GPF Interest Rate Update: Finance Ministry has announced the interest rates for GPF and other provident funds

GPF Interest Rate Update: There is sweet information for authorities workers. The Finance Ministry has announced the interest rates for General Provident Fund (GPF) and other provident funds.

There is sweet information for authorities workers. 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 related funds will get interest at the fee of seven.1 p.c. Earlier, for the January-March 2024 quarter additionally, the authorities has not modified the interest rates on GPF and related linked funds.

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The authorities has fastened the rates of GPF

On June 10, 2024, in accordance with the Department of Economic Affairs (DEA) of the Ministry of Finance, it has been announced that in the 12 months 2024-2025, the cash deposited by the subscribers for the General Provident Fund and related funds will get interest at the fee of seven.1 p.c from April 1, 2024 to June 30, 2024. The authorities has maintained the interest rates this time in addition to final time. GPF is getting the identical interest as PPF. The fee of GPF runs like the rates of Public Provident Fund (PPF). All the funds talked about beneath will even get interest at the fee of seven.1 p.c.

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These are additionally 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 sort of provident fund which is given solely to Indian authorities workers. Everyone in the authorities can deposit part of their wage in the General Provident Fund. When the worker retires, he will get the cash and interest deposited throughout his interval. The Finance Ministry opinions the GPF interest fee each quarter.

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