Economy

Interest rate on GPF lowered to 7.9 per cent

Our Bureau New Delhi | Updated on July 16, 2019 Published on July 16, 2019

In line with the cut in the interest rate on small savings, the government on Tuesday lowered the interest rate on the General Provident Fund (GPF) by 10 basis points for the period starting July 1 and ending on September 30.

This is at par with the Public Provident Fund (PPF), the small saving scheme with the longest maturity.

All government employees who joined service on or before December 31, 2003 contribute to GPF. An officer/employee contributes 6 per cent of his/her basic salary with an equal contribution from the Government.

These government staff will now get 7.9 per cent interest on the contribution made during the July-September period.

The new interest rate will cover the General Provident Fund (Central Services), the Contributory Provident Fund (India), the All India Services Provident Fund, the State Railway Provident Fund, the General Provident Fund (Defence Services), the Indian Ordnance Department Provident Fund, the Indian Ordnance Factories Workmen’s Provident Fund, the Indian Naval Dockyard Workmen’s Provident Fund, the Defence Services Officers Provident Fund and the Armed Forces Personnel Provident Fund.

Published on July 16, 2019
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