The government has retained the interest rate of 7.1 per cent for the fourth quarter of the current financial year on the General Provident Fund or General Provident Fund (GPF) and other similar funds for government employees. Prior to this i.e. in the quarter ending December 31, the interest rate on GPF was 7.1 percent.
New Delhi: There is big news for central government employees. They will not get increased interest on General Provident Fund (GPF) for this quarter. The government has retained the interest rate of 7.1 per cent for the fourth quarter of the current financial year on the General Provident Fund or General Provident Fund (GPF) and other similar funds for government employees. Prior to this i.e. in the quarter ending December 31, the interest rate on GPF was 7.1 percent. The Finance Ministry has said in a notification on Tuesday that this rate is valid from January 1, 2023 to March 31, 2023. This rate has come into effect from January 1, 2023.
What is GPF
GPF is a social security scheme, which is run for central government employees. Under this scheme, employees are allowed to put some part of their salary in this scheme and their contribution keeps on accumulating in this fund. When he retires, his entire amount is paid to him. The government revises the interest rates of GPF every quarter. This rate of 7.1% is also applicable to other provident funds run by other governments.
Here you will get the benefit of higher returns
Let us tell you that in last week’s update, the government had also revised the interest rates of Public Provident Fund, but there was no change in its rates as well. Its rates also remain at 7.1 percent. However, interest rates on small savings deposit schemes including post office FD, NSC and Senior Citizen Savings Scheme were increased by up to 1.1 per cent. This new rate has come into effect from January 1. Mainly the interest of such post office schemes has been increased, on which income tax benefits are not available. There has been no change in the interest rates of the girl child savings scheme ‘Sukanya Samridhi’.
