GPF Interest Rate Update : There is big news for government employees. The Finance Ministry has announced the interest rates for General Provident Fund (GPF) and other provident funds. From October 1, 2024 to December 31, 2024, GPF and other similar funds will get interest at the rate of 7.1 percent. For the October-December 2024 quarter, the government has not changed the interest rates on GPF and similar linked funds.
Government fixed GPF rates for October-December 2024
This has been announced according to the Department of Economic Affairs (DEA) of the Ministry of Finance on 3 October 2024. General Provident Fund deposits and similar funds will get interest at the rate of 7.1 percent in the October to December quarter. The government has not made any change in the interest rates.
Interest on GPF is same as that on PPF
GPF is getting the same interest rate as PPF. GPF rates are same as Public Provident Fund (PPF) rates. 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 Service Provident Fund
4. State Railway Provident Fund
5. General Provident Fund (Defence Service)
6. Indian Ordnance Department Provident Fund
7. Indian Ordnance Department Factories Provident Fund
8. Indian Naval Dockyard Workers (Provident Fund).
9. 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 which is given only to the Central Government employees 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 period. The Finance Ministry reviews the GPF interest rate every quarter.
