look news india
GPF Interest Rate Update: There is useful news for government employees. The Finance Ministry has announced the interest rates of General Provident Fund (GPF) and other provident funds. From July 1, 2024 to September 30, 2024, GPF and other similar funds will get interest at the rate of 7.1 percent. For the July-September 2024 quarter, the government has not made any change in the interest rates on GPF and other related funds.
Government fixes GPF rates for July-September 2024
According to the Department of Economic Affairs (DEA) of the Ministry of Finance, this has been announced on 3 July 2024. General Provident Fund deposits and similar funds will get interest at the rate of 7.1 percent from July 1, 2024 to September 30, 2024. The government has maintained the interest rates this time as well as last time. GPF is getting the same interest as PPF. The rate of GPF is the same as that of Public Provident Fund (PPF). All the funds mentioned below will also get interest at the rate of 7.1 percent.
These are also other provident funds like GPF
1. General Provident Fund (Central Services).
2. Contributory Provident Fund (India).
3. All India Services Provident Fund
4. State Railway Provident Fund
5. General Provident Fund (Defence Services)
6. The Indian Ordnance Department Provident Fund
7. Indian Ordnance Department Factories Provident Fund
8. Indian Naval Dockyard Labourers (Provident Fund).
9. The Defence Services Officers Provident Fund.
10. Armed Forces Personnel Provident Fund.
What is General Provident Fund (GPF)?
General Provident Fund is a type of provident fund that is given only to Indian government employees. Everyone in the government can deposit a part of their salary in the General Provident Fund. When the employee retires, he gets the money and interest deposited during his period. The Finance Ministry reviews the GPF interest rate every quarter.