Center keeps interest rates on GPF, CPF and other government supply funds unchanged at 7.1 percent

Interest rates for General Provident Fund, Contributory Provident Fund, All India Services Provident Fund and other similar funds for government employees remain at more than four-decade lows. The Ministry of Economy under the Ministry of Finance has released the latest interest rate for the current quarter and there is no change in the interest rate as it remains at 7.1 percent as it was in 2021. The interest rate remains the lowest since 1974-75 when it was 7.17 percent. The interest rate was highest between 1986 and 2000 when it was 12 percent.

In a notice issued Oct. 3, the DEA said: “For general information, it is announced that during the year 2022-2023, accumulations on the credit of subscribers to the General Provident Fund and other similar funds will bear an interest of 7.1. % (seven point one percent) from October 1, 2022 to December 31, 2022. This rate will be in effect from October 1, 2022.”

For example, between October and December 2022, central government employees would continue to receive 7.1 percent interest on their contributions to the provisioning fund.

Also read: Canara Bank raises fixed deposit interest rates to 135 bps; investors to get better returns

According to the DEA, there are 10 funds that will attract the 7.1 percent rate and these are General Provident Fund (Central Services), Contributory Provident Fund (India), All India Services Provident Fund, State Railway Provident Fund, General Provident Fund ( Defense Services), Indian Ordnance Department Provident Fund, Indian Ordnance Factories Workmen’s Provident Fund, Indian Naval Dockyard Workmen’s Provident Fund, Defense Services Officers Provident Fund, and Armed Forces Personnel Provident.

The interest rate for these funds was the lowest in the early years 1964-1965, when it was around 4%.

GPF interest rate

The General Provision Fund is a provision fund for employees of the central government. All government employees of the Pensions and Retired Service benefit from these schemes.

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