Government Resolution: GPF Interest Rate for Q3 FY 2023-2024 (Oct-Dec 2023)
Introduction: The Ministry of Finance, Government of India, has released an important resolution concerning the rate of interest on various provident funds for the third quarter of the fiscal year 2023-2024. This resolution, dated 4th October 2023, carries significant implications for subscribers to the General Provident Fund (GPF) and other similar funds across the country.
Interest Rate Announcement: As of 1st October 2023, the interest rate on accumulations at the credit of subscribers to the GPF and other similar funds stands at 7.1% (Seven point one percent). This rate will be applicable until 31st December 2023. Subscribers should take note of this change, as it affects the returns on their investments during this quarter.
Funds Affected: The following provident funds are covered by this interest rate announcement:
- 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.
Publication in Gazette of India: This resolution, dated 4th October 2023, has been officially ordered to be published in the Gazette of India. Subscribers and stakeholders are encouraged to refer to the Gazette for the detailed text of the resolution.
It is essential for subscribers to the aforementioned provident funds to be aware of the change in interest rate for the third quarter of FY 2023-2024. This information can help individuals make informed financial decisions and understand how their investments will perform during this period. Stay updated on official announcements and resolutions from the Ministry of Finance to ensure financial prudence and security.