GPF Interest Rate Fixed at 7.9% for 3 Months
The General Provident Fund’s interest rate has been fixed at 7.9% with effect from 1st July 2019. This rate is expected to remain constant for the foreseeable future, providing a stable investment option for those looking to save for retirement or other long-term goals. The interest rate is calculated based on the balance in the account and is compounded on a yearly basis, making it a powerful tool for those looking to build wealth over time. With this attractive interest rate, the General Provident Fund is sure to remain a popular investment choice for many.
After much deliberation, the Central Government came to a decision to fix the interest rate for the subscribers of General Provident Fund. The fixed rate of interest is set at 7.9% for the period between 1.7.2019 to 30.9.2019. This decision was made in an effort to provide a stable and secure financial future for subscribers, ensuring that their investments continue to grow steadily over time.
Earlier in the period between April and June 2019, the rate of interest for the GPF was 8% (w.e.f. 1st April 2019 to 30th June 2019).
The below list of funds also carry interest at the rate of 8% from April to June 2019.
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 Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.
| General Provident Fund Interest Rate Chart | |||
| From | To | Rate of Interest | Govt. Order |
| 01.07.2019 | 30.09.2019 | 7.9% | Click to view |
| 01.04.2019 | 30.06.2019 | 8% | Click to view |
| 01.01.2019 | 31.03.2019 | 8% | Click to view |
| 01.10.2018 | 31.12.2018 | 8% | Click to view |
| 01.07.2018 | 30.09.2018 | 7.6% | Click to view |
| 01.04.2018 | 30.06.2018 | 7.6% | Click to view |
| 01.01.2018 | 31.03.2018 | 7.6% | Click to view |
| 01.10.2017 | 31.12.2017 | 7.8% | Click to view |
| 01.07.2017 | 30.09.2017 | 7.8% | Click to view |
| 01.04.2017 | 30.06.2017 | 7.9% | Click to view |
| 01.01.2017 | 31.03.2017 | 8% | Click to view |
| 01.10.2016 | 31.12.2016 | 8% | Click to view |
| 01.07.2016 | 30.09.2016 | 8.1% | Click to view |
| 01.04.2016 | 30.06.2016 | 8.1% | Click to view |
GENERAL PROVIDENT FUND FOR THOSE WHO HAVE BEEN RECRUITED ON OR AFTER 1-1-2004
In the 47th National Council JCM meeting held on 13-4-2019, the Staff side reiterated their demand and requested that the GPF scheme may be extended to the NPS employees who opt for the same as an additional saving benefit.
The Cabinet Secretary desired that the demand of the Staff Side may be considered favorably. Your good self has also assured that the demand of the Staff side would be considered and decision taken at the earliest.
In view of the above we submit the following justification for extending the GPF benefit on optional basis to the employees who are governed under the NPS scheme.
The advantage of GPF to the employees is as follows:
(1) The interest rate for GPF accumulation is 8% as on date.
(2) Advances from GPF is permissible for the following purposes.
(i) Illness of self, family members or dependents.
(ii) Education of family members or dependent of the subscriber. Education will include primary, secondary and higher education, covering all streams and educational institutions.
(iii) Obligatory expenses, viz. betrothal, marriage, funerals or other ceremonies.
(iv) Cost of legal proceedings
(v) Cost of defence
(vi) Purchase of consumer durables
(vii) Pilgrimage and visiting places of eminence. This will include any travel and tourism related activities.
(3) Apart from the advances as mentioned above GPF subscribers are entitled for withdrawals from GPF for the following purposes.
(i) Education : This will include primary, secondary and higher education covering all streams and institutions.
(ii) Obligatory expenses, viz. betrothal, marriage, funerals, or other ceremonies of self or family members and dependents.
(iii) Illness of self, family members or dependents.
(iv) Purchase of consumer durable.
(v) Housing including building or acquiring a suitable house or a ready built flat for his residence.
(vi) Repayment of outstanding housing loan.
(vii) Purchase of house site for building a house.
(viii) Constructing a house on a site acquired.
(ix) Reconstructing or making additions on a house already acquired.
(x) Renovating, additions or alterations of ancestral house.
(xi) Purchase of motor car/ motor cycle/ scooter etc. or repayment of loan already taken for the purpose.
(xii) Extensive repairs / overhauling of motor car.
(xiii) Making deposit to book a motor car / motor cycle / scooter, moped, etc.
Apart from the above tax deduction under section 80C is also available. Annual statements will be issued on the 1st of April every year.
The current GPF interest rate is fixed at 7.9%.
No, the GPF interest rate remains at 7.9%.
The GPF interest rate will remain fixed at 7.9% for the next three months.
Yes, the 7.9% interest rate is applicable to all GPF accounts.
There might be changes to the GPF interest rate after the three-month period. It is advisable to stay updated with the latest announcements from the concerned authorities.
You can find more information about GPF and its interest rates on the official website of the relevant government department or by reaching out to the concerned department.
I am retired HC from collectatriate, Samastipur(BIHAR) In my GPF A/c SMP/PAR 1081 deposited from my salary. I want to calculate GPF deposit amount with interest. How can it
As per your balance of your”s retirement month in the last financial year plus your subscriptions of every months including you have withdrawn amount if any to be deducted on this month in compound interest as at that time of percentage of interest.