Government hikes interest rates on General Provident Fund to 8% for Oct-Dec quarter – financial Express – 16th October 2018

The 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. The rate is in line with
that for Public Provident Fund. 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,” a Department of Economic Affairs’ notification said.
The interest rate would apply on Provident Funds of central government employees, railways and
defense 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. Read More

0Shares

Leave a Reply

Your email address will not be published. Required fields are marked *