This document contains multiple choice questions (MCQs) about National Savings schemes and programs in Pakistan. It tests knowledge about the history and functions of the National Savings Organization, key details of various savings certificates and accounts programs (such as minimum/maximum investment limits, profit rates, eligibility, etc.), and the roles of different agencies involved in operating the savings programs. The MCQs cover schemes such as Savings Accounts, Pensioners Benefit Accounts, Special Savings Accounts, Defence Savings Certificates, Bahbood Savings Certificates, and Pakistani Prize Bonds.
This document contains multiple choice questions (MCQs) about National Savings schemes and programs in Pakistan. It tests knowledge about the history and functions of the National Savings Organization, key details of various savings certificates and accounts programs (such as minimum/maximum investment limits, profit rates, eligibility, etc.), and the roles of different agencies involved in operating the savings programs. The MCQs cover schemes such as Savings Accounts, Pensioners Benefit Accounts, Special Savings Accounts, Defence Savings Certificates, Bahbood Savings Certificates, and Pakistani Prize Bonds.
This document contains multiple choice questions (MCQs) about National Savings schemes and programs in Pakistan. It tests knowledge about the history and functions of the National Savings Organization, key details of various savings certificates and accounts programs (such as minimum/maximum investment limits, profit rates, eligibility, etc.), and the roles of different agencies involved in operating the savings programs. The MCQs cover schemes such as Savings Accounts, Pensioners Benefit Accounts, Special Savings Accounts, Defence Savings Certificates, Bahbood Savings Certificates, and Pakistani Prize Bonds.
Organization and Its Functions) Who said “Thrift as a national asset is going to play an important part in the building up of the state. So save and invest in Pakistan saving certificates”? (a) Quaid-I-Azam, Muhammad Ali Jinnah (b) Nawab Liaqat Ali Khan (c) President Sikandar Mirza (d) None of the above Answer: a The history of National Savings Organization dates back to the year (a) 1871 (b) 1872 (c) 1873 (d) 1876 Answer: c When the Government Savings Bank Act was promulgated in sub continent? (a) 1871 (b) 1872 (c) 1873 (d) 1876 Answer: c During the First World War, the British Government introduced several Schemes for collection of funds to meet the expenditure in (a) Japan (b) USA (c) Subcontinent (d) Indonesia Answer: c During the First World War, the British Government introduced _________in Subcontinent (a) Post Office Cash Certificates (b) Post Office Defence Savings Certificates (c) Special Savings Certificates (d) Special Defence Certificates (Regd) Answer: a During the Second World War, the British Government introduced __________in Subcontinent (a) Post Office Cash Certificates (b) Post Office Defence Savings Certificates (c) Special Savings Certificates (d) Special Defence Certificates (Regd) Answer: b The need to setup a separate agency was felt and a National Savings Bureau was established in _______as an attached department of the Ministry of Finance of the undivided Government of India (a) 1931- 24 (b) 1923- 24 (c) 1933- 34 (d) 1943- 44 Answer: d National Savings Bureau department was headed by _________with the status of a Joint Secretary (a) National Savings Executive (b) National Savings Commissioner (c) National Savings Deputy Commissioner (d) National Savings Finance Minister Answer: b At that time the main functions of the Savings Department were to initiate all policy matters and issue directives for the execution of policy decisions of the________, and to review the Savings Schemes from time to time (a) Central Government (b) Provincial Government (c) District Government (d) Local Government Answer: a These authorized agents were in those days the only agency for securing investment in terms of Savings Certificates from the general public (a) True (b) False Answer: a An organization with the name of ‘Pakistan savings Central Bureau’ was created and the Savings work was entrusted to it by the (a) Government of Pakistan (b) Government of Punjab (c) Government of KPK (d) Government of Sindh Answer: a When the Pakistan Savings Control Bureau was re-named as Central Directorate of National Savings and it carried out the functions on the lines of National Savings Bureau Simla? (a) 1951 (b) 1953 (c) 1955 (d) 1957 Answer: b Central Directorate of National Savings was given the status of an Attached Department in________ and was made responsible for all policy matters and execution of various National Savings Schemes (a) September, 1960 (b) September, 1961 (c) September, 1962 (d) September, 1964 Answer: a Till_______ the National Savings Organization functioned as a Publicity organization and its activities were merely promotional in nature. (a) December, 1971 (b) December, 1975 (c) December, 1976 (d) December, 1977 Answer: a In early_________ the scope of its activities of National Savings Organization was enlarged as the Central Directorate started selling II-Rupee Prize Bonds, and subsequently engaged in the operations of other savings schemes. (a) 1971 (b) 1972 (c) 1975 (d) 1976 Answer: b At present, this Organization has a total sanctioned strength of 3377 employees in various grades and its main component units are as under: (a) Central Directorate of National Savings, Islamabad. (b) Directorate of Inspection and Accounts, Islamabad. (c) Training Institute of National Savings, Islamabad alongwith a sub-Training Institute at Karachi. (d) 12 Regional Directorates (located at Peshawar, Abbottabad, Islamabad, Gujranwala, Lahore, Faisalabad, Multan, Bahawalpur, Sukkur, Hyderabad, Karachi, Quetta) (e) 367 National Savings Centers spread throughout the country. (f) All of these Answer: f The Government of Pakistan introduced Defence Savings Certificate scheme in the year (a) 1964 (b) 1963 (c) 1966 (d) 1967 Answer: c Which is the oldest scheme to benefit people who want to cater their daily needs with ease? (a) Savings Account (SA) (b) Pensioner’s Benefit Account (PBA) (c) Special Savings Account (SSA) (d) None of these Answer: a Who can facilitate people with this related Pakistani Prize Bond Scheme. (a) National Savings Centers (NSC) (b) Pakistan Post Office (PPO) (c) State Bank of Pakistan (SBP) (d) All of these Answer: d A photocopy of computerized National Identity Card (NIC) is mandatory for issuance of Savings Account (SA) (a) True (b) False Answer: a One can withdraw deposits for Savings Account with a limit of three in a week and a profit rate of 8.50% credited on _______annually. (a) 30th June (b) 30th July (c) 30th May (d) 30th December Answer: a Which is for Pensioners in order to protect them from impact of rising inflation? (a) Savings Account (SA) (b) Pensioner’s Benefit Account (PBA) (c) Special Savings Account (SSA) (d) None of these Answer: b When Pensioner’s Benefit Account (PBA) related Pakistani Prize Bond Scheme was launched with maturity spans up to ten years. (a) 19th January 2002 (b) 19th January 2003 (c) 19th January 2004 (d) 19th January 2005 Answer: b Special Savings Account (SSA) was introduced during February of 1990 with _______maturity span. (a) Three years (b) Two years (c) Five years (d) One year Answer: a One can withdraw deposits any time but no profit will be paid before _______completion phase in case of Special Savings Account (SSA). (a) Three months (b) Two months (c) Five months (d) Six months Answer: d Profit rate for Special Savings Account (SSA) is of (a) 10.60 % per annum (b) 11.60 % per annum (c) 12.60 % per annum (d) 13.60 % per annum Answer: b Defence Savings Certificate scheme is ________years’ maturity scheme with built in feature of automatic reinvestment after the maturity. (a) 16 years (b) 15 years (c) 10 years (d) 30 years Answer: c The minimum investment limit of Defence Savings Certificate scheme is (a) Rs.500/ (b) Rs.1500/ (c) Rs.1000/ (d) Rs.5500/ Answer: a Defence Savings Certificates can be purchased from any (a) National Savings Centre (NSC), Pakistan Post Office (PPO) (b) Authorized branches of Scheduled Banks branches (c) The offices of State Bank of Pakistan (SBP) (d) All of these Answer: d Keeping in view the monthly requirements of the general public, this five years’ maturity scheme was launched on (a) 2nd February, 1991 (b) 2nd February, 1992 (c) 2nd February, 1993 (d) 2nd February, 1995 Answer: c The minimum investment limit in BAHBOOD SAVINGS CERTIFICATES is (a) Rs.1,000/ (b) Rs.2,000/ (c) Rs.5,000/ (d) Rs.6,000/ Answer: c The maximum investment limit in BAHBOOD SAVINGS CERTIFICATES is (a) Rs.1,000,000/ (b) Rs.2,000,000/ (c) Rs.3,000,000/ (d) Rs.4,000,000/ Answer: c Which scheme is the oldest scheme among the National Savings instruments? (a) Defence Savings Certificates, (b) Special Savings Certificates (Regd) (c) Savings Account (d) All of these Answer: c Which scheme has been designed to encourage the small savers and to meet their day to day needs? (a) Defence Savings Certificates, (b) Special Savings Certificates (Regd) (c) Savings Account (d) All of these Answer: c Which scheme is an ordinary account and frequent withdrawals ( thrice a week) can be made through this account? (a) Defence Savings Certificates, (b) Special Savings Certificates (Regd) (c) Savings Account (d) All of these Answer: c The minimum investment limit for Savings Account is (a) Rs.100/- (b) Rs.500/- (c) Rs.1000/- (d) Rs.5000/- Answer: a A three years maturity scheme introduced in (a) February, 1970 (b) February, 1980 (c) February, 1990 (d) February, 2000 Answer: c The deposits are maintained in form of an account. Profit is paid on the completion of each period of (a) Three months (b) Two months (c) Six months (d) Nine months Answer: c The minimum investment limit in SPECIAL SAVINGS ACCOUNT scheme is (a) Rs.100/- (b) Rs.500/- (c) Rs.1000/- (d) Rs.5000/- Answer: b PENSIONERS BENEFIT ACCOUNT is a ten years’ maturity scheme was launched by the Government on (a) 19th January, 2001 (b) 19th January, 2002 (c) 19th January, 2003 (d) 19th January, 2005 Answer: c The deposits are maintained in the form of accounts and the profit is paid on monthly basis reckoned from the date of (a) First January after opening of the account (b) Opening of the account (c) First June after opening of the account (d) None of these Answer: b The minimum investment limit for PENSIONERS BENEFIT ACCOUNT is Rs.10,000/- (a) Rs.10,000/- (b) Rs.100,000/- (c) Rs.3,00,000/ (d) Rs.3,000,000/ Answer: a The maximum investment limit for PENSIONERS BENEFIT ACCOUNT is (a) Rs.10,000/- (b) Rs.100,000/- (c) Rs.3,00,000/ (d) Rs.3,000,000/ Answer: d Prize Bonds are bearer type of security available in minimum limit of (a) Rs.200 (b) Rs.750 (c) Rs.1,500 (d) Rs.7,500 Answer: a Prize Bonds are bearer type of security available in maximum limit of (a) Rs.1,500 (b) Rs.7,500 (c) Rs.15,000 (d) Rs.40,000 Answer: d Prize Bonds are issued in series. Each series consist of one less than (a) 1,000,000 bonds (b) 1,00,000 bonds (c) 1,0,000 bonds (d) 1 000 bonds Answer: a Can I deposit profit cheque into my account with any scheduled bank? (a) No (b) Yes Answer: a Subject to the rules of the respective schemes, the nominee may opt for encashment of the certificates or transfer of the same in his/her name, however, in the former case the nominee shall be required to furnish; (a) an application on plain paper containing three specimen signatures of himself/herself duly verified to the satisfaction of the officer in charge. (b) death certificate of the deceased holder. (c) attested photocopies of CNICs of both the deceased holder and himself. (d) in case the certificates are intended to be transferred to nominee, an application on SC-4 supported by relevant documents shall be required in addition to above requirements. (e) Original Certificates. (f) All of these Answer: f Do the revised rates of profit on National Savings Scheme automatically apply to the investment made prior to such revision? (a) Yes (b) No Answer: b All National Savings Schemes (NSS) except Savings Account are term/fixed deposits; hence, the agreement made at the time of investment remains valid upto the maturity of that particular deposit. (a) True (b) False Answer: a Any change in profit either upwards or downwards on later issues doesn’t affect the existing investments. (a) True (b) False Answer: a If any investor intends to avail new rates, he/she can withdraw the investment and on payment of subject to nominal service charges (if applicable) and then invest the same on new rates. (a) True (b) False Answer: a Can widowers invest in Bahbood Savings Certificates? (a) Yes, at present the widowers can invest in Bahbood Savings Certificates (b) No, at present the widowers cannot invest in Bahbood Savings Certificates (c) After attaining 60 years of age they can invest in Bahbood Savings Certificates, because widowers become automatically eligible being senior citizens (d) None of these Answer: c Who are eligible to invest in Bahbood Savings Certificates? (a) The widows with age of 60 or above (b) Senior citizens aged 60 years or above (c) Both a & b (d) None of these Answer: c The investment made in National Savings Schemes (NSS) is fully guaranteed by the Government of Pakistan. (a) True (b) False Answer: a The National Savings Schemes provide the facility of joint investment upto two persons (a) True (b) False Answer: a As per rules a purchaser can nominate an agent for collection of profit of the principal at his personal risk after issuing a power of attorney duly attested by the Pakistani missions working in that country subject to entire satisfaction of the Officer Incharge of National Savings Centre concerned. (a) True (b) False Answer: a Investment from abroad can be made through Bank Draft/Cheque in any foreign currency in favour of any of our office(s), along with the application form duly filled in and the copies of Passport and National identity Card. (a) True (b) False Answer: a The investment in the National Savings Schemes is maintained and expressed in Pak rupee only (a) True (b) False Answer: a Amount received in foreign currency is converted into Pak rupee on the prevailing official exchange rate through normal Banking channels for investment in National Savings Schemes. (a) True (b) False Answer: a The principal and profit accrued on a certificate issued against foreign exchange received through remittance shall be payable abroad to the purchaser in foreign exchange if so desired by the investor. (a) True (b) False Answer: a What is the maximum period for claiming the prize money? (a) Prize Bond can be claimed within 8 years (b) Prize Bond can be claimed within 9 years (c) Prize Bond can be claimed within 7 years (d) Prize Bond can be claimed within 6 years Answer: d The prize bonds can be redeemed on the face value and there is no deduction whatsoever on the encashment of a prize bond itself irrespective of the amount involved. (a) True (b) False Answer: a The prize money upto Rs.1,250/- can be claimed from (a) National Savings Centre (b) Branches of authorized scheduled banks (c) Branches of State Bank of Pakistan (d) All of these Answer: d Prize money exceeding Rs.1250/- can be claimed only from the (a) National Savings Centre (b) Branches of authorized scheduled banks (c) Branches of State Bank of Pakistan (d) All of these Answer: c Zakat is collected from investment made in (a) Defence Savings Certificates, (b) Special Savings Certificates (Regd) (c) Savings Account and Special Savings Account (d) All of these Answer: d Any assets acquired against payment in foreign currency or maintained in foreign currency are to be treated as exempt from compulsory collection of Zakat (a) Yes (b) No Answer: b Is there any Zakat collection in case of reinvestment of existing Certificates? (a) Yes (b) No Answer: b The Government of Pakistan introduced Short Term Savings Certificate scheme in the year (a) 2010 (b) 2011 (c) 2012 (d) 2013 Answer: c