Central Govt Employees: After the government increased the interest rate on small savings schemes, the employees were expected to increase the interest rate on General Provident Fund (GPF). But the government has not made any change in the interest rate on GPF for the 14th consecutive quarter.
General Provident Fund: If you yourself or someone from your family is a central government employee, then this news will make you sad. Yes, 65 lakh central employees have been given a big blow by the central government. After the government increased the interest rate on small savings schemes, the employees were expected to increase the interest rate on General Provident Fund (GPF). But the government has not made any change in the interest rate on GPF for the 14th consecutive quarter. The employees have got a shock due to the non-increasing of the interest rate.
Interest rate changed from April 1
The government has implemented the CPF interest rate for the General Provident Fund (GPF) April-June 2023 quarter without any change. Let us tell you that from April 1, the interest rate of selected small savings schemes was changed by the Ministry of Finance. Now it has been decided by the government not to increase the interest rate of General Provident Fund (GPF). Due to this, the investors expecting interest rates to rise have got a shock.
Interest rate has not changed for the 14th consecutive quarter
Let us tell you that there has been no change in the interest rate of GPF since the last 13 quarters. For the 14th time also the interest rate is the same as before. The Finance Ministry has announced to maintain the interest rate on deposits in General Provident Fund and other similar funds at 7.1 percent in the April to June quarter (from April 1, 2023 to June 30, 2023).
Who gets GPF?
General Provident Fund (GPF) is given only to government employees. Under GPF, government employees are allowed to invest a certain percentage of their salary in the General Provident Fund (GPF). The total amount accumulated during the job is paid to the employees at the time of retirement. The interest rate on GPF is revised every quarter by the Ministry of Finance.
