2017
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bikes
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Electronics Goods
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Beauty Products
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Small Saving Schemes
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Detailed explanation-1: -These schemes – Senior Citizens Savings Scheme (SCSS) and Pradhan Mantri Vaya Vandana Yojana (PMVVY) offer higher rates of interest than prevailing FD rates.
Detailed explanation-2: -SCSS is one of the highest-earning small savings schemes that currently exist. As of 2022, the SCSS interest rate set is 7.4% per annum. The significantly high SCSS current interest rate may be the best thing about these accounts, among other benefits they offer.
Detailed explanation-3: -Interest rate for this quarter January-March 2023 is 7.6%. The lock-in term for National Savings Certificates (NSC) is five years. You can invest alone, jointly, or on behalf of a minor in this plan. In accordance with Section 80C of the Income Tax Act, the plan is also eligible for an income tax deduction.
Detailed explanation-4: -Budget 2023: The current interest rate offered on SCSS is 8%, which is higher by 50-75 basis points from that offered by banks to senior citizens. The scheme will be available up to March 2025.