GPF and other small savings interest rates announced for April-June – Check the revised rates

GPF interest rate: The Ministry of Finance has announced the interest rate on General Provident Fund (GPF) for April to June 2023. The Ministry has reiterated the rate at 7.1 per cent. The rate is applicable from April 1, 2023.

According to the notification released on Monday, “It is announced for general information that during the year 2023-2024, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.1 per cent (Seven points one per cent) w.e.f. 1st April 2023 to 30th June 2023."

Interest rates on GPF are revised periodically according to the government’s issued notifications.

Also Read: Govt hikes NSC interest rate: Here’s how much return investors can get on maturity

What is GPF and who is eligible?

General Provident Fund or GPF is a type of Public Provident Fund (PPF) account that is available for government employees in India. All government employees can contribute a fixed proportion of their salaries to the General Provident Fund. The total sum accumulated during the employment tenure is paid to the individual upon retirement.

Also Read - Post Office Time Deposit Calculator 2023: Save income tax and receive Rs 2.25 lakh as interest upon investing Rs 5 lakh in this scheme

GPF: Interest rate for other schemes

The funds that will fetch an interest rate of 7.1 per cent for the April- June quarter of 2023, 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

Small savings scheme interest rate hike:

For the April-June quarter of 2023, the Union government announced an increase in the interest rates on certain small savings schemes. The interest rate for Senior Citizen Savings Scheme has been increased to 8.2 per cent. Kisan Vikas Patra would earn 7.5 per cent in interest with maturity in 115 months.

The 1-year post office time deposit interest rate has been raised to 6.8 per cent, while the 2-year post office time deposit interest rate has been raised to 6.9 per cent, the 3-year post office time deposit interest rate has been hiked to 7 per cent and the 5-year post office time deposit interest rate has been increased to 7.5 per cent.

The five-year recurring deposit has been raised to 6.2 per cent and the Sukanya Samriddhi Account Scheme interest rate is hiked to 8 per cent.

Catch the latest stock market updates here. For more news on sports, politics follow Zee Business