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?

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