The interest rate of the General Provident Fund of government employees has been announced.
They will get 7.1 percent interest on the GPF account between January and March 2022. The government has kept the interest rates for the January to March quarter as before. Earlier in the December quarter also, no change was made in this.
In the gazette notification issued by the Finance Ministry, it has been said that for the January-March quarter of the financial year 2020-21, the interest rate of GPF and other funds will be 7.1 percent. It is effective from 1 January 2022. Apart from GPF, this rate is applicable to other funds also.
- These funds will also get so much interest
- The General Provident Fund (Central Services)
- The Contributory Provident Fund (India)
- The All India Services Provident Fund
- The State Railway Provident Fund
- The General Provident Fund (Defence Services)
- The Indian Ordnance Department Provident Fund
- The Indian Ordnance Factories Workmen’s Provident Fund
- The Indian Naval Dockyard Workmen’s Provident Fund
- The Defence Services Officers Provident Fund
- The Armed Forces Personnel Provident Fund
Earlier, the government had approved 8.5 percent interest on Employees’ Provident Fund (EPF) for the financial year 2020-21. More than 5 crore subscribers of Employees’ Provident Fund Organization (EPFO) have benefited from this. The Central Board of Trustees (CBT), headed by the Labor Minister, had in March 2021 fixed an interest rate of 8.5 per cent on Employees’ Provident Fund deposits. CBT is the apex decision making body of EPFO.
In March 2020, the EPFO had reduced the interest rate on provident fund deposits to 8.5 percent for 2019-20, the lowest in seven years. It was 8.65 per cent in 2018-19. The EPF (Employees’ Provident Fund) interest rate provided for the financial year 2019-20 was the lowest since 2012-13. This was reduced to 8.5 per cent in 2012-13. EPFO had given 8.65 percent interest to its subscribers in 2016-17 and 8.55 percent in 2017-18. The interest rate was slightly higher at 8.8 per cent in 2015-16.