Banking Awareness Test - 1 - Bank Exams MCQ

Pradhan Mantri Jan Dhan Yojana
- The Pradhan Mantri Jan Dhan Yojana (PMJDY) was announced in August 2014.
- The objective of this scheme is to ensure comprehensive financial inclusion of all households in the country.
- The scheme aims to provide universal access to banking facilities, including at least one basic bank account to every household.
- Key features of the scheme include financial literacy programs, access to credit, insurance, and pension facilities.
- Under the PMJDY, basic banking services such as a RuPay debit card, overdraft facility, and accidental insurance cover are provided.
- The scheme also focuses on promoting the habit of savings among the unbanked population.
- The PMJDY has been successful in bringing millions of people into the formal banking system and reducing financial exclusion in the country.
- It has contributed to the increased participation of individuals in various government welfare schemes and facilitated direct benefit transfers.
- The Pradhan Mantri Jan Dhan Yojana has played a significant role in promoting financial inclusion and empowerment in India.

PMJDY Scheme:
The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a scheme launched by the Government of India to provide banking services to the unbanked population of the country. It aims to promote financial inclusion and provide access to various financial products and services to the economically weaker sections of society.
Key Benefits:
- Access to Banking Services: The PMJDY scheme offers unbanked individuals easy access to basic banking services such as opening a savings account, depositing and withdrawing money, and transferring funds.
- Financial Literacy Programs: It also focuses on spreading financial awareness and literacy through various programs to educate individuals on the importance of savings, investments, and other financial products.
- RuPay Debit Card: Upon opening an account under the PMJDY scheme, individuals receive a RuPay debit card that can be used for cash withdrawals, online transactions, and purchase of goods and services.
- Accident Insurance Cover: The RuPay debit card provided under PMJDY comes with an inbuilt accident insurance cover. In the given question, the accident insurance cover amount is 1 lakh rupees.
- Overdraft Facility: After satisfactory operation of the PMJDY account or maintaining a credit history for a specific duration, individuals become eligible for an overdraft facility. In the given question, the credit history required is 6 months.
Therefore, the correct answer is Option A: 1 lakh, 6 months.

Answer:
The correct answer is 9th May 2015. In this year, all eligible account holders were able to access their bank accounts personal accident insurance cover under PMSBY, life insurance cover under PMJJBY, and guaranteed minimum pension to subscribers under APY. Here is a detailed explanation:
PMSBY (Pradhan Mantri Suraksha Bima Yojana):
- PMSBY provides personal accident insurance cover to eligible account holders.
- It was launched on 9th May 2015.
- The cover is available for one year, from 1st June to 31st May.
- The premium for PMSBY is very low, making it affordable for the common man.
PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana):
- PMJJBY provides life insurance cover to eligible account holders.
- It was also launched on 9th May 2015.
- The cover is available for one year, from 1st June to 31st May.
- The premium for PMJJBY is also very low, making it accessible to all sections of society.
APY (Atal Pension Yojana):
- APY provides a guaranteed minimum pension to subscribers.
- It was launched on 9th May 2015.
- APY is a pension scheme for the unorganized sector workers.
- The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA).
Therefore, 9th May 2015 is the correct answer as it marks the year when all eligible account holders gained access to these insurance and pension schemes.

Scheme Available to People in the Age Group of 18 to 50 Years Having a Bank Account:

The scheme available to people in the age group of 18 to 50 years having a bank account and who give their consent to join/enable auto-debit is:

PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana)

Explanation:

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme available to individuals in the age group of 18 to 50 years. It provides a life cover of Rs. 2 lakhs in case of the insured person's death due to any reason.

To join the PMJJBY scheme, individuals need to have a bank account and give their consent for auto-debit of the premium amount from their account. The premium for PMJJBY is relatively low, making it affordable for individuals in the eligible age group.

PMJJBY aims to provide financial security to the beneficiaries in case of the insured person's unfortunate demise. It helps in ensuring the financial well-being of the insured person's family and dependents.

Key Points:

• PMJJBY is available to individuals in the age group of 18 to 50 years.


• Individuals need to have a bank account to join the scheme.


• Consent for auto-debit of premium amount is required.


• The scheme provides a life cover of Rs. 2 lakhs in case of the insured person's death.


• Premium for PMJJBY is affordable.

Therefore, the correct answer is B: PMJJBY.

Risk Coverage under PMSBY Scheme:
The risk coverage under the PMSBY (Pradhan Mantri Suraksha Bima Yojana) scheme is as follows:
Accidental Death and Full Disability:
- The coverage amount for accidental death and full disability is Rs. 2 lakh.
Partial Disability:
- The coverage amount for partial disability is Rs. 1 lakh.
This means that if an individual covered under the PMSBY scheme suffers from accidental death or full disability, they or their nominee will receive a compensation of Rs. 2 lakh. In the case of partial disability, a compensation of Rs. 1 lakh will be provided.
It is important to note that the coverage amount is fixed and does not depend on the premium amount paid by the individual. The PMSBY scheme aims to provide affordable insurance coverage to individuals and ensure financial support in the event of an accident resulting in death or disability.

Premium Amount and Payment Method:
- The premium for the PMJJBY scheme is to be paid annually.
- The payment is auto-debited from the subscriber's bank account.
- The payment is made in one installment.
Deadline for Payment:
- The subscriber must make the payment on or before 31st May of each annual coverage period.
Options for Payment:
- The subscriber has the option to choose the bank account from which the premium will be debited.
Premium Amount:
- The premium amount for the PMJJBY scheme is not mentioned in the given information.
Correct Answer:
- The correct answer to the question is option D: Rs. 330 per annum.
Detailed
- The given information does not provide the exact premium amount for the PMJJBY scheme.
- To find the correct answer, it is necessary to refer to the official guidelines or documentation for the scheme.
- The premium amount mentioned in the options (Rs. 365, Rs. 110, Rs. 12, Rs. 330, Rs. 205) is not mentioned in the given information.
- Therefore, the correct premium amount cannot be determined based on the given information alone.
- It is important to consult the official sources or contact the relevant authorities to obtain the accurate premium amount for the PMJJBY scheme.

Pradhan Mantri Suraksha Bima Yojana Eligibility
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-sponsored accident insurance scheme in India. To be eligible for this scheme, individuals must meet certain criteria:
1. Age Group: The PMSBY is available to people in the age group of 18 to 70 years.
2. Bank Account: The individual must have a bank account to enroll in the scheme.
3. Consent to Join: The individual must give their consent to join the scheme and enable auto-debit.
4. Enrollment Period: The consent to join and enable auto-debit must be given on or before 31st May for the coverage period from 1st June to 31st May of the following year.
5. Annual Renewal: The coverage under the PMSBY is renewed on an annual basis, and individuals must re-enroll and give their consent for auto-debit every year.
It is important to note that the age limit for enrollment in the PMSBY is subject to the terms and conditions set by the government. Individuals should verify the eligibility criteria and other details with the relevant authorities or their bank before enrolling in the scheme.

Pradhan Mantri Suraksha Bima Yojana
The Pradhan Mantri Suraksha Bima Yojana is a government-backed accident insurance scheme in India. Under this scheme, individuals can get coverage for accidental death and disability. The premium for this scheme is deducted from the account holder's bank account through the auto-debit facility.
Premium Amount and Deduction
The premium amount to be deducted from the account holder's bank account through auto-debit is as follows:
- Option A: Rs. 365 per annum
- Option B: Rs. 110 per annum
- Option C: Rs. 12 per annum
- Option D: Rs. 330 per annum
- Option E: Rs. 205 per annum
Correct Answer
The correct answer is Option C: Rs. 12 per annum.
Explanation
The premium amount under the Pradhan Mantri Suraksha Bima Yojana is very affordable at just Rs. 12 per annum. This makes it accessible to a large number of individuals, especially those from economically weaker sections of society. The premium is deducted from the account holder's bank account through the auto-debit facility in one installment.
It is important to note that the premium amount may be subject to change as per government regulations and policies. Therefore, it is advisable to check the latest updates from the relevant authorities or visit the official website for accurate and up-to-date information regarding the premium amount and deduction.

APY (Atal Pension Yojana) is a pension scheme for citizens of India focused on the unorganized sector workers. Here is a detailed explanation of APY:
Overview:
- APY is a government-backed pension scheme launched by the Indian government in 2015.
- It is a part of the National Pension System (NPS) and primarily targeted at workers in the unorganized sector such as maids, gardeners, drivers, etc.
- The scheme aims to provide a sustainable pension to individuals who do not have access to formal pension schemes.
Features and Benefits:
- Eligibility: Any Indian citizen between the ages of 18 and 40 can join APY.
- Pension Amount: The pension amount depends on the contribution made and the age at which the individual joins the scheme.
- Contribution: The individual needs to contribute a fixed amount regularly until the age of 60.
- Government Contribution: The government also contributes 50% of the total contribution or ₹1,000 per year, whichever is lower, for a maximum period of 5 years for eligible subscribers who join between 1st June 2015 and 31st December 2015.
- Guaranteed Pension: Upon reaching the age of 60, the subscriber is eligible to receive a guaranteed minimum monthly pension ranging from ₹1,000 to ₹5,000, depending on the contribution made and the age at joining.
- Nominee: The subscriber can nominate a family member to receive the pension in case of the subscriber's death.
- Portability: The scheme is portable across the country, allowing subscribers to continue their contributions and benefits even if they move to a different location.
Enrollment Process:
- Individuals can enroll in APY through their respective banks or post offices.
- They need to fill up the APY registration form and provide necessary documents such as Aadhaar card, bank account details, etc.
- The bank or post office will assist in the enrollment process and provide the necessary information regarding contribution amounts, pension benefits, etc.
Conclusion:
APY is an important pension scheme focused on providing financial security to workers in the unorganized sector. It offers a guaranteed minimum pension amount upon reaching the age of 60 and encourages individuals to save for their retirement. By enrolling in APY, individuals can ensure a stable and secure future, even without access to formal pension schemes.

The scheme was launched on 8th April 2015. Under the scheme a loan of upto Rs. 50,000 is given under sub-scheme ‘Shishu’; between Rs. 50,000 to 5.0 Lakhs under sub-scheme ‘Kishore’; and between 5.0 Lakhs to 10.0 Lakhs under sub-scheme ‘Tarun’. Loans taken do not require collaterals.