Interest Rate Remain Unchanged At 7.1% For GPF and Other Special Deposit Scheme

The Central Government has maintained the interest rate constant on the Special Deposit Scheme for Non-Government Provident Superannuation, Gratuity Funds. The Department of Economic Affairs under the Ministry of Finance issued an official declaration in this context, stating that the GPF and other Special Deposit Scheme interest rate of 7.1 per cent will continue for the April to June 2021 quarter. According to an Office Memorandum released by the above-mentioned department's budget section, accumulations at the credit of contributors to the General Provident Fund and other related funds will bear interest at a rate of 7.1 per cent from April 1, 2021 to June 30, 2021.

This rate will take effect on April 1, 2021. From January to March 2021, the GPF interest rate was also 7.1 which states that the GPF interest rate will be 7.1 per cent for the fifth consecutive quarter. The funds that will be influenced by this interest rate declaration are General Provident Fund (Central Services), Contributory Provident Fund (India), All India Services Provident Fund, State Railway Provident Fund, General Provident Fund (Defence Services), Indian Ordnance Department Provident Fund, Indian Ordnance Factories Workmen's Provident Fund, Indian Naval Dockyard Workmen's Provident Fund, Defence Services Officers Provident Fund and Armed Forces Personnel Provident Fund.