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MCQs on IPPB (India Post Payments Bank) | MCQs for | PS Group B| IPO Exam | LGO Exams | 55 Questions

1. When India Post got license to run a payments bank from Reserve bank of India?

          a) 19th August 2017

          b) 19th August 2014

          c) 19th August 2015

          d) 19th August 2016

2. The pilot project of IPPB was inaugurated on:

          a) 30th January 2016

          b) 30th January 2017

          c) 1st September 2018

          d) 30th January 2015

3. The pilot project of IPPB was inaugurated at:

          a) Bhuvaneshwar & Ranchi

          b) Bhopal & Raipur

          c) Raipur & Ranchi

          d) Mubai & Bangalore

4. Union cabinet approved _______Crore for setting up of IPPB in August 2018

          a) 800 Cr

          b) 1200 Cr

          c) 435 Cr

          d) 1435 Cr

5. IPPB Offers how many types of Accounts?

          a) 3

          b) 4

          c) 2

          d) 5

6. Which statement is false In respect of QR card Payments?

          a) No need to remember account number

          b) Need to remember PIN

          c) No need to remember Passwords

          d) Do not need to remember PIN

7. UPI Stands for

          a) Unique Payment Interface

          b) Unified Payments Interface

          c) Unified Payment Interface

          d) Universal Payments Interface

8. Which statement is false in respect of Payments Bank

          a) Payments bank can accept deposits upto 1,00,000/-

          b) Payments banks are differential banks.

          c) Payments banks can offer Loan facilities

          d) Payments bank can issue ATM cards/debit cards and can offer Mobile Banking etc

9. AEPS Stands for

          a) Aadhar Enable Payment Service

          b) Aadhar Enabled Payments Service

          c) Aadhar Enabled Payment System    

          d) Aadhar Enabled Paying Service

10. Which Accounts types exist in the Savings Account of IPPB?

          a) Regular Savings Account/Digital Savings Account & Basic Savings account

          b) Regular Savings Account/Pension Account & Digital Savings Account

          c) Basic Savings Account/Student Scholorship Account/Regular Savings Account

          d) Digital Savings Account/MNREGA Account/Basic Savings Account.

11. Which Statement is false in respect of POSB Account holder linked with IPPB can do interbank transfer?

          a) POSB Customer can transfer only one lakh per day from his account to other bank account through IPPB

          b) POSB Customer can transfer any amount through IPPB Sweep in service to other bank during the day using IPPB Payments channel.

          c) POSB Customer can transfer any amount by cash withdrawal from his POSB Account and Depositing the same cash to his IPPB Account mapped with PAN to other bank accounts using IPPB Payments Channel.

          d) POSB Customer can transfer some amount using UPI service of IPPB to other bank accounts.

12. Doorstep charges for IPPB Financial transaction:

          a) Rs 15/-

          b) Rs 15/- + GST

          c) Rs 25/-

          d) Rs 20/- + GST

13. Customer wants to enquire his account balance at BO Premises charged with:

          a) Rs 25/- + GST

          b) Rs 15/- + GST

          c) No charges

          d) Rs 10/- + GST

14. Which are the DOP Product Payments available at IPPB?

          a) PLI Premium/SSA & RD Payments

          b) PPF/SSA & RD Payments

          c) SB deposits/RD & PPF

          d) RD/PPF/SSA/PLI/RPLI & RD Loan Payments.

15. Which statement is True in respect of IPPB Cheque Facility?

          a) Customer can deposit his other banks cheque at IPPB

          b) Only Current Account Customer can deposit other bank Cheques at IPPB

          c) Cheque facility is withdrawn recently.

          d) Customer can get realized his other bank cheque upto Rs 1,00,000/- only to his IPPB linked POSA Account.

16. IPPB Started to levy SMS alerts charges from.

          a) July 1st 2020

          b) August 1st 2020

          c) April 1st 2020

          d) January 1st 2020

17. Toll free number to avail services of IPPB is

          a) 1924                                    b) 155144

          c) 155299                                d) 155199

18. IPPB Non –eKYC account can be opened at

          a) Head office co-located with IPPB Branches

          b) All Departmental post offices

          c) IPPB Branches

          d) All Post offices including Postal Branch Offices.

19.  Customer Eligibility to open a IPPB’s Regular Savings Account with eKYC

          a) 10 Years above

          b) 10 Years and above

          c) 18 Years

          d) Any age

20. IPPB Started to levy sms alert charges of Rs___ & ______ periodically.

          a) 10/- & Annually

          b) 10/- + GST & Quarterly

          c) 40/- + GST & Annually

          d) Either b) or c)(if gst not changed) is correct

21. QR Card Re issuance charges is:

          a) Rs 25  b) Rs 25+Gst  c) Rs 10  d) Rs 10+gst

22.  If Customer has updated a valid email id and on request Physical statement charges is

          a) Free                    b) Rs 25 Half yearly 

c) Rs 50 annually      d) Rs 50 + Gst per instance.

23. Digital Savings Account of IPPB can be opened by a customer of age

          a) 18 years              b) 10 years and above                 

c) 18 years above   d) None of the above

24. Total cumulative deposit permissible in the Digital Savings Account is ______ within a year.

          a) Rs 1 Lakh            b) Rs 2 Lakhs        

          c) Rs  5 Lakhs          d) Rs 10 Lakhs

25. Digital Savings Account can be converted into Regular Savings Account in desktop finacle using menu

          a) CKYCACOP          b) CACOP

          c) CREKYC              d) CNFTM

26. Digital Savings Account will be liable for closure, if Rekyc has not been done within ___________Months from the opening of the account.

          a) Six Months          b) Twelve Months

          c) Eighteen Months  d) Nine Months

27. Basic Savings Account has all the features of Regular Savings Account Except_____Number of withdrawals only allowed per month.

          a) Six                     b) Eight

          c) Four                   d) Nine

28. In IPPB for Savings Account, Interest rate of ____Percent per annum paid_______

          a) 4% and annually             b) 3% and Half yearly

          c) 2.5% and Quarterly        d) 2.0% and Quarterly

29. What is the Monthly Average Balance require to be maintained in current account and charges for non-maintenance levied quarterly.

          a) Rs 1000/- & Rs 50/-                 b) Rs 1000/- & Rs 100/-

          c) Rs 1000/- & Rs 100/- + Gst  d) Rs 5000/- & Rs 100/- + Gst

30. Current Account Closure Charges _____within 14 days from account opening ____from 15th day of account opening to 6 months & _____ from post 6 months of account opening.

          a) Nil, Rs 100 & Rs 50                  b) Rs 100, Nil & Rs 200 + Gst

          c) Nil, Rs 250 + Gst & Nil d) None of the above


31. Cash Deposit charges in current account above INR 15,000/- is

          a) INR 1.50 per incremental INR 1000 or part

          b) INR 1.50 + Gst per incremental INR 1000 or part

          c) INR 1 per incremental INR 1000 or part

          d) None of the above

32. Amount transfer from POSA Account to IPPB Account is called ________& Amount transfer from IPPB to POSA Account is called _________.

          a) Sweep out & Intra bank transfer

          b) Sweep out & Sweep In

          c) Sweep In & Sweep out

          d) Intra bank & Inter Bank

33. Which statement is false in respect of POSA Sweep-in facility?

          a) Sweep in facility is not available on 2nd and 4th Saturday, holidays & on RTGS Holidays.

          b) Sweep in facility is available from 08:00 AM to 08:00 PM

          c) Sweep in facility is available on all working days of the bank

          d) Sweep in facility is available throughout the day.

34. Minimum Amount limit to transfer interbank using IMPS in IPPB is:

          a) Rs 1/-       b) Rs 5/-      c) Rs 10/-      d) Rs 100/-

35. Minimum Amount limit to do Interbank Transfer through NEFT in IPPB is:

          a) Rs 1/-     b) Rs 5/-       c) Rs 10/-      d) Rs 100/-

36. Minimum Amount limit to do Interbank Transfer through RTGS in IPPB is:

          a) Rs 1/-       b) Rs 10,000/-         c) Rs 1,00,000/-       d) 2,00,000/-

37. NEFT interbank charges for IPPB Mobile banking customers for Rs 10,000/-are

          a) Rs 2.25/-   b) Rs 2.25/- +Gst     c) Nil d) Rs 4.75/-

38. Per day Transaction limit for Mobile banking customers, for IMPS in IPPB is:

          a) 50,000/-   b) 1,00,000/- c) 2,00,000/- d) None of the above

39. What is the per day limit on amount transfer through RTGS & NEFT at assisted mode.

          a) No limit    b) Neft-1 lakh & RTGS-5 lakhs

          c) Neft- 2 lakhs & RTGS-10 lakhs            d) None of the above

40. Cash deposit limit at Head office counter for Savings account customer:

          a) 20,000/-   b) No limit    c) 5,000/-     d) 10,000/-

41. Cash Withdrawal limit at Sub office counter for Savings account customer:

          a) 10,000/-    b) 5,000/-     c) No limit     d) 20,000/-

42. Cash deposit limit at Branch office for Current account customer:

          a) 20,000/- b) 5,000/-     c) 10,000/-    d) No limit

43. Which is true in respect of RTGS transfers.

          a) It works on all days including Sunday and bank holidays.

          b) It works on all timings i.e 24*7

          c) It don’t work on bank holidays

          d) None of the above

44. Which one of the following service not available at IPPB

          a) Mobile Banking              b) Internet Banking

          b) Phone Banking               d) Missed call banking

45. One BPM made one AEPS pull money to one of his BO customer for Rs 5,000/- then what he should do.

          a) He should make one entry in withdrawal side of his account.

          b) No need to do any accounting

          c) He should give 5,000/- cash to customer

          d) None of the above.

46. What is the maximum ATM withdrawal per day for IPPB Account Holder?

          a) 10,000/-    b) No such facility  c) 45,000/-   d) 75,000/-

47. What are not the benefits of linking Post office Savings account and IPPB?

          a) Customer can manage funds through IPPB Mobile banking application.

          b) Automatic transfer of funds from IPPB to Post office savings account when it exceeds the limit of Rs 1. Lakh.

          c) Account holder can withdraw/deposit cash via IPPB savings account

          d) Account holder gets free doorstep delivery of cash withdrawal on working days.

48. The Advantage of QR card in IPPB is

          a) One need not remember the account number but must remember the password to undergo banking activity.

          b) One needs to remember account number but not the password to undergo banking activity.

          c) one need not remember the account number or any password to undergo banking activity.

          d) One need to remember the QR number which is the date of birth of the account holder to undergo banking activity.

49. Which of the following is correctly matched:




i) Regular Savings Account

i) Saral

ii) Basic Savings Bank Deposit Account

ii) Sugam

iii) BSBDA Small Account

iii) Safal


          a) B(i) C(i)               b) B(ii) C(ii)

          c) B(iii) C(iii)           d) B(ii) C(iii)


50. One account holder visited HO counter for His Aadhar seeding , then Counter PA has to use which of the following menu to complete in Desktop Finacle.

          a) CTM         b) HFINRPT  c) CKYCACOP  d) CNFTM

51. What is the fee for availing Digital Life Certificate (DLC) in IPPB?

            a) Rs 100     b) Rs 70

            c) Rs 50       d) Rs 75

52. Which one of the following service is the latest service in IPPB?

            a) AEPS            b) CELC

            c) DLC              d) BALIC

53. What is the Maximum Daily Cash Limit up to which customer can do e-Commerce transaction using Virtual debit card ?

            a) Rs 25,000        b) Rs 50,000

            c) Rs 1,00,000    d) Rs 2,00,000

54. What is the End of the Day Balance limit for a Customer in IPPB?

            a) Rs 1,00,000       b) Rs 2,00,000

            c) Rs 5,00,000        d) Rs 2,50,000

55. What is the Cash withdrawal limit per day of Savings Account customer at BO?

            a) Rs 50,000        b) Rs 10,000

            c) Rs 1,00,000      d) Rs 5,000

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