There is important news for government employees regarding the General Provident Fund (GPF). The Finance Ministry has announced that the interest rate for GPF
and other similar provident funds will remain unchanged. From October 1, 2024, to December 31, 2024, these funds will earn an interest rate of 7.1%.
This applies to the October-December quarter of 2024, and the government has not made any changes to the existing interest rates.
Interest Rate Set for October-December 2024
As per the Department of Economic Affairs (DEA) of the Finance Ministry, the announcement was made on October 3, 2024.
The interest rate for GPF and similar funds will remain at 7.1% for the October to December quarter. The government decided to keep the rates unchanged during this period.
GPF Interest Matches PPF Rates
The interest rate for GPF is the same as that for the Public Provident Fund (PPF), set at 7.1%. This rate applies not only to GPF but also to other funds like:
1) General Provident Fund (Central Services)
2) Contributory Provident Fund (India)
3) All India Service Provident Fund
4) State Railway Provident Fund
5) General Provident Fund (Defence Service)
6) Indian Ordnance Department Provident Fund
7) Indian Ordnance Department Factories Provident Fund
8) Indian Naval Dockyard Workers (Provident Fund)
9) Defence Services Officers Provident Fund
10) Armed Forces Personnel Provident Fund
What is the General Provident Fund (GPF)?
The General Provident Fund is a savings scheme available only to Central Government employees in India.
Employees can contribute a portion of their salary to the GPF, which earns interest over time.
Upon retirement, employees receive the total amount saved, along with the accumulated interest. The Finance Ministry reviews and updates the GPF interest rate every quarter.
