General Provident Fund Interest Rate: The government has fixed the interest on General Provident Fund (GPF). The government has retained the interest rate on General Provident Fund (GPF) at 7.1% for the April to June 2023 quarter. This is the 13th consecutive quarter when the rates for the PF corpus of government employees have been kept constant.
These employees get GPF
The Finance Ministry has notified the interest rate for this quarter on GPF savings on 10th April. It is almost equal to the Public Provident Fund (PPF). GPF interest rates are also applicable for other General Provident Fund like State Railway PF. Armed forces employees get PF, Defense Services officers get PF and Indian Ordnance Factories employees get GPF.
The money invested in PPF is tax free.
Small savings scheme
The interest on PPF was last increased in January 2019. There was no change in this till April 2020. Then it was reduced from 7.9% to 7.1%.
Small Saving Scheme
There are three categories of small savings schemes – Saving Deposit, Social Security and Monthly Income Plan etc. Savings deposits include 1-3 years time deposits and 5 years recurring deposits. These also include savings certificates like National Savings Certificate (NSC) and Kisan Vikas Patra (KVP). Social security schemes include Public Provident Fund (PPF), Sukanya Samriddhi Account and Senior Citizen Savings Scheme. Monthly Income Plan includes Monthly Income Account.
These are the interest rates
1-year post office time deposit: 6.5%
2-year post office time deposit: 6.8%
3-year post office time deposit: 6.9 per cent
5-year Post Office Time Deposit: 7.0%
National Savings Certificate (NSC): 7.0 percent
Kisan Vikas Patra: 7.2 percent
Public Provident Fund: 7.1 percent
Sukanya Samriddhi Account: 7.6 per cent
Senior Citizen Savings Scheme: 8.0 percent
Monthly Income Account: 7.1 percent.
