General Provident Fund Interest Rate Remain Unchanged For Q3 FY22

The interest rate for the General Provident Fund (GPF) has been declared by the central government to stay constant for the quarter of October to December 2021. On October 5, 2021, the Department of Economic Affairs (DEA) published a circular stating that "It is announced for general information that during the year 2021-22, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry an interest rate of 7.1% (Seven point one percent) w.e.f. 1st October 2021 to 31st December 2021. This rate will be in force w.e.f. 1st October 2021."

The funds in concern, according to the circular of the department are:
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
The Armed Forces Personnel Provident

According to the General Provident Fund (Central Services) Rules 1960, all temporary Government servants 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 servants shall subscribe to the Fund. Provided that in the case of a subscriber who has previously been subscribing to a Government Contributory Provident Fund at the higher rate of 8.5 per cent, it may be any sum, so expressed, not less than 8.5 per cent, of his emoluments and not more than his total emoluments. In the case of a subscriber who was in Government service on the 31st March of the preceding year, the emoluments to which he was entitled on that date.

The Department of Economic Affairs (DEA) has also on 30th September has declared that the rate of interest on various Small Savings Schemes for the third quarter of the financial year 2021-2022 starting from 1st October 2021 and ending on 31st December 2021 shall remain unchanged from the current rates applicable for the second quarter (1st July 2021 to 30th September 2021) of FY 2021-22.