PF New Interest Rates: How much interest will now be available on PF account, new rates have come from 1 October – know here

After the General Provident Fund (GPF), the government has released the new interest rate of non-government provident. Under this, 7.1 percent interest will be available on Non-Government Provident, Superannuation and Gratuity Funds between October 1, 2021 and December 31, 2021. These rates have become effective from 1 October.

According to Ashish Vachani, Joint Secretary in the government, this decision has been taken by the Finance Ministry. Let us inform that earlier this month, the government has approved General Provident Fund, Contributory Provident Fund, All India Services Provident Fund, State Railway Provident Fund, General Provident Fund Defense, Indian Ordnance Department Provident Fund, Indian Ordnance Factories Workmens Provident Fund, Indian Naval Dockyard. The new rate of interest was released for Workmens Provident Fund, Defense Services Officers Provident Fund and Armed Forces Personnel Provident Fund.

What changed

Explain that as interest has not been debited on PF accounts. Similarly, there has been no change in the interest rate for the third quarter of 2021-22 on small savings schemes like National Savings Certificate (NSC). The annual interest rate on NSC will also remain 6.8 percent.

Interest Rates on Small Saving Schemes

The Finance Ministry had said in the notification that the interest rates on Small Saving Schemes will remain the same for the third quarter of 2021-22. Similarly, the interest rate on the 5-year Senior Citizen Saving Scheme remains unchanged at 7.4 percent. Under the Senior Citizen Savings Scheme, interest is accrued on a quarterly basis. Interest on savings deposit will be 4 percent. The interest rates on fixed deposits of 1 year to 5 years will be 5.5 to 6.7 percent. Whereas the interest on 5 year recurring deposit will be 5.8 percent.

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