Department of Post, Gujarat Circle Postman & Mailguard (24-07-2016) Question Paper

Department of Post, Gujarat Circle Postman & Mailguard (24-07-2016) Question Paper :


Question Paper : Click Here

Note : Write "marugujarat" in password if asked.

Exam was held on 24-07-2016

Special Thanks to Dharmesh Thakor, Saddamhusen Kalvaniya for sending question Paper.


Source : SAPOST

Postal Savings Schemes


• Rate of interest 4% per annum
• Minimum INR 20/- for opening.
•  Account can be opened by cash only.
•  Minimum balance to be maintained in a non-cheque facility account is INR 50/-.
•  Cheque facility available if an account is opened with INR 500/- and for this purpose minimum balance of INR 500/-in an account is to be maintained.
•  Cheque facility can be taken in an existing account also.
•  Interest earned is Tax Free up to INR 10,000/-  per year from financial  year 2012-13.
•  Nomination facility is available at the time of opening and also after opening of account.  
•  Account can be transferred from one post office to another.

•  One account can be opened in one post office
•  Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
•  Joint account can be opened by two or three adults.
•    At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active.
•    Single account can be converted into Joint and Vice Versa.
 Minor after attaining majority has to apply for conversion of the account in his name.

Deposits and withdrawals can be done through any electronic mode in CBS Post offices..

 *Inter Post office transactions can be done between CBS post offices

* ATM/Debit Cards can be issued to Savings Account holders( having prescribed minimum balance on the day of issue of card) of CBS Post offices.

Recurring Deposit Account


• From 1.4.2016, interest rates are as follows:-
 7.4% per annum (quarterly compounded)
 On maturity INR 10/- account fetches INR 726.97. Can be continued for another 5 years on year to year basis.
• Minimum INR 10/- per month or any amount in multiples of INR 5/-. No maximum limit.
• Account can be opened by cash/cheque and in case of cheque the date of deposit shall be date of presentation of cheque.
•  Nomination facility is available at the time of opening and also after opening of account.
• Account can be transferred from one post office to another.
•  Any number of accounts can be opened in any post office.
• Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
• Joint account can be opened by two adults.
• Subsequent deposit can be made up to 15th day of next month if account is opened up to 15th of a calendar month and up to last working day of next month if account is opened between 16th day and last working day of a calendar month.
• If subsequent deposit is not made up to the prescribed day, a default fee is charged for each default, default fee @ 5 paisa for every 5 rupee shall be charged. After 4 regular defaults, the account becomes discontinued and can be revived in two months but if the same is not revived within this period, no further deposit can be made.
*If in any RD account, there is monthly default(s) the depositor has to first pay the defaulted monthly deposit with default fee and then pay the current month deposit. This will be applicable for both CBS and non CBS Post offices.
• There is rebate on advance deposit of at least 6 installments. ·
Single account can be converted into Joint and Vice Versa.
Minor after attaining majority has to apply for conversion of the account in his name.
• One withdrawal upto 50% of the balance allowed after one year.
Full maturity value allowed on R.D. Accounts restricted to that of INR. 50/- denomination in case of death of depositor subject to fulfilment of certain conditions.
In case of deposits made in RD accounts by Cheque, date of credit of Cheque into Government accounts shall be treated as date of deposit.

Time Deposit Account


• Interest payable annually but calculated quarterly.
From 1.4.2016, interest rates are as follows:-
 
 Period  Rate
1yr.A/c 7.1%
2yr.A/c 7.2%
3yr.A/c 7.4%
 5yr.A/c 7.9%
• Minimum INR 200/- and in multiple thereof. No maximum limit.
• Account may be opened by individual. 

• Account can be opened by cash/cheque and in case of cheque the date of realization of cheque in Govt. account shall be date of opening of account.
• Nomination facility is available at the time of opening and also after opening of account.
 
•  Account can be transferred from one post office to another. 


•  Any number of accounts can be opened in any post office. 


•  Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account. 


•  Joint account can be opened by two adults.
• Single account can be converted into Joint and Vice Versa.

•  Minor after attaining majority has to apply for conversion of the account in his name.
 *In CBS Post offices ,when any TD account is matured, the same TD account will be automatically renewed for the period for which the account was initially opened e.g 2 Years TD account will be automatically renewed for 2 Years. Interest rate applicable on the day of maturity will be applied.

•  The investment under 5 Years TD qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.

Monthly Income Scheme (MIS) Account


•From 1.4.2016, interest rates are as follows:-
 7.80% per annum payable monthly.
In multiples of INR 1500/-
• Maximum investment limit is INR 4.5 lakhs in single account and INR 9 lakhs in joint account. 
• An individual can invest maximum INR 4.5 lakh in MIS (including his share in joint accounts)
• For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.
• Account may be opened by individual.
• Account can be opened by cash/cheque and in case of cheque the date of realization of cheque in Govt. account shall be date of opening of account.
 
• Nomination facility is available at the time of opening and also after opening of account.
• Account can be transferred from one post office to another.
• Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.
• Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
• Joint account can be opened by two or three adults.
• All joint account holders have equal share in each joint account.
• Single account can be converted into Joint and Vice Versa.
•  Minor after attaining majority has to apply for conversion of the account in his name.
• Maturity period is 5 years from 1.12.2011.
•  Interest can be drawn through auto credit into savings account standing at same post office, through PDCs or ECS./In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post offices.
• Can be prematurely en-cashed after one year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. (Discount means deduction from the deposit.)
 
•  A bonus of 5% on principal amount is admissible on maturity in respect of MIS accounts opened on or after 8.12.07 and up to 30.11.2011. No bonus is payable on the deposits made on or after 1.12.2011.


Public Provident Fund Account
• From 1.4.2016, interest rates are as follows:- 8.10% per annum (compounded yearly).
• Minimum INR. 500/- Maximum INR. 1,50,000/- in a financial year.
• Deposits can be made in lump-sum or in 12 installments.
•  An individual can open account with INR 100/- but has to deposit minimum of INR 500/- in a financial year and maximum INR 1,50,000/-

• Joint account cannot be opened.

• Account can be opened by cash/cheque and In case of cheque, the date of realization of cheque in Govt. account shall be date of opening of account.

• Nomination facility is available at the time of opening and also after opening of account. Account can be transferred from one post office to another.

• The subscriber can open another account in the name of minors but subject to maximum investment limit by adding balance in all accounts.

• Maturity period is 15 years but the same can be extended within one year of maturity for further 5 years and so on.

• Maturity value can be retained without extension and without further deposits also.

• Premature closure is not allowed before 15 years.

• Deposits qualify for deduction from income under Sec. 80C of IT Act.

 • Interest is completely tax-free.

• Withdrawal is permissible every year from 7th financial year from the year of opening account..

• Loan facility available from 3rd financial year.

No attachment under court decree order.

• The PPF account can be opened in a Post Office which is Double handed and above.


Senior Citizen Savings Scheme (SCSS) Account

 

• From 1.4.2016, interest rates are as follows:-
8.6% per annum, payable from the date of deposit of 31st March/30th Sept/31st December in the first instance & thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st December.
• There shall be only one deposit in the account in multiple of INR.1000/- maximum not exceeding INR 15 lakh.

• An individual of the Age of 60 years or more may open the account.
 
 • An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits.
• Maturity period is 5 years.
• A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife).
• Account can be opened by cash for the amount below INR 1 lakh and for INR 1 Lakh and above by cheque only.
• In case of cheque, the date of realization of cheque in Govt. account shall be date of opening of account.
• Nomination facility is available at the time of opening and also after opening of account.
• Account can be transferred from one post office to another
• Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.
• Joint account can be opened with spouse only and first depositor in Joint account is the investor.
 
• Interest can be drawn through auto credit into savings account standing at same post office, through PDCs or Money Order.
• In case of SCSS accounts, quarterly interest shall be payable on 1st working day of April, July, October and January. It will be applicable at all CBS Post Offices.
 
*Quarterly interest of SCSS accounts standing at CBS Post offices can be credited in any savings account standing at any other CBS post offices.
• Premature closure is allowed after one year on deduction of an amount equal to1.5% of the deposit & after 2 years 1% of the deposit.
• After maturity, the account can be extended for further three years within one year of the maturity by giving application in prescribed format. In such cases, account can be closed at any time after expiry of one year of extension without any deduction.
TDS is deducted at source on interest if the interest amount is more than INR 10,000/- p.a.
Investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.

Sukanya Samriddhi Accounts

 

• Rate of interest  8.6% Per Annum(w.e.f 1-4-2016),calculated on yearly basis ,Yearly compounded.
• Minimum INR. 1000/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 100/- Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year
• A legal Guardian/Natural Guardian can open account in the name of Girl Child.
 
• A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children.
• Account can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003 &1.12.2004 can open account up to1.12.2015.
 
• If minimum Rs 1000/- is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year.
• Partial withdrawal, maximum up to 50% of balance standing at the end of the preceding financial year can be taken after Account holder’s attaining age of 18 years.
• Account can be closed after completion of 21 years.
 
• Normal Premature closure will be allowed after completion of 18 years /provided that girl is married. 


National Savings Certificates (NSC)
·         Scheme specially designed for Government employees, Businessmen and other salaried classes who are Income Tax assesses.
·         No maximum limit for investment.
·         No Tax deduction at source.
·         Certificates can be kept as collateral security to get loan from banks.
·         Investment up to INR 1,00,000/- per annum qualifies for IT Rebate under section 80C of Income Tax Act.
·         Trust and HUF cannot invest.
·         Rate of interest 8.10%.
·         Maturity value of a certificate of INR.100/- purchased on or after 1.4.2012 shall be INR. 147.61 after 5 years.
Buy National Savings Certificates (NSCs) every month for Five years – Re-invest on maturity and relax - On retirement it will fetch you monthly pension as the NSC matures.
·• A single holder type certificate can be purchased by, an adult for himself or on behalf of a minor or by a minor.
 • Deposits qualify for tax rebate under Sec. 80C of IT Act.
• The interest accruing annually but deemed to be reinvested under Section 80C of IT Act.
 *In case of NSC VIII and IX issue, transfer of certificates from one person to another can be done only once from date of issue to date of maturity.
*At the time of transfer of Certificates from one person to another, old certificates will not be discharged. Name of old holder shall be rounded and name of new holder shall be written on the old certificate and on the purchase application(in case of non CBS Post offices) under dated signatures of the authorized Postmaster along with his designation stamp and date stamp of Post office.

Kisan Vikas Patra (KVP)     

• Amount Invested doubles in 110 months (9 years & 2 months)
• Available in denominations of Rs 1,000, 5000, 10,000 and Rs 50,000. Minimum deposit Rs 1000/- and no maximum limit.
 
• Certificate can be purchased by an adult for himself or on behalf of a minor or by two adults.
 
• KVP can be purchased from any Departmental Post office.
• Facility of nomination is available.
 
• Certificate can be transferred from one person to another and from one post office to another.
• Certificate can be encashed after 2 & 1/2 years from the date of issue. 

Courtesy : sapost

Wipro, Infosys, IBM vie for India Post payments bank’s back end operations

At least 15 companies, including Wipro Ltd, Infosys Ltd and International Business Machines Corp. have shown an interest in handling the back end operations of India Post Payments Bank (IPPB).

All of these companies have responded to a request for proposal (RFP) released by the department of posts on 1 July on its website, a person with direct knowledge of the matter said. The RFP aims to select a systems integrator for delivery of business applications and IT systems for IPPB for a period of five years, and each of these companies has paid Rs.50,000 for the tender document.

The department of post is expected to brief the applicants in the next few days, and the final bids are expected to come in by the beginning of August.

“Both in terms of size and value, the contract is huge. Unlike any other large commercial banks, this will have to have a lot more levels of simplicity since it caters to a different category of customers,” said Ravi Trivedi, an independent consultant who was formerly with audit firm KPMG.

The contract size could be roughly for at least Rs.500-700 crore, Trivedi said.

The postal department will then take a couple of months for evaluation before announcing the winner, said the person aware of the issue quoted above.

“Payment banks’ business models are based on technology; so, there will be high focus and spending on technology,” said Abizer Diwanji, partner and national leader, financial services, EY India.

The department of posts has already awarded a contract to Infosys as its financial services integrator for implementing core banking solutions and installing automated teller machines. Tata Consultancy Services Ltd also won a six-year contract in 2013 for India Post’s IT modernization programme.

Prime Minister Narendra Modi’s government, as part of its Digital India programme, is banking on IPPB to take its schemes such as direct benefits transfers to the remotest corners of the country on the strength of India Post’s strong network of about 150,000 post offices.

Like other payments banks, IPPB will target financially excluded customers such as migrant workers, low-income households and tiny businesses. It will not lend and, as a result, will be shielded from the risks that conventional banks are exposed to.

“Payments banks are a very strong component of Digital India and can have a high impact and will bring down the cost of bank transactions in rural areas,” said Ashis Sanyal, a former senior director at the department of electronics and information technology.

The department of posts was among the 11 entities that got an in-principle approval from the Reserve Bank of India (RBI) in August 2015 to start a payments bank. Of these, Tech Mahindra Ltd; Sun Pharmaceutical Industries Ltd promoter Dilip Shanghvi and his partners; IDFC Bank Ltd; Telenor Financial Services, and Cholamandalam Investment and Finance Co.— have surrendered their licences after they discovered the business is characterized by high volume and low profit.

For India Post, though, the business will be a natural extension of its work.

Considering the size of India Post’s operations and its reach in the hinterland, this vertical is a lucrative proposition both for the government-owned entity and the private companies who seek to work with it.

Infosys did not respond to queries sent on Thursday.

“We do not comment on ongoing business pursuits,” a Wipro spokesperson said.

On 8 July, the cabinet approved a proposal to set up IPPB with a corpus of Rs.800 crore. The then minister for communications and information technology, Ravi Shankar Prasad, had said IPPB had plans to open 650 branches and will be operational by September 2017.

The payments bank will begin with Rs.400 crore equity capital and a Rs.400-crore government grant. IPPB plans to set up 5,000 automated teller machines as well, Prasad had said

7th Pay Commission: Employees To Get Huge HRA Hike

New Delhi: The government is likely to hike huge House Rent Allowance (HRA) of central government employees, despite increasing 14.27 per cent in basic pay, the lowest in 70 years.
The Finance Secretary committee will also consult Finance Minister Arun Jaitley, while proposing the hike in House Rent Allowance (HRA) of central government employees.
The Finance Secretary committee will also consult Finance Minister Arun Jaitley, while proposing the hike in House Rent Allowance (HRA) of central government employees.
The 7th Pay Commission also proposed for huge increasing in House Rent Allowance (HRA) of central government employees. This segment has been recommended to hike more than double, with the increases ranging between 106% and 122% .

The government is likely to implement soon the new pay structure for central government employees excluding allowances, the compensatory perks for all employees.

The Cabinet decided to constitute a Committee headed by Finance Secretary for further examination of the recommendations of 7th Pay Commission on allowances including HRA, transport allowance. It will complete its work in a time bound manner within four months.

“The Finance Secretary committee will have carefully weigh the risk of doing to raise the allowances of the central government employees against the risk of economy can afford. Accordingly, they will go for ditto, the 7th pay commission recommendations for allowances, however, it could be a slight change, but not overall,” a Finance Ministry official told The Sen Times on condition of anonymity.

The existing rates of HRA for Class X, Y and Z cities and towns are 30%, 20% and 10% of Basic pay (pay in the pay band plus grade pay). While the pay commission has revised the rates HRA for these cities to 24%, 16% and 8% respectively of new Basic pay (pay in the pay band plus grade pay multiplying by the fitment factor of 2.57).

The Commission also recommends that the rate of HRA will be revised to 27 percent, 18 percent and 9 percent respectively when DA crosses 50 percent, and further revised to 30 percent, 20 percent and 10 percent when DA crosses 100 percent.

The PMO has asked Finance Secretary to offer higher HRA to augment the financial assistance to central government employees, who will get a little hike in basic pay, sources in Finance Ministry familiar with the matter said asking not be named.

The Finance Secretary committee will also consult Finance Minister Arun Jaitley, while proposing the hike in House Rent Allowance (HRA) of central government employees, sources said.

“Accordingly the Finance Secretary committee will propose existing rates of HRA for Class X, Y and Z cities and towns are 30%, 20% and 10% of new pay matrix instead of 24%, 16% and 8% respectively,” sources confirmed.

By giving House Rent Allowance hikes, the government is likely to seek to encourage property owners to rent out their properties, reduce the shortage of dwellings and to provide ‘housing for all central government employees’.

Besides the basic salary, a large portion of central government employees’ salary is the House Rent Allowance; some changes will be made in that category this time.

It is noted, the 7th Pay Commission proposed no hike in Transport Allowance (TPTA) for central government employees in its report.

The central government employees will not get any hike in Transport allowance on the time of implementation of the pay commission recommendation as the existing Transport allowance figure automatically reaches the Pay Commission revised Transport allowance figure after adding 125 percent DA.

The Finance Secretary committee will not go to propose any hike in this segment greater than the 7th Pay Commission recommendation.