- GPF interest rate applies to provident funds of central government employees, railways and defence forces
- GPF rate is in line with that of Public Provident Fund (PPF)
The government has lowered interest rate on General Provident Fund (GPF) and other similar funds in line with a general decline in overall interest rates in the financial system. For the July-September, General Provident Fund and other similar funds will pay 7.9% interest rate to its subscribers, as compared to 8% in the previous quarter. This interest rate will be applicable on provident funds of central government employees, railways and defence forces. The rate is in line with that of Public Provident Fund.
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“It is announced for general information that during the year 2019-2020, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.9% (Seven point nine percent) w.e.f. 1st July, 2019 to 30th September, 2019,” the Ministry of Finance said in a notification. This rate will be in force with effect from 1st July, 2019.
Source: Livemint
