Question
Which of the following statements is/are incorrect?
1. The interest rate for the Public Provident Fund (PPF) is 8.2% per annum. 2. Deposits under the Sukanya Samriddhi Yojana can be made until the girl turns 21 years of age. 3. The Senior Citizen Savings Scheme has a maximum investment limit of â‚ą30 lakhs. 4. The Kisan Vikas Patra doubles the investment amount in 115 months with an interest rate of 7.5%.Solution
• Statement 1: Incorrect. The interest rate for PPF is 7.1%, not 8.2%. • Statement 2: Incorrect. Deposits under the Sukanya Samriddhi Yojana are made for 15 years, and maturity occurs when the girl turns 21 or marries after 18 years. • Statement 3: Correct. The Senior Citizen Savings Scheme allows a maximum investment of ₹30 lakhs. • Statement 4: Correct. Kisan Vikas Patra doubles the investment in 115 months with a 7.5% interest rate.
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