Rate of Interest on GPF

The Ministry of Finance has declared that the GPF (General Provident Fund) interest rate for the final quarter of 2022-23 will stay at a nice 7.1%. This announcement was made by the Department of Economic Affairs (DEA) in an official resolution valid from 1 January to the end of March 2023. 7.1% has been confirmed.

The General Provident Fund (GPF) in India is a retirement savings plan for government employees. It is a long-term investment opportunity with favorable interest rates and tax advantages. The GPF is administered by the Ministry of Finance and is accessible to all employees of the Central Government, including those in the Indian Administrative Service, Indian Police Service, and Indian Forest Service. The GPF enables employees to save a portion of their monthly wages and earn interest on those funds. The Ministry of Finance revises every year the interest rate on GPF deposits.

The Ministry of Finance revises every year the interest rate on GPF deposits. The current annual interest rate for GPF deposits is 7.1%. This rate applies to all GPF deposits made between 1 October 2022 and 31 December 2022. The GPF deposit interest rate is computed quarterly and credited to the account at the conclusion of each quarter. The GPF deposit rate is greater than the rates offered by the majority of other savings programs in India.