The Ministry of Finance and Department of Economic Affairs have issued orders in this regard.
There is relief news for government employees. A big update has come out regarding the interest rate of the GPF account. For this the Finance Ministry has issued orders. According to the order issued this year also, the interest rate on GPF and other social funds has been kept at 7.1% for the second quarter of FY 2022 from July 1, 2022 to September 30, 2022. The amount of GPF will be paid in the account of the employees through this interest rate.
In fact, there has been no change in the interest rate of GPF and other similar funds for the second quarter of the 2022-23 financial year as well. The Ministry of Finance and Department of Economic Affairs have issued orders in this regard. The order issued said that it is announced for general information that during the year 2022-2023 from 1st July, 2022 to 30th September, 2022, 7.1% on the deposits of the subscribers of the General Provident Fund and other similar funds. Interest will be charged at the rate of. This rate will be applicable from July 1, 2022.
This rate will be applicable to these funds:-
- General Provident Fund (Central Services)
- Contributory Provident Fund (India)
- All India Services Provident Fund
- State Railway Provident Fund
- General Provident Fund (Defence Services)
- Indian Ordnance Department Provident Fund
- Indian Ordnance Factory Workers Provident Fund
- Indian Navy Dock Workers Provident Fund
- Defense Services Officers Provident Fund
Armed Forces Personnel Provident Fund
General Provident Fund is a savings instrument for government employees, to which one can contribute regularly till he becomes a government employee. The total amount deposited will be credited to the depositor’s account at the time of retirement at an interest rate of 7.1% (current interest rate).
The limits for deposits in GPF account are as follows:
The minimum limit is 6% of the employee’s salary, while the maximum limit is 100% of the employee’s salary.
As we know that Ministry of Finance updates GPF interest rates from time to time, here is the year wise list of changes in GPF rates from last 10 years for better understanding and decision making.
Financial Year – GPF Interest Rate
- 2011 -2012 – 8% as of November
- 2011 8.6% from November
- 2011 to March 2012
- 2012 – 2013 – 8.80%
- 2013 – 2014 – 8.70%
- 2014 – 2015 – 8.70%
- 2015 – 2016 – 8.70%
- 2016 – 2017 – 8.1% as of
- September 2016 8% from September 2016 to March 2017
- 2017 – 2018 – 7.9% from April 2017 to June 2017
7.8% from July 2017 to September 2017 7.8%
from September 2017 to December 2017 7.6%
from January 2018 to March 2018 - 2018 – 2019 – 7.6% from April 2018 to September 2018
8% from October 2018 to March 2019 - 2019 – 2020 – 8% from April 2019 to June 2019
7.9% from July 2019 to March 2020 - 2020 – 2021 – 7.10%
- 2021 – 2022 – 7.10%
Eligibility Criteria under GPF Scheme:
- Permanent government servant
- Temporary Government servant with at least 1 year Government service
re-employed pensioner
Order Copy
