Question : 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 a 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 the Public Provident Fund, Sukanya Samriddhi Account and Saving Deposit has been changed to 9% from 7.5%.
Option 1: B and C only
Option 2: A, B and C
Option 3: A and C only
Option 4: A and B only
Correct Answer: A and B only
Solution : The correct answer is A and B only .
The interest rate of a five-year National Saving Certificate has been increased to 7 per cent from 6.8 per cent. With a higher interest rate, individuals may find the National Saving Certificate more attractive compared to other investment options available in the market, especially for those seeking relatively low-risk investment avenues.
The interest rate on senior citizen saving schemes increased to 8 per cent from 7.6 per cent. With this adjustment, seniors can potentially earn higher returns on their savings, providing them with more financial stability and support during their later years.
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