Banking Awareness Quiz – Set 147

Hello Aspirants,
Welcome to Banking Awareness Quiz in AffairsCloud.com. Here we are creating quiz covering important questions which are common for all the bank exams and other competitive exams.

1. Which of the following bank is insured by the DICGC?
   A. Commercial Banks
   B. Foreign Banks
   C. Local Area Banks
   D. Regional Rural Banks
   E. All of these
   
   Answer & Explanation

   E. All of these
   Explanation:
   Commercial Banks: All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC.
   
   
2. Which of the following is not insured by the DICGC?
   A. Commercial Banks
   B. Foreign Banks
   C. Local Area Banks
   D. Regional Rural Banks
   E. Primary cooperative societies
   
   Answer & Explanation

   E. Primary cooperative societies
   Explanation:
   Primary cooperative societies is not insured by the DICGC.
   
   
3. The DICGC insures principal and interest up to a maximum amount of ______
   A. Rs. 10 lakh
   B. Rs. 5 lakh
   C. Rs. 2 lakh
   D. Rs. 1 lakh
   E. None of these
   
   Answer & Explanation

   D. Rs. 1 lakh
   Explanation:
   The DICGC insures principal and interest up to a maximum amount of Rs. 1 lakh.
   
   
4. Deposit insurance premium is borne entirely by the _______
   A. Insurance Company
   B. ECGC
   C. Insured Bank
   D. All of these
   E. None of these
   
   Answer & Explanation

   C. Insured Bank
   Explanation:
   Deposit insurance premium is borne entirely by the Insured Bank.
   
   
5. Which of the following insured bank can withdraw from the  DICGC coverage?
   A. Commercial Banks
   B. Foreign Banks
   C. Local Area Banks
   D. Regional Rural Banks
   E. No one
   
   Answer & Explanation

   E. No one
   Explanation:
   No. The deposit insurance scheme is compulsory and no bank can withdraw from it.
   
   
6. If you have deposits with more than _______ bank, deposit insurance coverage limit is applied separately to the deposits in each bank
   A. One
   B. Two
   C. Three
   D. Four
   E. None of these
   
   Answer & Explanation

   A. One
   Explanation:
   If you have deposits with more than one bank, deposit insurance coverage limit is applied separately to the deposits in each bank
   
   
7. Which of the following account can be insured by DICGC?
   A. Fixed Deposit
   B. Current Account
   C. Recurring Deposit
   D. All of these
   E. None of these
   
   Answer & Explanation

   D. All of these
   Explanation:
   The DICGC insures all deposits such as savings, fixed, current, recurring, etc.,
   
   
8. Which of the following account can not be insured by DICGC?
   A. Deposits of foreign Governments
   B. Inter-bank deposits
   C. Deposits of foreign Governments
   D. Deposits of the State Land Development Banks with the State co-operative bank
   E. All of these
   
   Answer & Explanation

   E. All of these
   Explanation:
   These are not insured by DICGC
   Deposits of foreign Governments
   Deposits of Central/State Governments
   Inter-bank deposits
   Deposits of the State Land Development Banks with the State co-operative bank.
   
   
9. DICGC can not insure any amount, which has been specifically exempted by the corporation with the previous approval of ________
   A. SEBI
   B. NABARD
   C. RBI
   D. All of these
   E. None of these
   
   Answer & Explanation

   C. RBI
   Explanation:
   DICGC can not insure any amount, which has been specifically exempted by the corporation with the previous approval of RBI.
   
   
10. DICGC can not insure any amount due on account of any deposit received _______
    A. Outside India
    B. Outside Asia
    C. Inside India
    D. Inside Asia
    E. None of these
    
    Answer & Explanation

    A. Outside India
    Explanation:
    DICGC can not insure any amount due on account of any deposit received Outside India.