Important news for government employees, know what changes have been made in GPF interest rates for the June quarter?

GPF Interest Rate Update: It is a relief news for government employees that the central government has announced the interest rates for the June quarter for General Provident Fund (GPF) and other provident funds. From April 1, 2024 to June 30, 2024, interest will be available on GPF and other such funds at the rate of 7.1 percent.

The central government has kept the General Provident Fund interest rates unchanged for the 17th consecutive quarter. In January-March, 2024 also, the government kept the interest rates applicable on GPF and liquid funds unchanged. 7.1 percent interest is applicable on GPF from 2020-21.

Tax is also levied on the amount deposited in GPF

According to the Department of Economic Affairs (DEA) of the Ministry of Finance, it has been announced on June 10, 2024 that customer deposits for General Provident Fund and similar liquid funds will be taxed during the year 2024-2025. Interest will be available at the rate of 7.1 percent from April 1 to June 30, 2024. GPF is getting the same interest as PPF. GPF rates are similar to Public Provident Fund (PPF) rates. All the funds mentioned below will also get interest at the rate of 7.1 percent.

7.1 percent interest will be charged on GPF and these funds

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. Indian Ordinance Department Provident Fund

7. Indian Ordnance Department Factories Provident Fund

8. Indian Naval Dockyard Labourers (Provident Fund)

9. Defence Services Officers Provident Fund

10. Armed Forces Employees Provident Fund

What is General Provident Fund (GPF)?

General Provident Fund is a type of provident fund that is provided only to the employees of the Government of India. 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 accumulated during his tenure. The Finance Ministry reviews the GPF interest rate every quarter.