Centre announces 7.1% interest rate hike for GPF for central government employees
by KalingaTV Bureau · KalingaTVNew Delhi: The Finance Ministry has announced that the interest rate for the General Provident Fund (GPF) and other similar funds will remain at 7.1% for the third quarter, covering October 1 to December 31, 2024. This rate has been consistent since April 1, 2024.
According to a statement from the Finance Ministry, since 2020, the interest rate for the General Provident Fund (GPF) has stayed at 7.9%. Interest rates on the General Provident Fund (GPF) and comparable funds will stay at 7.1% for the third quarter of 2024, which runs from October 1 to December 31, 2024. There will be no change in this rate as of April 1, 2024.
Government workers have the opportunity to invest in the GPF, a long-term savings plan, and build up savings throughout the course of their employment. Upon retirement, an employee is paid the entire sum accumulated.
This GPF interest rate will be effective from October 1. The rate will apply to several funds, including:
- General Provident Fund (Central Services)
- Contributory Provident Fund
- 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
- Armed Forces Personnel Provident Fund
This is the list of the interest rates for the October – December 2024 quarter for various small savings schemes:
– Sukanya Samriddhi Scheme: 8.2%
– Senior Citizen Savings Scheme: 8.2%
– Kisan Vikas Patra: 7.5% (maturity in 115 months)
– National Savings Certificate: 7.7% ¹ ²
– Three-Year Term Deposit: 7.1% ¹ ²
– Monthly Income Scheme: 7.4% ¹ ²
– Five-Year Recurring Deposit: 6.7% ²
– Mahila Samman Savings Certificate: 7.5% per annum