The General Provident Fund’s (GPF) interest in serving central employees has not changed. The GPF rates for the January to March quarter remain unchanged. Prior to this time, the government did not alter the interest rate at all, not even in the third quarter. Employees of the government will now only receive 7.1 per cent interest in the final quarter.
According to the Finance Ministry’s notice from January 3,
this rate will be in effect from January 1 through March 31, 2023. GPF is a central government-run social security programme. According to the Finance Ministry, the interests of the other government provident funds, which include the State Railway Fund, Contributory Provident Fund, Armed Personnel Provident Fund, and All India Services Provident Fund, have not changed. Within the fourth quarter, it is 7.1%.
What is GPF, and who is it for?
The only people who can open a General Provident Fund (GPF) account are central employees. It is a retirement fund programme comparable to the EPF. Employees of the government are permitted to contribute 15% to this account. The unique feature of this account is that employees can take money out of the GPF account as needed and deposit it later. Government employees are the only ones who contribute to this; the government does not.
An increase in the small savings plan’s interest rate
The government had previously adjusted the interest rates for various programmes for those who were investing in small savings plans on December 30. The government raised the interest rate for small savings programmes from 0.20 per cent to 1.10 per cent. Only two of the modest savings programmes, the PPF and the Sukanya Samriddhi Yojana, have their interest rates unchanged.
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