Rate of interest for General Provident Fund raised

Union government has increased the rate of interest for General Provident Fund (GPF) and other related schemes by 0.4 percentage points to 8 per cent for the October-December quarter.

With the hike, the GPF rate has come in line with that for Public Provident Fund. The PPF rate was also hiked recently by the Centre.

The interest rate on GPF was 7.6 per cent for the July-September quarter of 2018-19. “… During the year 2018-2019, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8 per cent with effect from October 1, 2018, to December 31, 2018,” Leading news agency reported a Department of Economic Affairs’ notification as saying.

The interest rate would apply on Provident Funds of central government employees, railways and defence forces.

Last month, the government announced that the interest on small savings, including NSC and PPF, will be hiked by up to 0.4 percentage point for the October-December quarter, to align it with rising deposit rates in the banks.

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