BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Small Savings Scheme like national savings certificates, Public Provident Fund, Monthly Income Schemes are popular among the salaried people. Which financial institutions manage these schemes?

A	Public sector banks
B	Commercial banks
C	Post offices
D	Co-operative banks
E	None of these

Explanation:

Detailed explanation-1: -Savings certificates: National Savings Certificates (VIIIth Issue), Kisan Vikas Patra (KVP) etc. Social security schemes: Public Provident Fund (PPF), Senior Citizens ‘Savings Scheme (SCSS) etc.

Detailed explanation-2: -The Mahila Samman Savings Certificate (MSSC) is a one-time small savings scheme for women investors that Finance Minister Nirmala Sitharaman announced in Budget 2023. Through the Mahila Samman Savings Certificate, individuals can make deposits in the name of a woman or a girl child.

Detailed explanation-3: -❖ OBJECTIVE : ➢ Small savings schemes are designed to provide safe & attractive investment options to the public and at the same time to mobilise resources for development. ❖ OPERATING AGENCIES : ➢ These schemes are operated through about 1.54 Lakh post offices throughout the country.

Detailed explanation-4: -PPF Information Minimum Rs.500, Maximum Rs.1.5 lakh p.a. PPF scheme was launched in 1968 by the Finance Ministry’s National Savings Institute. The main objective of PPF scheme is to help individuals make small savings and provide returns on the savings.

There is 1 question to complete.