You will be saddened by this news if you or a family member works for the federal government. Yes, the central government has dealt a serious blow to the 65 lakh central employees. Employees were anticipated to increase the interest rate on the General Provident Fund after the government increased the interest rate on modest savings plans. (GPF). But for the fourteenth straight quarter, the government has not altered the interest rate on GPF. The fact that the interest rate is not rising has surprised the staff.

From April 1, interest rates have changed.

Without making any changes, the government has put the CPF interest rate into effect for the General Provident Fund April–June 2023 quarter. Let us inform you that the Ministry of Finance revised the interest rate for a few minor savings programs from April 1. The administration has now decided not to raise the General Provident Fund interest rate. (GPF). This has come as a surprise to investors who were anticipating an increase in interest rates.

For the fourteenth straight quarter, interest rates have remained unchanged.

Let us inform you that the interest rate for GPF has not changed in the past 13 quarters. The interest rate is unchanged for the fourteenth consecutive time. The General Provident Fund and other comparable funds’ interest rates will remain at 7.1 percent in the April to June quarter, according to a statement from the Finance Ministry. (from April 1, 2023, to June 30, 2023).

Who receives GPF?

Government personnel is the only recipients of the General Provident Fund (GPF). Government personnel is permitted, under GPF, to contribute a specific amount of their pay to the General Provident Fund. (GPF). When an employee retires, they are paid the complete amount accrued during their employment. The Ministry of Finance updates the GPF interest rate every three months.

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