Centre keeps General PF interest rate in Q3FY24 unchanged at 7.1%: Report

The Ministry of Finance has kept the interest rate of GPF or General Provident Fund unchanged at 7.1 per cent for the October-December quarter of FY24, reported ET Now on Wednesday.

The government revises the interest rate on GPF every quarter. For the July-September quarter, the interest rate was 7.1 per cent. The Department of Economic Affairs (DEA), Ministry of Finance on July 4, 2023, "It is announced for general information that during the year 2023-2024, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.1 per cent (Seven points one percent) w.e.f. 1st July, 2023.

GPF is a social security scheme available to only central government employees. Employees can contribute a certain percentage of their salary to the GPF and the overall amount accumulated during the employment period will be paid to the employee at the time of their retirement. 

The GPF rate is also applicable for other similar provident funds such as the State Railway PF, Armed Forces Personnel PF, Defence Services Officers’ PF, and Indian Ordnance Factories Workmen’s PF.

Other than GPF, the funds that will fetch an interest rate of 7.1% 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

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