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WorksheetsFI Level 1
Total questions: 15
Worksheet time: 8mins
Which of the following statements regarding the Overdraft (OD) facility under Pradhan Mantri Jan Dhan Yojana (PMJDY) is incorrect?
The current maximum OD limit is ₹10,000.
The OD facility is available after 6 months of satisfactory account operation.
The age limit for availing OD facility was revised from 18-60 years to 18-65 years.
An overdraft facility is typically extended to all members of a household with PMJDY accounts.
A common feature of both Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) is:
Coverage for natural death.
Annual premium deduction of ₹20 from the subscriber's account.
Eligibility for individuals aged 18 to 70 years.
Both are term insurance policies.
Automatic annual renewal unless opted out.
A 30-year-old individual decides to join the Atal Pension Yojana (APY) to receive a fixed pension of ₹5,000 per month at 60 years of age. If they were to join at 25 years of age for the same pension, how would their monthly contribution differ?
The monthly contribution would be higher at 25 years of age.
The monthly contribution would be lower at 25 years of age.
The monthly contribution would be exactly the same, as the target pension is fixed.
The monthly contribution would depend on market returns, not age.
Joining age does not impact contribution; only the pension amount matters.
Beyond basic ATM withdrawals and PoS transactions, what additional insurance benefit is typically associated with a RuPay Debit Card issued to a PMJDY account holder opened after August 28, 2018?
Life insurance cover of ₹30,000.
Accidental insurance cover of ₹1 lakh.
Health insurance cover up to ₹50,000.
Accidental insurance cover of ₹2 lakh.
Critical illness cover of ₹1 lakh.
A 52-year-old individual, otherwise eligible, wishes to enroll in the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Which of the following statements is true regarding their eligibility?
They are eligible, but the premium will be significantly higher due to age.
They are eligible if they provide a medical fitness certificate.
They are not eligible, as the maximum entry age for PMJJBY is 50 years.
They can enroll, but the sum assured will be reduced.
Eligible to Join up to 55 Years.
Which of the following individuals would typically be ineligible to join the Atal Pension Yojana (APY)?
A daily wage earner with no formal pension scheme.
A small shop owner operating in the unorganized sector.
An individual aged 35 years with a savings bank account.
An employee contributing to the Employees' Provident Fund (EPF).
An individual who is an income tax payer, regardless of sector.
A PMJDY account holder wishes to obtain a cheque book for their account. What is the usual condition for being issued a cheque book under PMJDY?
Cheque books are not issued for PMJDY accounts as they are zero-balance.
A cheque book is issued only if the account maintains a specific minimum balance set by the bank.
A cheque book is issued automatically with account opening, irrespective of balance.
A cheque book is issued only after availing the overdraft facility.
Only digital transactions are encouraged, physical cheque books are discouraged.
In the event of an accidental death of a Pradhan Mantri Suraksha Bima Yojana (PMSBY) subscriber, where should the nominee ideally lodge the claim?
Directly with the Ministry of Finance.
At any branch of the Life Insurance Corporation of India (LIC).
At the bank branch where the subscriber's savings account is held and linked to the scheme.
With the Pension Fund Regulatory and Development Authority (PFRDA).
Through any common service center (CSC) agent.
The focus of Pradhan Mantri Jan Dhan Yojana (PMJDY) was shifted beyond August 28, 2018. What was the core change in focus that drove further modifications to the scheme?
From 'urban household' to 'rural household' coverage.
From 'every household' to 'every adult' coverage.
From 'savings accounts' to 'credit facilities' only.
From 'direct benefit transfer' to 'all financial services.'
From 'basic banking' to 'digital payments' only.
The government co-contribution under Atal Pension Yojana (APY) was available for a specific period to eligible subscribers. For how many years was this government co-contribution provided to eligible subscribers who joined the scheme between June 1, 2015, and March 31, 2016?
For the entire contribution period until the age of 60.
3 years.
5 years.
Until the subscriber's contributions reached a certain threshold.
It is still ongoing for all new subscribers.
How is the 'guaranteed minimum pension' feature of the Atal Pension Yojana (APY) specifically ensured for subscribers?
The pension amount is adjusted annually based on inflation.
The Government of India funds any shortfall if actual investment returns are less than the assumed returns for the guaranteed pension.
Subscribers' contributions are directly invested in government bonds only.
The pension is guaranteed by the subscriber's bank, not the government.
A separate insurance policy is taken by PFRDA to cover the pension guarantee.
Under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the sum assured of ₹2 lakh is payable upon the death of the subscriber. What is the scope of 'death' covered under this scheme?
Only accidental death.
Only natural death.
Death due to any cause, including natural and accidental.
Death due to critical illness only.
Death due to suicide after a waiting period.
What is the minimum loan amount typically offered under the Baroda Kisan Credit Card (BKCC) scheme?
₹1,000
₹3,000
₹5,000
₹10,000
No minimum limit, depends on crop.
Regarding the maximum loan limit for the Baroda Kisan Credit Card (BKCC), which statement is most accurate?
The maximum limit is capped at ₹3 lakhs for all farmers.
There is generally no fixed maximum ceiling for the BKCC, but it depends on the farmer's land holding and repayment capacity.
The maximum limit for individual farmers is ₹10 lakhs, beyond which it's considered a different loan product.
The maximum limit is ₹50,000 for all production credit.
The maximum limit is ₹1 crore, only for large farmers.
What is the effective rate of interest for short-term crop loans up to ₹3 lakhs availed through KCC, including the prompt repayment incentive, assuming timely repayment?
2% per annum
4% per annum
5% per annum
7% per annum
Varies significantly based on the bank's MCLR.
