The Ministry of Finance, Government of India, has announced a resolution regarding the interest rates for various provident funds for the period of July 1, 2023, to September 30, 2023.
The resolution states that the accumulations in funds such as the General Provident Fund (Central Services), Contributory Provident Fund (India), All India Services Provident Fund, State Railway Provident Fund, General Provident Fund (Defence Services), Indian Ordnance Department Provident Fund, Indian Ordnance Factories Workmen’s Provident Fund, Indian Naval Dockyard Workmen’s Provident Fund, Defence Services Officers Provident Fund, and Armed Forces Personnel Provident Fund will carry an interest rate of 7.1% during this period.
The resolution further states that this interest rate will be in effect from July 1, 2023. The resolution has been authorized for publication in the Gazette of India by the Additional Secretary to the Government of India and the Deputy Director (Budget).
Interest Rate Update for Provident Funds
(TO BE PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)
F.NO. 5(3)-B(PD)/2023
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
New Delhi, the 04 July, 2023
RESOLUTION
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% (Seven point one percent) w.e.f. 1st July, 2023 to 30th September, 2023. This rate will be in force w.e.f. 1st July, 2023. The funds concerned are:
- The General Provident Fund (Central Services).
- The Contributory Provident Fund (India).
- The All India Services Provident Fund.
- The State Railway Provident Fund.
- The General Provident Fund (Defence Services).
- The Indian Ordnance Department Provident Fund.
- The Indian Ordnance Factories Workmen’s Provident Fund.
- The Indian Naval Dockyard Workmen’s Provident Fund.
- The Defence Services Officers Provident Fund.
- The Armed Forces Personnel Provident Fund.
- Ordered that the Resolution be published in Gazette of India.
(Ashish Vachhani)
Additional Secretary to the Govt. of India
(Lekha Nair)
Deputy Director (Budget)