Hike in GPF for October to December quarter
Posted on: 16/Oct/2018 4:44:33 PM
There is a hike in the rate of interest in GPF (General Provident Fund) and that of other schemes. This increase is of the range 0.4 percent to 8 percent for the quarter between October and December. This rate is in-line with that of Public Provident Fund.
Earlier, in July-September of 2018-19, the GPF rate was 7.6 percent.
Speaking about this, the Department of Economic Affairs said in 2018-19, the interest rate of General Provident Fund and the other funds will have interest rate of 8 percent. This shall come to effect from 1st October 2018 and remain until 31st December 2018.
This rate shall be applicable for all Provident Funds pertaining to central government employees, defense and railways employees.
To note, in September, the government had launched interest rates towards small savings such as NSC and PPF where there was a hike of 0.4 percent in October to December quarter. This was aimed at bringing the rates in-line with the increasing bank deposit rates.
