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Government reduces interest rate of GPF
New Delhi, Business Desk. The government has cut the interest rate of General Provident Fund (GPF). The government has hiked the interest rate for the July-September to 7.9 percent in GPF and other similar funds. Significantly, in the last quarter, the interest rate on General Provident Fund and other similar funds was 8%. This revised interest rate will be applicable to the provincial funds of Central Government employees, railways and defense forces. This rate is in line with public provident fund.
It has been stated in a notification issued by the Finance Ministry, “It is announced that on July 1, 2019 to 30 September 2019, the interest rate on General Provident Fund and similar funds will be 7.9 per cent. This rate will be applicable from July 1, 2019.
The interest rate of the following provident fund has been reduced –
General Provident Fund (Central Services)
Contributory Provident Fund (India)
State Railway Provident Fund
Indian Ordnance Dept. Provident Fund
Indian Ordnance Factories Workman Provident Fund
General Provident Fund (Defense Services)
Defense Services Officer Provident Fund
Armed Forces Personnel Provident Fund
not Indian Net Dockyard Workman Provident Fund
gets that General Provident Fund
The general provident fund account is for the government employee only. In this, the Government servant contributes a fixed amount of money and becomes a member of the GPF. According to the rules of GPF, after all the continuous service of one year, all the temporary government employees, all re-employed pensioners (other than the eligible for entry into the Contributor Provident Fund) and all permanent government employees are eligible for GPF membership. A GPF account holder can contribute to the General Provident Fund on a monthly basis. Membership of this fund is stopped three months before the date of retirement. On the retirement of the employee as a shareholder, instructions are issued for immediate payment of the last balance.
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