GPF Interest Rate Update: There is good news for government employees. The Finance Ministry has announced the interest rates for General Provident Fund (GPF) and other provident funds.
There is good news for government employees. The Finance Ministry has announced the interest rates for General Provident Fund (GPF) and other provident funds. From April 1, 2024 to June 30, 2024, GPF and other similar funds will get interest at the rate of 7.1 percent. Earlier, for the January-March 2024 quarter also, the government has not changed the interest rates on GPF and similar linked funds.
The government has fixed the rates of GPF
On June 10, 2024, according to the Department of Economic Affairs (DEA) of the Ministry of Finance, it has been announced that during the year 2024-2025, the money deposited by the subscribers for the General Provident Fund and similar funds will get interest at the rate of 7.1 percent from April 1, 2024 to June 30, 2024. The government has maintained the interest rates this time as well as last time. GPF is getting the same interest as PPF. The rate of GPF runs like the rates of Public Provident Fund (PPF). All the funds mentioned below will also get interest at the rate of 7.1 percent.
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These are also provident funds
1. General Provident Fund (Central Services).
2. Contributory Provident Fund (India).
3. All India Service Provident Fund
4. State Railway Provident Fund
5. General Provident Fund (Defence Service)
6. Indian Ordnance Department Provident Fund
7. Indian Ordnance Department Factories Provident Fund
8. Indian Naval Dockyard Workers (Provident Fund).
9. Defence Services Officers Provident Fund.
10. Armed Forces Personnel Provident Fund.
What is General Provident Fund (GPF)?
General Provident Fund is a type of provident fund which is given only to Indian government employees. Everyone in the government can deposit a part of their salary in the General Provident Fund. When the employee retires, he gets the money and interest deposited during his period. The Finance Ministry reviews the GPF interest rate every quarter.
