The Ministry of Finance has stored the rate of interest of GPF or General Provident Fund unchanged at 7.1% for the January-March quarter of 2023. According to a decision launched by the Department of Economic Affairs (DEA), Ministry of Finance, the rate of interest on GPF and different comparable funds will proceed to be 7.1% for the January-March quarter of 2023.
These charges are efficient from 1 January to 31 March, 2023, the DEA stated within the decision.
GPF is a social safety scheme obtainable to solely central authorities staff. Employees are allowed to contribute a sure proportion of their wage to the GPF and the general quantity accrued in the course of the employment interval will probably be paid to the employees on the time of their retirement.
The authorities revises the rate of interest on GPF each quarter.
The 7.1% charge of curiosity of can be relevant to different government-run provident funds together with the Contributory Provident Fund, All India Services Provident Fund, Armed Forces Personnel Provident Fund, State Railway Provident Fund, amongst others.
The funds that can fetch an rate of interest of seven.1% are:
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
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