7th Pay Commission Latest News: New GPF interest rates announced; these govt employees to get benefits in PF account
New Delhi | Jagran Business Desk: In good news for crores of central government employees, the Centre has kept the interest rate of General Provident Fund (GPF) and other retirement schemes unchanged for the July-September quarter of 2021-22. As per the latest notification by the government, the interest rates of GPF remain unce at 7.1 per cent.
The announcement came as a benefit for the employees of the Indian Railways as 7.1 per cent interest will be available on the State Railway Provident Fund account. This rate of interest will remain the same for every employee. The interest rate declared on these provident funds is the same as rates offered under the public provident fund (PPF), which is also at 7.1 per cent.
Earlier in April, the government had also announced the same interest rate for the April-June quarter. This will be the sixth straight quarter when the government didn't change the GPF interest rate. In April 2020, the government had cut the GPF interest rate from 7.9 per cent to 7.1 per cent.
The interest rate will be applicable on the following provident fund schemes:
The General Provident Fund (Central Services)
The Contributory Provident Fund
The All India Services Provident Fund
The State Railway Provident Fund
The General Provident Fund (Defence Services)
The Indian Ordnance Department Provident Fund
The India 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
Interest Rate of NSC:
in the office memorandum issued by the Ministry of Finance, it has been said that the interest rate on various small savings schemes for the second quarter of the financial year 2021-22, starting from July 1, 2021, will remain as before. As per the circular, the interest rate will continue to be available on Public Provident Fund (PPF) at 7.10 per cent, National Saving Certificate (NSC) at 6.8 per cent and Post Office Monthly Income Scheme Account (POMIS) at 6.6 per cent. 4 per cent interest will continue on post office savings account.
Interest Rates of various retirement schemes:
5.8 per cent interest will continue to be available on the five-year recurring deposit. The Senior Citizen Savings Scheme interest rate is unchanged at 7.4 per cent, while the Sukanya Samriddhi Yojana deposit will fetch 7.6 per cent interest. The interest rate of Kisan Vikas Patra is 6.9 per cent.
Posted By: Talibuddin Khan