Good news for government workers! The Finance Ministry shared that from January 1, 2024, to March 31, 2024, the interest rates for the General Provident Fund (GPF) and similar funds will be 7.1 percent.
The government hasn’t made any changes to the interest rates on GPF and similar linked funds for the January-March 2024 quarter.
Government fixed GPF rates
On January 2, 2024, the Finance Ministry said that the interest on the money people save in the General Provident Fund and similar funds will be calculated from January 1, 2024, to March 31, 2024.
Interest will be given at a rate of 7.1 percent. The government didn’t change the interest rates this time, just like last time.
The General Provident Fund (GPF) is getting the same interest as the Public Provident Fund (PPF). All the mentioned funds will also get interest at the rate of 7.1 percent.
These are also provident funds
1. General Provident Fund (Central Service).
2. Contributory Provident Fund (India).
3. All India Service 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 Workers (Provident Fund).
9. Defense Services Officers Provident Fund.
10. Armed Forces Personnel Provident Fund.
What is General Provident Fund (GPF)?
The General Provident Fund is a savings plan for Indian government workers. Government employees can put some of their salary into this fund.
When the employee retires, they get back the money they deposited plus some extra money called interest.
The Finance Ministry checks and decides on the interest rate for this fund every three months.
