General Provident Fund, Other Similar Funds to Carry 7.8% Interest Rate From October 1.

General Provident Fund, Other Similar Funds to Carry 7.8% Interest Rate From October 1
The Notification to this effect has been issued and published in the Gazette of India on 23rd October, 2017.
New Delhi, October 25: The Government on Wednesday announced that during the Financial Year 2017-18, accumulations at the credit of subscribers to the General Provident Fund (GPF) and other similar funds shall carry interest at the rate of 7.8% for the October-December quarter. This will be applicable with effect from 1st October, 2017 to 31st December, 2017.

The Notification to this effect has been issued and published in the Gazette of India on 23rd October, 2017. The government has retained the rate of interest for GPF and other related schemes at 7.8 per cent. The rate is in line with that for Public Provident Fund. In July-September quarter too, the interest rate was 7.8 per cent.

Reports state that this would apply on Provident Funds of central government employees, railways and defence forces. “The Government of India has announced that during the Financial Year 2017-18, accumulations at the credit of subscribers to the General Provident Fund (GPF) and other similar funds shall carry interest at the rate of 7.8 per cent with effect from October 1 to December 31, 2017. This rate will be in force w.e.f. 1st October, 2017”, a government press release stated. In the last month, the government had kept the interest rate on the Public Provident Fund unchanged at 7.8 per cent for October-December, in line with the rates for small savings schemes.