Bank Exams Exam > Bank Exams Videos > Indian Economy for Government Exams (Hindi) > Small Saving Schemes - PPF; NSC; Senior Citizens Savings Scheme & Sukanya Samriddhi Yojana
Small Saving Schemes - PPF; NSC; Senior Citizens Savings Scheme & Sukanya Samriddhi Yojana Video Lecture | Indian Economy for Government Exams (Hindi) - Bank Exams
FAQs on Small Saving Schemes - PPF; NSC; Senior Citizens Savings Scheme & Sukanya Samriddhi Yojana Video Lecture - Indian Economy for Government Exams (Hindi) - Bank Exams
| 1. What is the PPF scheme and how does it work? |  |
Ans. The PPF (Public Provident Fund) scheme is a popular small saving scheme in India. It is a long-term investment option that offers attractive interest rates and tax benefits. Individuals can open a PPF account with a specified bank or post office and make regular deposits for a period of 15 years. The deposited amount earns interest and the accumulated balance can be withdrawn after the maturity period.
| 2. What is the National Savings Certificate (NSC) scheme and how does it work? | |
Ans. The NSC scheme is a government-backed small saving scheme that allows individuals to invest in fixed deposits for a fixed period. Investors can purchase NSCs from post offices by making a lump sum payment. The investment earns interest at a predetermined rate, which is compounded annually. Upon maturity, the investor receives the principal amount along with the accumulated interest.
| 3. What are the key features of the Senior Citizens Savings Scheme (SCSS)? | |
Ans. The Senior Citizens Savings Scheme is a small saving scheme specifically designed for senior citizens in India. It offers a higher interest rate compared to other small saving schemes and provides regular income to senior citizens. The scheme has a maturity period of 5 years, which can be extended for an additional 3 years. It also offers tax benefits under Section 80C of the Income Tax Act.
| 4. What is the Sukanya Samriddhi Yojana and who is eligible to invest in it? | |
Ans. The Sukanya Samriddhi Yojana is a small saving scheme launched by the Government of India to promote the welfare of the girl child. It offers a high interest rate and tax benefits. Parents or legal guardians of a girl child below the age of 10 years can open a Sukanya Samriddhi account in her name. The account can be opened in any post office or authorized banks. The accumulated amount can be withdrawn after the girl child attains the age of 18 for her education or marriage expenses.
| 5. What are the tax benefits available under the small saving schemes? | |
Ans. The small saving schemes like PPF, NSC, Senior Citizens Savings Scheme, and Sukanya Samriddhi Yojana offer tax benefits to investors. The investments made under these schemes are eligible for deduction under Section 80C of the Income Tax Act. The interest earned on these investments is also exempt from tax. However, it is important to note that there are certain limits and conditions associated with these tax benefits, which individuals should consider before investing.
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Oct 31, 2024 Last updated |
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