7th Pay Commission: Government workers now have new GPF interest rates released; see information here

7th Pay Commission: Government workers now have new GPF interest rates released; see information here

7th Pay Commission: Government workers now have new GPF interest rates released; see information here

GPF interest rate: This information is for you if you work for the government. The General Provident Fund (GPF) interest rates for the quarter ending in January 2024 have really been released by the government.

GPF interest rate: This information is for you if you work for the government. The General Provident Fund (GPF) interest rates for the quarter ending in January 2024 have really been released by the government. This quarter, interest will be offered at a rate of 7.1%. The interest rate in question is valid until March 31, 2024.

Allow us to explain: GPF enables government workers to save money while they are employed. This is an obligatory program, to which the worker must give a portion of his income. The Ministry of Personnel, Public Grievances, and Pensions oversees the GPF program.

The distinction between EPF and GPF

Every quarter, the General Provident Fund's interest rate is examined. The Employees Provident Fund (EPF) interest rate is also set annually at this time. EPFO modifies the EPF interest rate. The fixed rate for the fiscal year 2023–2024 is 8.15%. A monthly contribution of 12% of the employee's base pay is sent to the Employee Provident Fund (EPFO) each month. The same sum is also contributed by the employer or business. 8.33% of the employer's contribution is deposited in the Employees' Pension Scheme (EPS), while the remaining 3.67% is placed in the Employee Provident Fund (EPF).

One may estimate the PPF interest rate.

Generally speaking, the choice made about the interest rate of the PPF Small Savings Scheme is used to estimate the interest rate of the GPF. For the fourth quarter (January–March) of the current fiscal year, the government has not changed the PPF interest rate. Its interest rate, which is set at 7.1 percent, is the same as the GPF. The government has, however, raised the interest rates on two minor savings plans: the three-year fixed deposit program and the Sukanya Samriddhi Yojana by 0.10 and 0.20 percent, respectively. The interest rate on deposits has been raised to 8.2 percent under the Sukanya Samriddhi Yojana, from the existing eight percent. The current seven percent rate on three-year fixed deposits has been raised to seven percent.