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Govt Keeps GPF Interest Rate Unchanged For The June Ended Quarter

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The government has decided to keep the interest rates unchanged for the General Provident Fund (GPF) and other related schemes at 8 percent for the April-June 2019 quarter.

"It is announced for general information that during the year 2019-20, accumulations at the credit of subscribers to the GPF and other similar funds shall carry interest at the rate of 8 per cent with effect from April 1 to June 30, 2019," a Department of Economic Affairs notification said.

Govt Keeps GPF Interest Rate Unchanged For The June Ended Quarter
 

The rate is in line with that of Public Provident Fund, which was also not changed from the previous quarter. The interest rate for GPF and PPF was 8 percent in the January-March quarter of 2018-19.

GPF is the provident fund available for central government employees, railways and defence forces, while PPF is open to everyone who is a resident in India, irrespective of whether or not they are employed.

The interest rate on EPF (Employees' Provident Fund), that is available to employees of companies with over 20 employees, was increased to 8.67 percent for 2018-19 in February. It is reviewed and set at the end of a financial year by EPFO (Employees' Provident Fund Organisation).

Last month, the interest rates on small savings schemes including National Savings Certificate (NSC) and PPF were notified to remain unchanged for the June 2019 ended quarter.

Read more about: gpf
Story first published: Wednesday, April 10, 2019, 15:10 [IST]
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