Ministry of Finance keeps GPF interest rate 7.1%

Ministry of Finance keeps GPF interest rate 7.1%

The Ministry of Finance has kept the General Provident Fund (GPF) interest rate unchanged at 7.1 percent for the October-December quarter of the fiscal year 2023-2024. This rate has remained consistent for the past few quarters.

Revision of Interest rate:

The reviewing system and revises the GPF interest rate has been done by Government of India every quarter. The interest rate was the same for the preceding July-September quarter at 7.1 percent.

The Department of Economic Affairs (DEA), Ministry of Finance has announced that the decision to not change the interest rate for the year 2023-2024 was made recently on July 4, 2023. The previously revised interest rate of 7.1 percent has been effective from July 1, 2023.

What is GPF?

The General Provident Fund is a social security scheme exclusively available to central government employees. Employees give their authorization to contribute a portion of their salary to the GPF and the accumulated amount is provided to them upon retirement.

The contributions of the employees earn a predetermined interest rate amount.

This scheme is considered as low-risk and guaranteed returns gainer and it also offers tax savings and other benefits to government employees.

Administered:

This GPF scheme is managed and administered under the Ministry of Personnel, Public Grievances and Pensions.

There is fixed deduction rate at 6% of basic salary. However the rules are different for time to time and central government organizations.

Consistent rates for similar funds:

The GPF interest rate of 7.1 percent interest rate is also applies to similar provident funds such as the State Railway PF, Armed Forces Personnel PF, Defence Services Officers’ PF, and Indian Ordnance Factories Workmen’s PF.

Question & Answer:

Q1. How much percent interest rate has been decided for the General Provident Fund (GPF) for October- December quarter 2023?

Ans. 7.1%

Q2. Who managed the General Provident Fund (GPF) scheme?

Ans. Department of Pension and Pensioners’ Welfare

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