-Debit card
3. 4 withdrawals in a month (including ATM withdrawals)
4. All of above

71. Which currency note has security thread?

1. Rs.50/-
2. Rs.100/-
3. Rs.500/-
4. All of above

72. Which is prohibited for writing on currency notes?

1. Political message
2. Religious message
3. Personal message
4. All of above

73. Which type of deposits earns higher interest rate?

1. Current account
2. Savings Account
3. Fixed Deposits
4. None of above

74. While making nomination, signature of nominee is required on

1. Account Opening Form
2. Nomination form
3. Affidavit
4. None of above

75. Who can open an account under PMJDY?

1. Minor above the age of 10 years
2. Only lady of the house
3. Only head of the family
4. All of above