2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which Department under the ‘Ministry of Finance’ notifies changes in rates on small savings schemes?
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Department of Expenditure
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Department of Economic Affairs
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Department of Revenue
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Department of Financial Services
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Explanation:
Detailed explanation-1: - DEPARTMENT OF Economic Affairs.
Detailed explanation-2: -Q1 of FY 2023-24: Revised Interest Rates for Small Savings Schemes. ix) Post Office Time Deposit: Increased from 6.6% to 6.8% for one year term, from 6.8% to 6.9% for two year term, from 6.9% to 7.0% for three year term & from 7.0% to 7.5% for five year term. * will mature in 115 months (Q1).
Detailed explanation-3: -The government has a number of small Savings schemes, like the Public Provident Fund, Senior Citizen Savings Scheme (SCSS), National Savings Certificate, Sukanya Samriddhi Yojana (SSY), Kisan Vikas Patra, and various deposit schemes available at the Post Office.
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