Test: Financial Literacy- 8 - Class 6 MCQ

Banks can seal, stop operation of, or break open a locker after giving suitable notice if locker rent is not paid. This ensures the bank's right to recover the due amount and protect its interests.

Small accounts have a maximum deposit limit of 50,000/-. These accounts are designed for low-income individuals who may not possess the necessary documents to open a regular savings account.

Illiterate persons can be issued a debit card. Banks provide this facility to promote financial inclusion and ensure that everyone, regardless of their literacy level, has access to banking services.

In Recurring Deposits, a fixed sum is deposited every month for a fixed tenure, and interest is paid at the Fixed Deposit Rate. This type of deposit encourages regular savings and helps individuals accumulate funds over time.

MGNREGS stands for Mahatma Gandhi National Rural Employment Guarantee Scheme, which aims to provide at least 100 days of wage employment per year to rural households in India.

In a Basic Savings Bank Deposit Account (BSBDA), services like receipt/credit of money through NEFT/RTGS, no annual maintenance charges on ATM-cum-Debit cards, and 4 withdrawals in a month (including ATM withdrawals) are available free of charge.

Under Atal Pension Yojana (APY), a fixed pension can be chosen from Rs. 1,000/-, Rs. 2,000/-, Rs. 3,000/-, Rs. 4,000/-, and Rs. 5,000/-, depending on the individual's preference and contribution amount.

While making a nomination, the nominee's signature is not required on any form. The account holder can nominate someone by providing their name, address, and relationship to the nominee.

The maximum tenure of a Fixed Deposit is 10 years. Fixed Deposits allow individuals to invest their money for a fixed period and earn interest at a predetermined rate.

There is no minimum deposit required while opening a Basic Savings Bank Deposit (BSBD) Account. This type of account aims to provide basic banking facilities to all individuals without any barriers.

The PMJDY LIC Insurance of Rs. 30,000/- is available for first-time accounts opened between 15th August 2014 and 26th January 2015. This life insurance coverage is provided under the Pradhan Mantri Jan Dhan Yojana (PMJDY).

Interest on Savings Bank Deposits is paid half-yearly. This ensures that account holders receive interest on their savings, encouraging them to save more.

RuPay Debit Card is a domestic debit card introduced by the National Payments Corporation of India (NPCI) and accepted at all ATMs and Point of Sale (PoS) machines across the country.

Atal Pension Yojana (APY) is a government-backed pension scheme that provides social security to the unorganized sector, encourages workers to voluntarily save for their retirement, and offers a fixed pension upon attaining the age of 60 years.

Employees of Central/State Governments, Public Sector Undertakings, Banks, Income Tax payers, and Aam Aadmi Bima Yojana beneficiaries are not covered under the PMJDY Life Insurance Scheme of Rs. 30,000/-. This is because these individuals usually have access to other insurance and social security benefits provided by their employers or the government.