Last week, the Ministry of Finance declared that the GPF (General Provident Fund) interest rate would be maintained at a comfortable 7.1% for the final quarter of 2022-23. This information is effective as of the first of the year and will remain in effect until the end of March 2023, according to a resolution just released by the Department of Economic Affairs (DEA). The 7.1% figure is verified.
The General Provident Fund (GPF) is a retirement savings scheme for Central Government employees in India. It is a long-term investment option with attractive interest rates and tax benefits. The GPF is managed by the Ministry of Finance and is available to all Central Government employees, including those in the Indian Administrative Service, Indian Police Service, and Indian Forest Service. The GPF allows employees to save a portion of their salary each month and earn interest on it. The interest rate on GPF deposits is revised every year by the Ministry of Finance.
The annual increase or decrease in the interest rate on GPF deposits is decided by the Ministry of Finance. The annual percentage yield (APY) on GPF deposits is 7.1 percent right now. From October 1, 2022, until December 31, 2022, all GPF deposits will earn this interest rate. Every three months, at the end of the quarter, your GPF account will be credited with the interest earned during that quarter. Deposits in the GPF earn a greater rate of return than those offered by the vast majority of India’s other savings programs.
|January 2023 to March 2023||7.1%|
|October 2022 to December 2022||7.1%|
|July 2022 to September 2022||7.1%|
|April 2022 to June 2022||7.1%|
|January 2022 to March 2022||7.1%|
|October 2021 to December 2021||7.1%|
|July 2021 to September 2021||7.1%|
|April 2021 to June 2021||7.1%|
|January 2021 to March 2021||7.1%|
|October 2020 to December 2020||7.1%|
|July 2020 to September 2020||7.1%|
|April 2020 to June 2020||7.1%|
|January 2020 to March 2020||7.9%|
|October 2019 to December 2019||7.9%|
|July 2019 to September 2019||7.9%|
|April 2019 to June 2019||8.0%|
|January 2019 to March 2019||8.0%|
|October 2018 to December 2018||8.0%|
|July 2018 to September 2018||7.6 %|
|April 2018 to June 2018||7.6 %|
|January 2018 to March 2018||7.6 %|