BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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7.10%
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7.20%
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8.10%
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0.079
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Detailed explanation-1: -NSC comes with a fixed maturity period of five years. There is no maximum limit on the purchase of NSCs, but only investments of up to Rs.1.5 lakh can earn you a tax break under Section 80C of the Income Tax Act. The certificates earn a fixed interest, which is currently at a rate of 7% per annum.
Detailed explanation-2: -The Government of India decided to increase the interest rate for NSC from 6.8% to 7% on 30 December 2022. The interest rate will be applicable on all the investments made during the first quarter for the year 2023.
Detailed explanation-3: -The government’s regularised interest rate on the National Savings Scheme, for instance, enables an individual to generate a guaranteed return on the NSC at a rate of 7%.