NISM Certifications · NISM-Series-X-B: Investment Adviser (Level 2) · Retirement Products
Mr. Deshmukh, a retired person, wants a regular income, safety of capital and sovereign backing, and is aged 63. Which product is specifically designed for senior citizens aged 60 and above, with interest paid quarterly and a five-year tenure extendable by three years?
The Senior Citizens Savings Scheme is the product meant for people aged 60 and above, paying interest quarterly with a five-year tenure that can be extended by three years. PPF, Sukanya Samriddhi and EPF serve different purposes and do not match these features.
- ASenior Citizens Savings Scheme (SCSS)Correct
- BPublic Provident Fund (PPF)
- CSukanya Samriddhi Account
- DEmployees' Provident Fund (EPF)
Explanation
SCSS is open to residents aged 60 and above, has a five-year tenure that can be extended by three years, and pays interest quarterly. PPF has a 15-year term with annual compounding, Sukanya Samriddhi is for girl children, and EPF is for employees.
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