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Bank Account Quiz: Savings, FD, KYC and Cheque Questions

Written by the Quizzeela team
Last checked · 10 questions · Easy

You use your bank account every day, but do you know the basic rules? These 10 questions cover what every account holder in India should know.

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1Which account is mainly meant for businesses with many daily transactions?

  1. Savings account
  2. Recurring deposit
  3. Current account
  4. PPF account
Show answer
Answer: C. Current account. Current accounts are for businesses. They allow many transactions and usually pay no interest.

2In a recurring deposit (RD), you:

  1. Borrow money every month
  2. Deposit one big amount once
  3. Buy shares
  4. Deposit a fixed amount every month
Show answer
Answer: D. Deposit a fixed amount every month. An RD takes a fixed monthly deposit for a set period and pays interest on it.

3How much of your bank deposits is insured by DICGC per bank?

  1. ₹10 lakh
  2. ₹5 lakh
  3. ₹1 lakh
  4. Unlimited
Show answer
Answer: B. ₹5 lakh. DICGC insures deposits up to ₹5 lakh per depositor per bank, including principal and interest.

4How many digits does the MICR code on a cheque have?

  1. 11
  2. 12
  3. 6
  4. 9
Show answer
Answer: D. 9. The MICR code has 9 digits: 3 for the city, 3 for the bank and 3 for the branch.

5How long is a cheque usually valid from its date?

  1. 3 months
  2. 6 months
  3. 1 year
  4. 1 month
Show answer
Answer: A. 3 months. Under RBI rules, a cheque is valid for 3 months from the date written on it.

6The "minimum balance" on a savings account is:

  1. The interest rate
  2. The average amount you must keep to avoid a charge
  3. The ATM limit
  4. The most you can deposit
Show answer
Answer: B. The average amount you must keep to avoid a charge. Many accounts need an average minimum balance; falling below it can attract a charge. Basic savings (BSBD) accounts have none.

7Why should you add a nominee to your bank account?

  1. To pay less tax
  2. To get a free card
  3. So the money can go smoothly to that person after the account holder's death
  4. It is not allowed
Show answer
Answer: C. So the money can go smoothly to that person after the account holder's death. A nominee makes it much easier for the family to receive the money if something happens to the account holder.

8Pradhan Mantri Jan Dhan Yojana (PMJDY), launched in 2014, offers:

  1. Free shares
  2. Foreign accounts
  3. Zero-balance basic savings accounts
  4. Free cars
Show answer
Answer: C. Zero-balance basic savings accounts. PMJDY opens basic savings accounts with no minimum balance, along with a RuPay card and other benefits.

9A fixed deposit (FD) usually pays:

  1. A fixed interest rate for the chosen period
  2. A rate that changes daily
  3. Interest only on Sundays
  4. No interest
Show answer
Answer: A. A fixed interest rate for the chosen period. An FD locks in an interest rate for the chosen term. Breaking it early may reduce the interest.

10Your bank calls and asks for your debit card PIN to "update KYC". What should you do?

  1. Send it by SMS
  2. Share it quickly
  3. Never share it; hang up and visit or call your bank's official number
  4. Share half of it
Show answer
Answer: C. Never share it; hang up and visit or call your bank's official number. Banks never ask for your PIN, OTP or password. A call asking for them is a fraud attempt.
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Sources: Reserve Bank of India and DICGC (dicgc.org.in). Found a mistake? Use "Report a mistake" in the timed quiz.