National Saving

NATIONAL SAVING OFFICER
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National Savings Organization and Its Functions MCQs for
National Savings Officers Posts
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
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
National Savings
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
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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
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The minimum investment limit of Defence Savings
Certificate scheme is
(a) Rs.500/
(b) Rs.1500/
(c) Rs.1000/
(d) Rs.5500/
Answer: a
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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?
(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?
(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 Facebook.com/wetoppers
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
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 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
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
(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
SOURCE: WWW.ILMIKITABKHANA.COM

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NATIONAL SAVING OFFICER

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Who said “Thrift as a national asset is going to play an

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