Government of India has announced the interest rate for deposits made in various provident funds such General Provident Fund, Contributory Provident Fund, General Provident Fund (Defence Services) etc., by Central Government Employees and Defence Service Personnel.
Government to link the interest rates of State PFs and other similar funds including Special Deposit Scheme, 1975 for Non-Government Provident, Superannuation and Gratuity Funds for the FY 2015-16 to Public Provident Fund (PPF) rates.
Individuals who are temporary Government servants after a continuous service of one year, all re-employed and all permanent Government servants will eligible for this fund.
As per this announcement interest rate for provident funds has been fixed at 8.7% for the year. Which will be applicable from a April, 2015.
In pursuance of that decision, the Government has decided to fix the rates 8.7% per annum applicable to the following:-
- The General Provident Fund (Central Services).
- The Contributory Provident Fund (India).
- The All India Service Provident Fund.
- The State Railway Provident Fund.
- The General Provident Fund (Defence Services).
- The Indian Ordnance Provident Fund.
- The Indian Ordnance Factories Workmen's Provident Fund.
- The Indian Naval Dockyard Workmen's Provident Fund.
- The Defence Services Officers Provident Fund.
- The Armed Forces Personnel Provident Fund.