7th Pay Commission latest news today: Government announces GPF interest rate for October-December quarter
7th pay Commission latest news today: Government has announced the interest rate of General Provident Fund (GPF) for the October-December quarter, said an official notification of the Finance Ministry.
The government has announced that GPF interest rate will be 7.1% for the October-December quarter. Budget Division of Economic Affairs department under Finance Ministry has recently released a notification in this regard.
FinMin Notification
As per the Finance Ministry's notification, this interest rate will be implemented from October 1 and will be valid till December 2020. The government modifies interest rate on small saving schemes at the beginning of every quarter of a Financial Year and later announces interest rates on GPF and other schemes. Meaning, interest rate on GPF is monitored/modified after every three months. IANS
Interest Rate
The interest rate will directly impact these funds after notification is released. The funds that are included are—General Provident Fund (central services), Contributory Provident Fund (India), All India Service Provident Fund, State Railway Provident Fund, General Provident Fund (Defense Services), Indian Ordinance Department Provident Fund, Indian Naval Dockyard Workmen’s Provident Fund, Defense service Officers Provident Fund and the Armed Forces Personal Provident Fund. Reuters
Categories
It is to be known that GPF is a type of provident fund account, however, it does not cater to all categories of employees. PTI
Who Benefits
This fund only benefits government employees. It is mandatory for a class of government employees to contribute in GPF. PTI
No Confusion
It is not to be confused with Provident Fund (PF) and Public Provident Fund (PPF). It is entirely different from them. Reuters