Interest Rate on GPF(General Provident Fund) has been increased to 8.8 % wef 01.04.2012.Earlier Interest on other Govt investment schem...
Interest Rate on GPF(General Provident Fund) has been increased to 8.8 % wef 01.04.2012.Earlier Interest on other Govt investment scheme like PPF ,NSC has also been Increased from 01.04.2012.
The interest rate is now linked to Govt secrities rat and will be changes on first April every year .Four months back govt has adopted committe report on small saving and since then changes ll the rates of small saving twice in last six months ,Earlier the finance ministry has hiked the interest rate on government employees' retirement savings parked in the General Provident Fund (GPF) interest rate from 8% to 8.6%. wef 01.11.2011.
However this is not in the case of EPF where interest rates has been reduced to 9.5% to 8.25% for 2011-12. However form 01.04.2012 likely interest rate is 8.6.
(PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)
Government of India
Ministry of Finance
(Department of Economic Affairs)
New Delhi, the 22nd May, 2012
It is announced for general information that during the year 2012-2013, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.8% (Eight point eight per cent) per annum. This rate will be in force during the financial year beginning on 1.4.2012. The funds concerned 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.
7. The Indian Ordnance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund.
9. The Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.
2. Ordered that the Resolution be published in Gazette of India.
Deputy Secretary (Budget)
Around 1.5 crore government employees invest part of their salary into the General Provident Fund (GPF).
Download GPF interest rate notification in PDF format