WorksheetsDeposit Policy SEP26
Total questions: 61
Worksheet time: 32mins
Name
Class
Date
1.
Bulk Deposit is defined as?
a)
Deposits of ₹1 crore and above
b)
Single rupee term deposits of ₹10 crore and above
c)
Savings deposits of ₹1 crore & above
d)
None of above
2.
If a customer wants to close a TD of Rs.1.50 Cr, the customer has to submit prior notice of ____ days
a)
No notice required
b)
10
c)
25
d)
31
3.
What does "RFC account" stand for?
a)
Regular Fixed Currency account
b)
Resident Foreign Currency account
c)
Retired Foreign Currency account
d)
Reserve Fund Currency account
4.
Withdrawals from the account can be made using which of the following methods?
a)
E-mail requests
b)
Withdrawal forms and cheques
c)
By obtaining confirmation telephonically by BH
d)
Telegrams
5.
What does the bank require before opening deposit account of any customer?
a)
Introduction from existing customer
b)
A deposit of at least ₹10,000
c)
A recommendation from a bank official
d)
Due diligence as per KYC and Anti Money Laundering guidelines
6.
What is the requirement for opening a BSBD or PMJDY account?
a)
The account holder is allowed to open / have only one such account
b)
The customer can have multiple accounts
c)
The customer must deposit a minimum amount of ₹5,000
d)
The account must be linked to a credit card
7.
How does the bank categorize customers primarily when opening a deposit account?
a)
Based on their age
b)
By their employment status
c)
Based on Risk categorization High, Medium, or Low
d)
Based on balance in 12 months of A/c opening
8.
How will the bank communicate changes in terms and conditions or charges?
a)
When customer visits the Branch
b)
By displaying changes on the bank's website 30 days in advance
c)
Through RBI
d)
By printing proposed changes in customers passbook
9.
Current A/c can be opened by which of the following?
a)
Private/Public limited companies
b)
HUFs
c)
Trusts
d)
Individuals
10.
How can a joint account be operated?
a)
By all holders jointly or by any one of them (as per operational instructions)
b)
Only by the primary account holder
c)
Only after the death of one account holder
d)
Only by legal heirs of joint holder
e)
Only by Nominee or legal heirs
11.
What does the "Either or Survivor" mandate allow?
a)
The account can only be operated by the first named holder only
b)
The account can be closed by any one holder
c)
The survivor receives the account balance upon the death of either holder
d)
Both account holders must authorize withdrawals
12.
What is required for the premature closure of a joint deposit?
a)
Signature of all deposit holders
b)
Approval from the bank manager will suffice
c)
Written request from only the primary account holder
d)
A court order
13.
Is the nomination facility available for accounts in the name of institutions or societies?
a)
Yes, subject to resolution/by laws
b)
Only for savings accounts
c)
Yes, for all types of accounts
d)
No, it is not available for such accounts
14.
What happens to the nominee's rights in a joint account?
a)
The nominee's rights arise only after the death of all depositors
b)
The nominee can access funds at any time
c)
The nominee can withdraw funds while the account is active
d)
The nominee is considered a joint account holder
15.
What must be done if a depositor chooses not to provide a nomination?
a)
The bank will automatically assign a nominee
b)
The depositor must provide written confirmation of refusal
c)
A/c can't be opened
d)
A nominee will be appointed by the bank
16.
At what age can a minor open a Savings Bank Account and operate it independently?
a)
18 years
b)
15 years
c)
10 years
d)
5 years
17.
Who can operate a Savings Bank Account opened by a minor having age of 10 years & above?
a)
The minor and the natural guardian both can operate
b)
Only the minor
c)
Only the natural guardian
d)
Any family member
18.
Can OD facility availed by minors?
a)
Yes minor can avail OD facility after approval from CGM retail liability
b)
Upto Rs.1.00 Lakhs can be granted as OD to minors
c)
Minor can be granted OD against collateral
d)
No
19.
What must a minor do upon attaining majority concerning their account?
a)
Close the account immediately
b)
Change the account type to a current account
c)
Confirm the balance and provide a new specimen signature
d)
Appoint a new guardian
20.
What banking facilities are available to visually challenged individuals?
a)
Only savings accounts
b)
All banking facilities, including cheque books, ATM, and net banking
c)
Limited facilities, excluding loans
d)
No facilities available as per RBI new guidelines
21.
What is/are correct pertaining to A/c of illiterate/visually impaired person?
a)
Bank shall invariably offer all banking facilities to visually impaired persons
b)
Joint A/c of illiterate person can be opened with literate close relative
c)
Joint A/c of 2 or more illiterates can be opened
d)
No chequebook facility is to be provided in case of illiterate A/c
22.
How is interest on savings calculated by the bank?
a)
Monthly based on the average balance
b)
Annually based on the opening balance
c)
Daily product basis on the end-of-day balance
d)
Weekly based on transaction frequency
23.
As per extant Reserve Bank of India (RBI) guidelines, an account would be treated as inoperative / dormant if there are no customer induced transactions in the account for over a period of ___ years.
a)
3 years
b)
2 years
c)
1 year
d)
After sending notice for Re-KYC within 6 months from date of notice
24.
What is the status of an account that has been inactive for 10 years or more?
a)
It remains operative
b)
It is automatically closed
c)
It can be accessed without restrictions
d)
It is treated as unclaimed
25.
What is the minimum tenor for Term Deposits accepted by the Bank?
a)
7 days
b)
3 days
c)
30 days
d)
6 months
26.
What happens if a depositor wishes to withdraw from a Tax Savings Term Deposit before maturity?
a)
It is allowed with a penalty
b)
It is not permitted except in case of death
c)
It can be done anytime without penalties
d)
A portion of the interest is forfeited
27.
What is the minimum deposit amount required for a Non-callable Deposit?
a)
Above Rs.1.00 Cr
b)
min Rs.1.00 Cr
c)
Above Rs.3.00 Cr
d)
minimum Rs.1000.00 & in multiples of Rs.100.00
28.
What penalty applies if a Non-callable Deposit is withdrawn prematurely?
a)
1% penalty on the principal
b)
5% of the deposit amount
c)
2% penal interest on the callable deposit rate
d)
No penalty
29.
Which scheme allows deposits under specified conditions to avoid capital gains tax?
a)
Tax Savings Term Deposit
b)
SCSS
c)
SGB
d)
Capital Gains Accounts Scheme, 1988
30.
What interest shall be paid where premature withdrawal of deposits takes place before completion of the minimum period i.e., 7 days.
a)
Interest will be paid for time deposit remained with Bank
b)
Saving Rate
c)
No interest shall be paid
d)
At contractual rate or saving rate whichever is lower
31.
What is the condition for interest rates on NRE/NRO deposits compared to domestic rupee term deposits?
a)
Same interest rates as domestic deposits
b)
Higher interest rates for NRE/NRO deposits
c)
Lower interest rates for NRE/NRO deposits
d)
Negotiable rates for NRE/NRO deposits
32.
What is the penalty for premature withdrawal of callable term deposits up to ₹5 lakhs that have remained for at least 12 months?
a)
1% penalty
b)
No penalty
c)
1.5% penalty
d)
No interest shall be paid
33.
For term deposits exceeding ₹5 lakhs that have remained for less than 12 months, what is the interest paid upon premature withdrawal?
a)
No interest is paid for premature closure
b)
2% less than the contracted rate
c)
Saving Rate
d)
1% less than the contracted rate or rate applicable for the period for which deposit has actually run whichever is lower
34.
What is the penalty for prematurely closing a term deposit of ₹1 crore and above?
a)
No penalty
b)
1.0% from the applicable interest rate
c)
1.5% from the applicable interest rate
d)
0.5% from the applicable interest rate
35.
What interest is payable on pre-mature closure of NRE term deposits if the deposit remained with the bank for less than a year.
a)
No interest is paid
b)
2% less than the contracted rate
c)
Saving Rate
d)
1% less than the contracted rate
36.
In the case of Term deposits with operating instructions E or S, F or S, L or S and A or S and in the event of death of one of the joint holders, in the absence of ________, premature closure of such deposit will be allowed only if the legal heirs of the deceased agree for such premature closure.
a)
2 witness
b)
Affidavit
c)
minimum fixed deposit of Rs.5.00 Lakhs
d)
relevant mandate
37.
What is the interest treatment for an overdue deposit presented for renewal within 14 days of its maturity?
a)
Paid at the savings account rate
b)
No interest is paid
c)
Renewed at the contracted rate on the due date
d)
Paid at the current RBI Bank rate
38.
If an overdue deposit is presented for renewal after 14 days from maturity, how is the interest for the overdue period calculated?
a)
No interest is paid
b)
At the contracted rate of the matured TD or the savings account rate, whichever is lower
c)
At a flat rate of 2%
d)
At a flat rate of 2.5 %
39.
What interest is paid by the Bank if a depositor dies before the maturity of a deposit and the amount is claimed after maturity?
a)
Contracted rate until maturity, then simple interest at the applicable rate on the date of maturity for the period deposit remained with bank from maturity to payment.
b)
Only the contracted rate until the date of payment
c)
No interest is paid
d)
Savings Bank Deposit rate until payment
40.
What is the maximum amount insured for each depositor under the DICGC scheme?
a)
No such criteria
b)
Rs.5.00 Lakhs
c)
Rs.10.00 Lakhs
d)
Rs.1.00 Lakhs
41.
What types of deposits are excluded from DICGC coverage?
a)
Deposits of the State Land Development Bank with the State co-operative Bank
b)
Inter-bank deposits
c)
Deposits from Central/State Governments
d)
All of the above.
42.
Which type of account is specifically designed for Non-Resident Indians to hold foreign currency?
a)
NRE A/c
b)
EEFC
c)
FCNR(B) account
d)
NRO account
43.
Who is OCI?
a)
A foreign national, who was eligible to become a citizen of India on 06.01.1950
b)
was a citizen of India on or at any time after 26.01.1950
c)
belonged to a territory that became part of India after 15.08.1947
d)
his/her country of citizenship allows dual citizenship in some form or other under the local laws
e)
All options are incorrect
44.
External funds can be credited to which of the following A/c's?
a)
NRE A/c
b)
FCNR A/c
c)
EEFC A/c
d)
RFC A/c
e)
For credit of external funds to any A/c prior approval of RBI required
45.
Which of the following statements is true regarding tax implications?
a)
Income from NRE and FCNR(B) accounts is exempt from income tax.
b)
Income from NRE accounts is taxable in India.
c)
Income from NRO accounts is tax-exempt.
d)
Income from FCNR(B) accounts is taxable in India.
46.
Balances in NRO account can be remitted up to ______ per financial year (April-March)
a)
Rs.5.00 Lakhs
b)
US$ 1M
c)
US$ 5M
d)
Remittance from NRO A/c is restricted
47.
What is Term Deposit period for NRO TD?
a)
min 14 days & max 5 years
b)
min 12 months & max 5 years
c)
min 7 days & max 10 years
d)
min 12 months & max 10 years
48.
Any interest paid/accrued in an NRO account, either on savings or fixed deposits, will be subject to a flat TDS rate of ___% along with a surcharge and a health and education cess of 4%
a)
10%
b)
20%
c)
30%
d)
Interest is not taxable in an NRO A/c
49.
What is the tenure for NRE Term Deposit?
a)
min 7 days & max 10 years
b)
min 1 year & max 5 years
c)
min 6 month & max 10 years
d)
min 1 year & max 10 years
50.
What penalty shall be levied for premature withdrawal of NRE term deposits for conversion into Resident Foreign Currency (RFC) Account.
a)
No penalty
b)
2% less than the contracted rate
c)
Full contracted rate
d)
1% less than the contracted rate
51.
What is Term Deposit period for FCNR A/c?
a)
one to ten years
b)
one to five years
c)
min 7 days to max 10 years
d)
min 1 year to max 10 years
52.
What does SNRR mean?
a)
Special New Resident Recievable A/c
b)
Special Notified Resident Rupee A/c
c)
Special Non-Resident Rupee A/c
d)
Special Nationality Residential A/c
e)
In our Bank no such scheme as on date
53.
The tenure of SNRR should be concurrent to the tenure of the contract/business & apart from special purposes should not exceed_____ years
a)
1
b)
3
c)
5
d)
7
54.
RFC(D) A/c is maintained in form of _____
a)
Savings
b)
Current
c)
Fixed Deposit
d)
Recurring Deposit
55.
EEFC A/c is maintained in form of_____
a)
Savings
b)
Fixed Deposit
c)
Recurring Deposit
d)
Current
56.
What is max ceiling for Non-Callable Deposits for NRE & NRO Customers?
a)
Less than 3.00 cr
b)
Less than Rs.2.00 Cr
c)
max Rs.5.00 Cr
d)
None of above
57.
What is Term Deposit period for Non-Callable Deposit?
a)
min 1 year & max 5 years
b)
min 6 months & max 5 years
c)
min 1 year & max 10 years
d)
min 6 months & max 10 years
58.
Additional Interest rate of 0.50% is paid to senior citizen. In which of the following A/c it can't be paid?
a)
Capital Gain A/c
b)
Bulk Deposit
c)
SB A/c's
d)
TD A/c closed within 7 days
59.
Banks shall close SB/CA A/c's of customer which are in contravention of the contract/banker customer relationship after serving notice of ____ days
a)
60 days
b)
30 days
c)
For contravention no notice / intimation to customer required for closure
d)
3 notice each of 15 days
60.
In case the depositor does not get response from the Bank within ___ days from the date of complaint or he is not satisfied with the response received from the Bank, he has a right to approach Banking Ombudsman
a)
10 days
b)
90 days
c)
3 days
d)
30 days
61.
The Domestic Deposit Policy is valid upto?
a)
31.03.2027
b)
30.09.2027
c)
30.11.2026
d)
31.12.2027
100 %
