The Ministry of Finance has announced that the interest rate on the General Provident Fund (GPF) and related funds will remain unchanged at 7.1% for the quarter spanning April to June 2024.
This decision marks the 17th consecutive quarter that the interest rates on these funds have remained steady.
The GPF, a retirement savings avenue for government personnel, requires mandatory contributions from employees, except during periods of suspension.
The interest rate of 7.1% applies to various provident funds including the General Provident Fund (Central Services), Contributory Provident Fund (India), and others specified by the government's recent notification.
A look at year-wise GPF interest rate
(Source: Groww)
Comparatively, members of the Employees' Provident Fund Organization (EPFO) currently receive a higher interest rate of 8.25% on their deposits.
Meanwhile, the Public Provident Fund (PPF) has maintained its interest rate at 7.1% since April-June 2020, following a reduction from 7.9%.
These three major provident fund accounts—Employees' Provident Fund or EPF, General Provident Fund or GPF and Public Provident Fund or PPF—are saving schemes designed to build a reliable retirement corpus and allow investors to reap benefits at maturity.
This decision marks the 17th consecutive quarter that the interest rates on these funds have remained steady.
The GPF, a retirement savings avenue for government personnel, requires mandatory contributions from employees, except during periods of suspension.
The interest rate of 7.1% applies to various provident funds including the General Provident Fund (Central Services), Contributory Provident Fund (India), and others specified by the government's recent notification.
A look at year-wise GPF interest rate
| Financial Year | GPF Interest Rate |
| 2007 - 2008 | 8% |
| 2008 - 2009 | 8% |
| 2009 - 2010 | 8% |
| 2010 - 2011 | 8% |
| 2011 - 2012 | 8% till November 2011 8.6% from November 2011 to March 2012 |
| 2012 - 2013 | 8.80% |
| 2013 - 2014 | 8.70% |
| 2014 - 2015 | 8.70% |
| 2015 - 2016 | 8.70% |
| 2016 - 2017 | 8.1% till September 2016 8% from September 2016 to March 2017 |
| 2017 - 2018 | 7.9% from April 2017 to June 2017 7.8% from July 2017 to September 2017 7.8% from September 2017 to December 2017 7.6% from January 2018 to March 2018 |
| 2018 - 2019 | 7.6% from April 2018 to September 2018 8% from October 2018 to March 2019 |
| 2019 - 2020 | 8% from April 2019 to June 2019 7.9% from July 2019 to March 2020 |
| 2020 - 2021 | 7.10% |
| 2021 - 2022 | 7.10% |
| 2022 - 2023 | 7.10% |
| 2023-2024 | 7.10% |
(Source: Groww)
Comparatively, members of the Employees' Provident Fund Organization (EPFO) currently receive a higher interest rate of 8.25% on their deposits.
Meanwhile, the Public Provident Fund (PPF) has maintained its interest rate at 7.1% since April-June 2020, following a reduction from 7.9%.
These three major provident fund accounts—Employees' Provident Fund or EPF, General Provident Fund or GPF and Public Provident Fund or PPF—are saving schemes designed to build a reliable retirement corpus and allow investors to reap benefits at maturity.
First Published: Jun 13, 2024 1:54 PM IST
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