Banking services

Banking services

Savings scheme offered by post offices

Open Ended

What are banks used for?

Multiple Select

Which of these are types of bank accounts?

• Savings account

• Closed account

• Fixed deposit account

• Recurring account

There are 8 kinds of bank accounts offered by India post!!

Lets go over each :)

Open Ended

Meaning of deposit and withdrawal

Income tax - ​Tax (money) to be paid to the government based on the amount of money earned.

Exemption - Do not have to pay

Income tax exemption - Do not have to pay tax

Interest is exempted from tax - Do not have to pay tax on interest (money) earned from the bank for deposited money.

Withdrawal slip

Cheque

Multiple Choice

Minimum amount to open a post office savings bank account

• Rs 200

• Rs 50

• Rs 400

• Rs 1000

Open Ended

What is the meaning of the word recurring?

Example - Sid experiences recurring fever during rains.

Multiple Choice

How many times can I withdraw money from this account?

• 10 times

• Ones in 5 years

• Twice in 5 years

• Never

Multiple Select

What happens to this account after 5 years?

• The bank keeps the money forever

• You can withdraw all the money saved

• The account closes automatically

Lump sum- an amount of money paid all at once rather than in several smaller amounts

Example - Shiva wanted to pay money in installments however, the lender asked him to pay the lump sum amount in 15 days. ​

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Amount matures after the expiry of a fixed period - For Example, Sam could withdraw money only after a fixed period of time. ​

Poll

When does the post office give interest in time deposit account?

• When the account expires

• Every year/annually

Poll

What is the maximum deposit limit in time deposit account?

• No limit

• 100 lac

Poll

Is the time deposit account like a fixed deposit account?

• For sure

• Not at all

Open Ended

How do retired people manage their expenses?

Fill in the Blank

Post Office Monthly Income Scheme interest in given every

Poll

Who is this account most suited for?

• Retired persons

• College students

• Minors

NOT A BANK ACCOUNT

Poll

Can I use this certificate as a gift to my son?

• Yes

• No

Poll

If you had to choose between NSC and KVP, which one choose?

• NSC

• KVP

Open Ended

What do you understand by the word investment?

2 types of savings investment

• Short term - 6 months to 7 years

• Long term - above 7 years

Poll

15 Year Public Provident Fund Account (PPF Account) requires a minimum deposit of Rs 500 every year

• True

• False

Poll

15 Year Public Provident Fund Account (PPF Account) is a

• Short term investment

• Long term investment

Poll

By what age does a person become a senior citizen?

• 58

• 60

• 65

• 70

Multiple Choice

After how many year can the senior citizen withdraw money from this account?

• 2 years

• 5 years

• 10 years

• 6 months