7th Pay Commission latest news today: Government announces GPF interest rate for October-December quarter

7th pay Commission latest news today: Government has announced the interest rate of General Provident Fund (GPF) for the October-December quarter, said an official notification of the Finance Ministry. 

ZeeBiz WebTeam | Oct 30, 2020, 10:28 PM IST

The government has announced that GPF interest rate will be 7.1% for the October-December quarter.  Budget Division of Economic Affairs department under Finance Ministry has recently released a notification in this regard.  

 

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FinMin Notification

FinMin Notification

As per the Finance Ministry's notification, this interest rate will be implemented from October 1 and will be valid till December 2020. The government modifies interest rate on small saving schemes at the beginning of every quarter of a Financial Year and later announces interest rates on GPF and other schemes. Meaning, interest rate on GPF is monitored/modified after every three months.  IANS

 

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Interest Rate

Interest Rate

The interest rate will directly impact these funds after notification is released. The funds that are included are—General Provident Fund (central services), Contributory Provident Fund (India), All India Service Provident Fund, State Railway Provident Fund, General Provident Fund (Defense Services), Indian Ordinance Department Provident Fund, Indian Naval Dockyard Workmen’s Provident Fund, Defense service Officers Provident Fund and the Armed Forces Personal Provident Fund. Reuters 

 

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Categories

Categories

It is to be known that GPF is a type of provident fund account, however, it does not cater to all categories of employees. PTI

 

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Who Benefits

Who Benefits

This fund only benefits government employees. It is mandatory for a class of government employees to contribute in GPF.  PTI

 

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No Confusion

No Confusion

It is not to be confused with Provident Fund (PF) and Public Provident Fund (PPF). It is entirely different from them. Reuters