The government has declared interest price on the General Provident Fund and other comparable funds for the July to September quarter of the monetary year 20201-22. The subscribers to the General Provident Fund and a couple of other funds, who are the government workers, will continue to get 7.1 per cent for the period July 1, 2021 to September 30, 2021 as the price remains unchanged from the prior quarter of April to June 2021.
The Budget Division of the Department of Economic Affairs, below the Ministry of Finance, has not too long ago issued the notification that the fund accumulation at the credit of subscribers of the General Provident Fund (GPF) and other comparable funds will carry an interest price of 7.1 per cent for the period July to September 2021.
Earlier, the interest price for the post workplace smaller savings solutions such as Public Provident Fund (PPF), NSC and so on have been kept unchanged for the quarter July to September 2021. Currently, the interest price on PPF is 7.1 per cent per annum compounded annually.
At the start off of each and every quarter of the monetary year, the government revises the interest price on smaller savings schemes and subsequently declares the price on GPF and other schemes.
As per the web-site of The Ministry of Personnel, Public Grievances and Pensions, the General Provident Fund (Central Services) Rules 1960 applies to all short-term government workers just after a continuous service of one year, all re-employed pensioners (other than these eligible for admission to the Contributory Provident Fund ) and all permanent government workers.
Contributory Provident Fund Rules (India ), 1962 is applicable to each non-pensionable servant of the Government belonging to any of the services below the manage of the President. The Rules provide for the withdrawal of advances or withdrawals from the CPF for precise purposes. As in GPF Rules, the CPF Rules also provide for Deposit Linked Insurance Revised Scheme.
The interest price of 7.1 per cent for the period July 1, 2021 to September 30, 2021, powerful July 1, will apply to all the following funds:
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