Finance Minister Nirmala Sitharaman: The government announces interest rates for GPF and other similar funds like CPF, AISPF, SRPF, and AFPPF every quarter. A decision in this regard is given by the Finance Ministry. Let us know the complete details about it.
If you are a government employee or there is a government employee in your family, then this news will make you happy. Yes, the interest rates for the General Provident Fund have been announced by the government for the fourth quarter of the current financial year. The interest rate for GPF and other funds has been retained at 7.1 percent for January to March of the current financial year by the Ministry of Finance.
Interest rate is reviewed every quarter
Earlier, in the quarter that ended December 31, the interest rate on GPF was at 7.1 percent. In the notification issued by the Finance Ministry, it was said that this rate is valid from January 1, 2023, to March 31, 2023.
Let us tell you that the government announces interest rates for GPF and other similar funds like CPF, AISPF, SRPF, and AFPPF every quarter. A decision in this regard is given by the Finance Ministry.
What is GPF?
General Provident Fund (GPF) account is only for government employees. This is a retirement fund scheme. Government employees can voluntarily contribute up to 15% of their salary to GPF.
In the 'advance' feature of this account, the employee can withdraw the fixed amount from the GPF account on any need. Not only this, but after the work is done, you can also deposit it. No contribution is made to the GPF fund by the government.
The decision on DA will be in March
Apart from this, the DA hike of central employees has become due from January 1. It is expected that the government will decide on this before Holi in March. The AICPI index till November has been released by the Labor Ministry.
