CURRENT AFFAIRS

Detailed explanation-1: -High-Interest Rate: Offering interest at the rate of 8.0% per annum, SCSS is among the most beneficial investment options, especially compared to the rather traditional ways of savings such as FD and Savings Account. Tax Benefit- Under section 80C of the Income Tax Act, SCSS is eligible for a tax deduction of up to Rs.

Detailed explanation-2: -After hike the Senior Citizen Savings Scheme (SCSS) has an interest rate of 8.0% per annum for the fourth quarter of FY 2022–23. Anyone over the age of 60 is eligible for this programme.

Detailed explanation-3: -Senior Citizen Saving Scheme Interest Rate The current interest rate applicable for the first quarter (April-June) of FY 2022-23 is 7.4% p.a. The SCSS interest rate is reviewed quarterly and is subject to periodic change.

Detailed explanation-4: -Senior Citizen Savings Scheme offers an interest rate of 8 per cent per annum with quarterly payout, while PM Vaya Vandana Yojana offers an interest of 7.4 per cent per annum with monthly payout option. Moreover, the Senior Citizen Saving Scheme has a shorter tenure of five years which is half that of PMVY.

Detailed explanation-5: -Govt. notifies that there is no change in interest rates for Small Saving Schemes (NSC, PPF, KVP, SSAS, SCSS, etc.) in respect of Q1 of FY 2022-23 (01/04/2022 to 30/06/2022), as compared to the interest rates applicable in respect of Q4 of FY 2021-22 (01/01/2022 to 31/03/2022).