General Provident Fund (GPF) interest rate for July to September quarter declared – Check details

By: |
July 16, 2021 5:49 PM

At the start of each quarter of the financial year, the government revises the interest rate on small savings schemes and subsequently declares the rate on GPF and other schemes.

General Provident Fund , GPF interest rate, Public Provident Fund (PPF), NSC, post office small savings, government employeesEarlier, the interest rate for the post office small savings products such as Public Provident Fund (PPF), NSC etc were also kept unchanged.

The government has declared interest rate on the General Provident Fund and other similar funds for the July to September quarter of the financial year 20201-22. The subscribers to the General Provident Fund and a few other funds, who are the government employees, will continue to get 7.1 per cent for the period July 1, 2021 to September 30, 2021 as the rate remains unchanged from the previous quarter of April to June 2021.

The Budget Division of the Department of Economic Affairs, under the Ministry of Finance, has recently issued the notification that the fund accumulation at the credit of subscribers of the General Provident Fund (GPF) and other similar funds will carry an interest rate of 7.1 per cent for the period July to September 2021.

Earlier, the interest rate for the post office small savings products such as Public Provident Fund (PPF), NSC etc were kept unchanged for the quarter July to September 2021. Currently, the interest rate on PPF is 7.1 per cent per annum compounded annually.

At the start of each quarter of the financial year, the government revises the interest rate on small savings schemes and subsequently declares the rate on GPF and other schemes.

As per the website of The Ministry of Personnel, Public Grievances and Pensions, the General Provident Fund (Central Services) Rules 1960 applies to all temporary government employees after a continuous service of one year, all re-employed pensioners (other than those eligible for admission to the Contributory Provident Fund ) and all permanent government employees.

Contributory Provident Fund Rules (India ), 1962 is applicable to every non-pensionable servant of the Government belonging to any of the services under the control of the President. The Rules provide for the withdrawal of advances or withdrawals from the CPF for specific purposes. As in GPF Rules, the CPF Rules also provide for Deposit Linked Insurance Revised Scheme.

The interest rate of 7.1 per cent for the period July 1, 2021 to September 30, 2021, effective July 1, will apply to all the following funds:

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

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