PF interest news: The Ministry of Finance has decided to keep 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.
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Interest rate revision
The government reviews and revises the GPF interest rate every quarter. In the preceding July-September quarter, the interest rate was also set at 7.1 percent. The Department of Economic Affairs (DEA), Ministry of Finance, announced this decision on July 4, 2023, stating that the interest rate for the year 2023-2024 would be 7.1 percent, effective from July 1, 2023.
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About GPF
The General Provident Fund is a social security scheme exclusively available to central government employees. Employees contribute a portion of their salary to the GPF, and the accumulated amount is provided to them upon retirement.
Consistent rates for similar funds
The 7.1 percent interest rate is not limited to the GPF alone; it 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.
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Interest rate uniformity- The following funds will also earn a 7.1 percent interest rate:
1. The General Provident Fund (Central Services)
2. The Contributory Provident Fund (India)
3. The All India Services Provident Fund
4. The State Railway Provident Fund
5. The General Provident Fund (Defence Services)
6. The Indian Ordnance Department Provident Fund
7. The Indian Ordnance Factories Workmen’s Provident Fund
8. The Indian Naval Dockyard Workmen’s Provident Fund
9. The Defence Services Officers Provident Fund
10. The Armed Forces Personnel Provident Fund
