GPF Interest Rate: In its statement issued on June 10, the Finance Ministry said that the interest rates on General Provident Fund and related funds have been kept unchanged at 7.1 percent for the April-June quarter. These interest rates will be applicable from April 1, 2024.
New Delhi: After the formation of the Bharatiya Janata Party government for the third time in the country, the central government has announced the interest rates on the General Provident Fund and related funds. The central government has retained the interest rates on the General Provident Fund for the April-June quarter. Let us tell you that there has been no change in the General Provident Fund interest rates for the 17th consecutive quarter.
7.1 percent interest rate for the June quarter
The Finance Ministry said in its statement issued on June 10 that the interest rates on the General Provident Fund and its related funds have been unchanged at 7.1 percent for the April-June quarter. These interest rates will be applicable from April 1, 2024. Let us tell you that the Finance Ministry changes the interest rates every three months, but no change has been made in the interest rates in the 17th quarter.
What is GPF?
The General Provident Fund is a special pension scheme for post-retirement savings for crores of government employees of the country. Under this scheme, any central government employee can deposit a minimum of 6% and a maximum of 100% of his monthly salary in this fund. This scheme will benefit those central government employees who have been working since before 2004. Under this scheme, central government employees can withdraw the fund after completing 15 years of their job or after retirement.
Apart from GPF, the government has also maintained interest rates on other funds. See the list
1. General Provident Fund (only central employees can contribute to it)
2. Contributory Provident Fund
3. All India Service Provident Fund
4. State Railway Provident Fund
5. General Provident Fund (Military Service)
6. Indian Ordnance Department Provident Fund
7. Indian Ordnance Factory Workers Provident Fund
8. Indian Naval Dockyard Workers Provident Fund
9. Defense Service Officer Provident Fund
10. Military Service Employees Provident Fund
What is EPF and what is the interest rate on it?
Employee Provident Fund Scheme is a pension scheme for employees working in the private sector. Under this provident fund scheme, it is mandatory for companies having more than 20 employees to deduct a contribution of 12 percent from the monthly salary of their employees. Apart from this, the company also deposits the same amount in the employee’s account. However, employees can increase it beyond 12 percent as per their wish. The government is giving an interest of 8.15 percent on this scheme.
