The Business Bytes
New Delhi, July 4, 2024 (TBB Bureau): The Finance Ministry has announced a 7.1 percent interest rate for the General Provident Fund (GPF) and similar provident fund schemes for Central government employees for the July-September quarter of the fiscal year 2024-2025.
In a circular dated July 3, the Finance Ministry stated, “It is announced for general information that during the year 2024-2025, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.1 percent with effect from July 1, 2024, to September 30, 2024. This rate will be applicable from July 1, 2024.”
The schemes eligible for the 7.1 percent interest rate include the General Provident Fund (Central Services), Contributory Provident Fund (India), All India Services Provident Fund, State Railway Provident Fund, General Provident Fund (Defence Services), and Indian Ordnance Department Provident Fund.
Meanwhile, the interest rates for small savings schemes remain unchanged for the July-September quarter. The Senior Citizen Savings Scheme (SCSS) will continue to offer 8.2 percent interest, while the National Savings Certificate (NSC) will maintain an interest rate of 7.7 percent.
