GPF interest rate 2024: The Ministry of Finance has announced the interest rate on General Provident Fund (GPF) and other funds for October-December quarter will be kept unchanged at 7.1 percent.
“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% (Seven point one percent) w.e.f . 1 October, 2024 to 31th December, 2024. This rate will be in force w.e.f . 1 October, 2024,” an Office Memorandum of the Department of Economic Affairs.
Interest rates on GPF are revised periodically according to the government’s issued notifications. The interest rate of 7.1 percent for the aforementioned period will apply to 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 Defense services Officers Provident Fund
10. The Armed Forces Personnel Provident Fund
Meanwhile, The government has left the interest rates on various small savings schemes including PPF and NSC unchanged for the third straight quarter beginning October 1, 2024.
“The rates of interest on various small savings schemes for the third quarter of FY 2024-25, starting from October 1, 2024, and ending on December 31, 2024, shall remain unchanged from those notified for the second quarter (July 1, 2024, to September 30, 2024) of FY 2024-25,” said a finance ministry notification.
As per the notification, deposits under the Sukanya Samriddhi scheme will attract an interest rate of 8.2 per cent, while the rate on a three-year term deposit remains at 7.1 per cent.
The interest rates for popular Public Provident Fund (PPF) and post office savings deposits schemes too have been retained at 7.1 per cent and 4 per cent, respectively.
The interest rate on the Kisan Vikas Patra will be 7.5 per cent, and the investments will mature in 115 months.
The interest rate on the National Savings Certificate (NSC) will remain at 7.7 per cent for the July-September 2024 period.
