The Centre has retained the interest rate on General Provident Fund (GPF) savings and other government retirement funds at 7.1% for the ongoing April to June quarter, as per a Finance Ministry notification issued on Monday.
This marks the 17th successive quarter that the rates paid out on government employees’ retirement savings have been left unchanged.
The GPF rate is also applicable to other provident funds for government employees, including those serving in the Railways and the Armed Forces. The GPF rate was last tweaked in the first quarter of 2020-21, when it was slashed from 7.9% to 7.1%. The GPF rate is generally kept in line with the rate offered on the Public Provident Fund (PPF) , which is also 7.1% for this quarter.
The returns on the GPF and various small savings schemes for the public are reset every quarter and announced prior to the conclusion of the previous quarter. While the government had notified small savings rates for this quarter ahead of the announcement of the Lok Sabha polls, it had notified the GPF rate.
