Which of the following statements is/are correct regarding the changes made to small
savings schemes by the Government of India in December 2022?
A. The interest rate of five year National Saving Certificate has been increased to 7 per cent from 6.8 per cent.
B. The interest rate on senior citizen saving schemes increased to 8 per cent from 7.6 per cent.
C. The interest rate on Public Provident Fund, Sukanya Samriddhi Account and Saving Deposit have been changed 9% from 7.5%
Show answer & explanation
Correct answer: D
Explanation
The correct answer is Option 4 i.e. A and B only
- The rates for the post office 1 year, 2 year, 3 year, and 5 year time deposits have been hiked to 6.6%, 6.8%, 6.9%, and 7%, from 5.5%, 5.7%, 5.8%, and 6.7% respectively. The rates for 5 year recurring deposits and savings deposits have remained unchanged at 5.8% and 4% respectively.
- The rate for senior citizens savings scheme (SCSS) will earn 8% from 1 January, compared with 7.6% now. Kisan Vikas Patrika with a 120 month maturity will earn 7.2% interest, compared to 7% with maturity in 123 months.
- A. The interest rate of five year National Saving Certificate has been increased to 7 per cent from 6.8 per cent.
- B. The interest rate on senior citizen saving schemes increased to 8 per cent from 7.6 per cent.
- Both A and B are correct.