Curated By: Business Desk
Last Updated: October 05, 2023, 14:53 IST
On October 4, the Department of Economic Affairs (DEA) and the Ministry of Finance released a resolution.
It is worth mentioning that the recently announced GPF rate is also applicable for other similar provident funds.
The Ministry of Finance has declared the General Provident Fund (GPF) interest rate along with other similar provident fund initiatives. In its recent announcement, the Ministry decided not to change the General Provident Fund (GPF) interest rate and keep it at 7.1 per cent for the October-December quarter of the fiscal year 2023-2024. It is mandatory to note that the rate has remained consistent for the past few quarters.
On October 4, 2023, the Department of Economic Affairs (DEA), Ministry of Finance released a resolution that noted, “It is announced fit general information that during the year 2023-2024, accumulations al the credit of subscribers to 1he General Provident Fund and oilier similar funds shall carry interest at 7.1 per cent wef October 1, 2023 to December 31, 2023.”
https://dea.gov.in/sites/default/files/Q3%20FY2023-24.pdf
It is worth mentioning that the recently announced GPF rate is also applicable for other similar provident funds. These provident funds include the Defence Services Officers’ PF, State Railway PF, Armed Forces Personnel PF, and Indian Ordnance Factories Workmen’s PF.
Interest Rate Revision
The government, every quarter, reviews and revises the GPF interest rate. Earlier in the July-September quarter, the interest rate was similar to the recent GPF, i.e., at 7.1 per cent. The Department of Economic Affairs (DEA), Ministry of Finance, declared the new interest rate on July 4, 2023, and confirmed that the interest rate for the years 2023-2024 would be 7.1 per cent. It was effective from July 1, 2023.
The General Provident Fund or GPF is a social security scheme for central government employees. Employees are supposed to contribute a portion of their salary to the GPF, and upon requirement, the accumulated amount is provided to them.
The Following Funds Will Also Fetch A 7.1 Per Cent Interest Rate:
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
