The Union government on Wednesday declared that the General Provident Fund (GPF) interest rate will remain unchanged at 7.1% for the October-December quarter of the fiscal year 2023-2034. The rate has remained consistent for the past few quarters.
“It is announced for general information that during the year 2023-2024, accumulations al the credit of subscribers to 1he General Provident Fund and oilier similar funds shall carry interest at 7.1% from October 1, 2023 to December 31, 2023,” a notification issued by the Ministry’s of Finance’s Department of Economic Affairs said.
GPF is a social security scheme meant for employees of the central government. The employees contribute a portion of their salary to the GPF. The fund can be provided to them upon requirement.
The finance ministry said that the GPF rate is also applicable for other similar provident funds. These include the General PF (Central Services), Contributory PF (India), All India Services PF, State Railway PF, General PF (Denfence Services), Defence Services Officers’ PF, State Railway PF, Armed Forces Personnel PF, and Indian Ordnance Factories Workmen’s PF and others.
The interest rate of GPF is reviewed and revised every quarter by the government. Earlier on July 4, the government announced the interest rate of 7.1% for the July-September quarter.