Test: Financial Literacy- 2 - Class 6 MCQ

Keeping savings with banks is beneficial for several reasons. First, it ensures the safety of your money, as banks are regulated and insured. Second, savings accounts earn interest, allowing your money to grow over time. Finally, you can access your funds anytime, either by visiting a branch or using an ATM.

State Bank of India (SBI) is the largest public sector bank in India, with the highest number of branches throughout the country. Reserve Bank of India is not a commercial bank but the central bank of the country.

ATM passwords should be kept securely in your memory to prevent unauthorized access to your bank account. Sharing your password or writing it down anywhere increases the risk of theft or fraud.

Nomination can be done for all types of bank accounts, including savings, recurring deposits, and fixed deposits. This enables the nominee to access the account and claim the money in the event of the account holder's death.

The minimum age required to open a savings bank account is 8 years, provided the child can sign their name. This allows children to learn about banking and financial management from a young age.

Banks do not provide loans against lottery tickets, as they are considered high-risk and speculative. Banks do offer loans against assets with a more stable value, such as gold ornaments, LIC policies, and National Savings Certificates (NSC).

The 100 Rupee note is signed by the Governor of the Reserve Bank of India (RBI). This signature serves as a guarantee of the authenticity of the currency note.

ATM passwords should not be shared with anyone, even close family members, to ensure the security of your bank account. Sharing your password can lead to unauthorized access and financial loss.

Raghuram Rajan was the Governor of the Reserve Bank of India at the time the question was written. Since then, Urjit Patel and Shaktikanta Das have served as RBI Governors. As of October 2021, Shaktikanta Das is the current RBI Governor.

ATMs can be used for various purposes, including cash withdrawal, account inquiries, and obtaining account statements. This provides account holders with convenient access to their funds and account information.