Rushing efforts are taken by developing and under-developed countries to match educational standards of developed countries. Education is a life-long activity and continuing process for which necessary steps are initiated to offer and gain with minimum cost of resources. Creating Open Educational Resources (OER) is the preferably right choice in all circumstances, especially in countries like India that has a huge population to educate. Among the many teaching-learning materials, a collection of questions asked in previous examinations called as question bank is one of the needful resources used by all categories of students and teachers. Hence, this study attempted to construct a Web-based Past Examination Question Bank (WPQB) for selected subjects with customized search facilities, and further the constructed website was evaluated to confirm the usefulness among the students and teachers. Realizing its necessity in an Indian Educational Environment, the present study was carried out to create a model WPQB and to evaluate its utility through a web based survey. The findings of the study proved that, the WPQB is useful among the students and teachers for improving the answering ability and questioning skill respectively. Moreover, the customized search facility and organization of questions were agreed as important features of the web-based question bank.