GPF Interest Rate | What is the interest rate of General Provident Fund announced by the Central Government? | General provident fund interest rates for July 2021 remains unchanged

GPF Interest Rate | What is the interest rate of General Provident Fund announced by the Central Government? | General provident fund interest rates for July 2021 remains unchanged

The Central Government has announced interest rates for the General Provident Fund for the July-September quarter.

GPF Interest Rate |  What is the interest rate of General Provident Fund announced by the Central Government?

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Mumbai: The Central Government has announced interest rates for the General Provident Fund for the July-September quarter. Interest rates have not changed this quarter. The central government may soon transfer interest to the accounts of crores of account holders. The general provident fund will also earn 7.1 per cent interest during the July-September quarter. In this age of low interest rates, any reduction in GPF interest rates is considered good news for billions of account holders. (General provident fund interest rates for July 2021 Remains Unchanged)

Facilities like Public Provident Fund and Provident Fund are available on General Provident Fund. For the sixth consecutive quarter, the central government has not made any change in GPF interest rates. In the first quarter of the current quarter, as well as in the June quarter, the GPF interest rate was only 7.1 per cent. These interest rates were last changed in April 2020. At that time, the central government had reduced the interest rate on GPF from 7.9 per cent to 7.1 per cent.

The interest rate on these schemes will be 7.1 per cent

  1. General Provident Fund (Central Service)
  2. Contributory provident fund
  3. All India Service Provident Fund
  4. State Railway Provident Fund
  5. India Naval Dockyard Workers Provident Fund
  6. Defense Services Officer Provident Fund
  7. Armed Forces Personal Provident Fund
  8. General Provident Fund (Protection Service)
  9. Indian Arms Department Provident Fund
  10. India Ordnance Factories Workers Provident Fund

What is a General Provident Fund?

The General Provident Fund is a provident fund. But its facility is given only to certain types of employees. The benefits of the General Provident Fund are available only to government employees. This facility is available at the time of retirement. To take advantage of the GPF, government employees have to keep a portion of their salary in the General Provident Fund. It is mandatory for some government employees to save in the general provident fund.

Government employees can contribute 15 per cent of their salary to the General Provident Fund. The most important feature of a general provident fund account is the ‘advance’. This feature allows employees to withdraw a certain amount from their GPF account if required. They can also deposit after that. They do not have to pay any tax on it. Interest rates on GPF are revised on a quarterly basis.

(General provident fund interest rates for July 2021 Remains Unchanged)

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