Central Government Employees: The authorities workers investing within the General Provident Fund are in for a shock. The Finance Ministry has introduced the rates of interest to be paid on different Provident Funds together with General Provident Fund for the April to June quarter of the monetary 12 months 2023-24 and the Finance Ministry has not made any change within the rates of interest.

This is when the Finance Ministry has elevated the rates of interest of many small financial savings schemes within the April to June quarter however there was no change within the rates of interest of the General Provident Fund. Actually, the rate of interest of different provident funds together with General Provident Fund is similar as the speed of curiosity given by the federal government on PPF (Public Provident Fund). Because rates of interest have been elevated on all schemes besides PPF of small financial savings scheme, therefore no change has been made within the rates of interest of General Provident Fund.

Issuing the decision, the Department of Economic Affairs, Ministry of Finance stated that for basic data it’s introduced that through the 12 months 2023-2024, from April 1, 2023 to June 30, 2023, the General Provident Fund and different Provident Fund Interest might be given on the charge of seven.1 p.c on the deposits of the subscribers. The rate of interest on GPF and different provident funds might be 7.1 per cent for the April-June quarter. These charges are relevant from April 1, 2023.

General Provident Fund (Central Services), Contributory Provident Fund (India), All India Services Provident Fund, State Railway Provident Fund. General Provident Fund (Defence Services) 7.1 p.c rate of interest on the Indian Ordnance Department Provident Fund might be relevant for the April-June quarter. The Finance Ministry evaluations the rates of interest each three months. General Provident Fund is obtainable just for authorities workers. All authorities workers should put some p.c of their wage within the General Provident Fund. And the quantity deposited on this fund is given to the staff after retirement.

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