CURRENT AFFAIRS

Detailed explanation-1: -Due to this, banks have been increasing interest rates on fixed deposits (FD) which is good news for FD investors who have been sitting with decadal-low interest rates. The Union government has raised interest rates on eight of the 12 small savings schemes by 0.2% to 1.1% for the January to March 2023 quarter.

Detailed explanation-2: -Government has increased interest rates on various small savings schemes for the fourth quarter of the current Financial Year starting from 1st January 2023. The interest rate of five year National Saving Certificate has been increased to 7 per cent from 6.8 per cent.

Detailed explanation-3: -Sukanya Samriddhi Yojana Scheme (SSYS) The SSYS is a government-backed deposit scheme for a girl child. Launched as a part of the ‘Beti Bachao Beti Padhao’ campaign, this scheme helps meet the financial needs of a girl child and comes with income-tax benefits under section 80C.

Detailed explanation-4: -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).