GPF Interest Rate 2024: After Sukanya Samriddhi, GPF interest rate announced, big news for government employees
What is GPF: Under GPF, government employees save while on the job. This is an important scheme, in which employees are required to deposit some part of their salary.
HR Mandi Bhav: GPF vs EPF: If you are a government employee or there is any government servant in your family, then this news is for you. After increasing the interest rate of Sukanya Samriddhi Yojana (SSY Interest Rate) recently, the interest rate of General Provident Fund (GPF) has been announced by the government. For the quarter from January to March 2024, interest will be available on GPF at the rate of 7.1%. That means, the interest rate of 7.1% will remain effective till March 31, 2024.
Review is done every three months
Let us tell you that under GPF, government employees save while on the job. This is an important scheme, in which employees are required to deposit some part of their salary. The interest rate available on GPF is reviewed by the government every three months. Apart from this, the interest rate of PF is reviewed on annual basis and changes are made in it by EPFO.
This interest rate will remain till March 31, 2024.
According to the notification issued by the Department of Economic Affairs (DEA) of the Finance Ministry on January 2, 2024, interest on GPF will be available at the rate of 7.1% in the fourth quarter of 2023-2024.
This rate will be applicable from January 1, 2024 to March 31, 2024. The government has maintained the interest rates on GPF and linked funds at the same level for the current quarter.
What is GPF?
General Provident Fund (GPF) is a provident fund given only to government employees. Every employee working in a government department is eligible to contribute a part of his salary to GPF.
The money deposited in GPF is received by the employees at the time of their retirement along with maturity. The Finance Ministry reviews the interest rate of GPF every quarter.
EPF interest rate:
The interest rate of EPF is changed by EPFO on an annual basis. The interest rate of PF has been fixed at 8.15% for the financial year 2023-24. After EPFO decides the interest rate for the entire financial year, it is calculated at the end of the month and on the basis of the entire year.
The government has changed the interest rate of savings schemes for the quarter January-March 2024. An increase in interest rates was announced for small savings schemes and post office savings scheme for the period ending on March 31, 2024.
The government has increased the Post Office Deposit Scheme by 10 basis points for a period of three years. Apart from this, the interest rate on Sukanya Samriddhi Yojana has also been increased by 20 basis points. After this the interest rate has increased to 8.2 percent.
