TAX
What is the tax collected on income earned by individuals called?
Income Tax
What does ATM stand for?
Automated Teller Machine
If someone offers you a prize in a lottery you never entered, what should you do?
Ignore it—it’s likely a scam.
What does GST stand for?
Good and service tax
What is the minimum age to open a savings account in one’s own name in India?
18 years
Should you click on unknown links received in SMS or WhatsApp messages?
No, they may be phishing or malware links.
What is the full form of PAN?
Permanent Account Number
Which is India’s central bank?
Reserve Bank of India (RBI)
Why should you regularly update your phone and banking apps?
To protect against security loopholes and fraud attempts.
What is the GST rate on most essential food items
0%
Which type of bank account usually gives the highest interest rate?
Fixed Deposit (FD) account
You get a call saying “Your KYC is expired, share Aadhaar details now or your account will be blocked.” What should you do?
Ignore the call and contact the bank directly.
If GST is 18% and the cost of an item is ₹1,000, how much tax will you pay?
₹180 (Total price = ₹1,180).
What is the main difference between a savings account and a current account?
A savings account is for individuals to save money and earn interest, while a current account is mainly for businesses with no interest but higher transaction limits.
If you are scammed online, which helpline number in India should you dial?
1930