CURRENT AFFAIRS

Detailed explanation-1: -After close to four years, the government in the previous quarter had increased the interest rates of certain small savings schemes. The interest rates of three small saving schemes have been hiked by 10 bps to 30 bps for the October-December 2022 quarter.

Detailed explanation-2: -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.

Detailed explanation-3: -The rate for national savings certificates has been hiked to 7% for Q4, up from 6.8% now. “The rates of interest on various Small Savings Schemes for the fourth quarter of the 2022-23 starting from 1 January, 2023 have been revised, ” the office memorandum released by the department of economic affairs said.

Detailed explanation-4: -October-December 2022 quarter(One percentage point is equivalent to 100 basis points.) Interest rate of Senior Citizen Savings Scheme has been hiked by 20 bps to 7.6% and Kisan Vikas Patra has been increased by 1o bps to 7%.

Detailed explanation-5: -The hike in small savings rates While interest rates have been kept unchanged for a 5-year recurring deposit, the public provident fund scheme and the Sukanya Samriddhi scheme, rates for 1-year, 2-year, 3-year and 5-year time deposits and the senior citizens savings scheme have been hiked for January-March.