GPF interest rate: The Budget Division of the Department of Economic Affairs at Ministry of Finance today issued notification in this regard
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The central government has announced interest rate for General Provident Fund (GPF) and other similar kinds of funds for October to December 2021 quarter. The GPF and other similar fund subscribers, who are central government employees, will continue to get 7.1 per cent return in Q3FY22, as central government has left GPF interest rate unchanged at 7.1 per cent for the third quarter of FY 2021-22. The central government had left GPF interest rate unchanged in previous quarter as well. The Budget Division of the Department of Economic Affairs at Ministry of Finance today issued notification in this regard.
The Budget Division notification said, "It is announced for general information that during the year 2021-22, accumulation at the credit of subscribers of General Provident Fund and other similar funds shall carry interest rate of 7.1% (seven point one percent) w.e.f. 1st October 2021."
Earlier, the central government had left interest rate of Public Provident Fund (PPF), NSC (National Saving Certificate), Sukanya Samriddhi Yojana (SSY) and other small saving schemes for October to December 2021 unchanged. The PPF interest rate for current quarter is 7.1 per cent, which is compounded annually.
The 7.1 per cent interest rate for October to December 2021 quarter, effective from 1st October 2021, will apply to all the following funds:
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; and
10] The Armed Forces Personnel Provident Fund.
According to the official website of The Ministry of Personnel, Public Grievances and Pensions, the General Provident Fund (Central Services) Rules 1960 applies to all temporary government employees after a continuous service of one year, all re-employed pensioners (other than those eligible for admission to the Contributory Provident Fund) and all permanent government employees.
Contributory, Provident Fund Rules (India), 1962 is applicable to every non-pensioner government servant belonging to any of the services under the control of the President. The Rules provide for the withdrawal of advances or withdrawals from the CPF for specific purposes. As in GPF Rules, the CPF Rules also provide for Deposit Linked Insurance Revised Scheme.
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