Finance Ministry Declares 7.1 pc Interest Rate For Central Govt Staff PF Schemes

The Finance Ministry has announced a 7.1% interest rate for the General Provident Fund (GPF) and similar provident fund schemes for Central government employees, effective July 1, 2024, to September 30, 2024. This rate applies to various schemes, including:

– General Provident Fund (Central Services)
– Contributory Provident Fund (India)
– All India Services Provident Fund
– State Railway Provident Fund
– General Provident Fund (Defence Services)
– Indian Ordnance Department Provident Fund

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Notably, the interest rates for small savings schemes remain unchanged for the July-September quarter, with:

– Senior Citizen Savings Scheme (SCSS) at 8.2%
– National Savings Certificate (NSC) at 7.7%

The announcement was made through a circular dated July 3, 2024, and will benefit subscribers to these provident fund schemes.