Centre keeps interest rate on GPF for Q4 2022 unchanged at 7.1%

Tuesday, the finance ministry resolution maintained the 7.1% interest rate for subscribers of the General Provident Fund and other similar plans. In the preceding quarter ended December 31, the GPF interest was identical at 7.1 per cent.

The rate is effective from January 1, 2023 through March 31, 2023, according to a statement from the ministry of finance.

The rate will be in force with effect from January 1, 2023, it stated.

GPF is a social security programme offered only to central government employees. Employees are permitted to pay a set proportion of their salary to the GPF, and the total money accumulated over the course of their employment will be distributed to them upon retirement.

The government revises the GPF interest rate quarterly. Similar to the prior quarter ended 31 December 2022, the GPF interest rate was 7.1%.

The 7.1% interest rate also applies to other government-run provident funds, such as the Contributory Provident Fund, All India Services Provident Fund, Armed Forces Personnel Provident Fund, and State Railway Provident Fund.

(TO BE PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)
F.NO. 5(4)-B(PD)/2021
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)

New Delhi, the 03 October, 2022

RESOLUTION

It is announced for general information that during the year 2022-2023, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.1% (Seven point one percent) w.e.f. 1st October, 2022 to 31st December, 2022. This rate will be in force w.e.f. 1st October, 2022. The funds concerned are:

1. The General Provident Fund (Central Services).
2. The Contributory Provident Fund (India).
3. The All India Services Provident Fund.
4. The State Railway Provident Fund.
5. The General Provident Fund (Defence Services).
6. The Indian Ordnance Department Provident Fund.
7. The Indian Ordnance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund.
9. The Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.

2. Ordered that the Resolution be published in Gazette of India.

(Ashish Vachham)
Joint Secretary to the Govt. of India