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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Central govt employees: General Provident Fund (GPF), other provident funds' interest rates announced for July-September 2024
What will be the interest rate of GPF for the July-September 2024?
The interest rate on GPF will be 7.1% for the July-September quarter of 2024.
Did the ministry announce the interest rates of the other provident fund schemes?
Yes. The ministry has announced the interest rates of a GPF and other similar provident fund schemes available for central government employees.
<div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-111480575»>The funds that will fetch interest rates of 7.1% for the July-September quarter of 2024 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
What is GPF or General Provident Fund?
A General Provident Fund or GPF is a type of provident fund that is available only for government employees in India. All eligible government employees can contribute a certain percentage of their salary to the General Provident Fund. Hence, the total amount accumulated during the employment term is paid to the employees at retirement. The finance ministry revises the interest rate on GPF every quarter.
Will GPF investors get interest rate if the contribution exceeds Rs 5 lakh?
The Department of Pension and Pensioners’ Welfare has recently clarified the admissibility of interest on General Provident Fund subscriptions exceeding the threshold of Rs 5 lakh. In an office memorandum dated May 5, 2024, the department said that it has been decided that
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