General Provident Fund is a long term investment option. In which government employees regularly contribute a part of their salary. The government pays interest at a fixed rate on this deposit amount. The Finance Ministry reviews this rate every quarter.
The government has announced the interest rates for General Provident Fund and other similar funds today on 3 July 2024. According to the announcement, the GPF rates for July-September will remain stable at the previous levels i.e. no change will be made in it. According to the announcement made by the Finance Ministry, the GPF rates will remain stable at 7.1 percent in the quarter starting from July.
What information did the government give?
The Department of Economic Affairs, Ministry of Finance said that it is declared that during 2024-2025, the interest rate on the total deposit amount of the subscriber of General Provident Fund and other similar funds will be 7.1 percent for the period from 1st July 2024 to 30th September 2024. This rate will be applicable from 1st July. These funds include GPF (Central Services), Contributory Provident Fund (India), All India Services Provident Fund, State Railway Provident Fund, General Provident Fund (Defense Services), Indian Ordnance Department Provident Fund, Indian Ordnance Factory Workers Provident Fund, Indian Naval Dock Workers Provident Fund, Defense Services Officers Provident Fund and Armed Forces Personnel Provident Fund.
What is GPF
General Provident Fund is a long term investment option. In which government employees regularly contribute some part of their salary. The government pays interest at a fixed rate on this deposit amount. The Finance Ministry reviews this rate every quarter. When the employee retires, he gets the entire amount which helps in securing the future of government employees. This scheme not only helps in low-risk investment and tax saving. It also helps in withdrawing a certain amount in case of emergency or any need.
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