GPF & similar funds interest rate @8.1% from July, 2016 to Sep, 2016: FinMin Resolution
(PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)
F.No. No.5(l)-B(PD)/2016
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
New Delhi, Dated the 30th June, 2016.
RESOLUTION
It is announced for general information that during the year 2016-17, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.1% (Eight point one per cent) w.e.f. 1st July, 2016 to 30th September, 2016. This rate will be in force w.e.f. 1st July, 2016. The funds concerned are:
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 India Ordinance Department Provident Fund.
7. The Indian Ordinance 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.
2. Ordered that the Resolution be published in Gazette of India.
(H.K. Srivastav)
Director (Budget)
Source: www.finmin.nic.in
[http://finmin.nic.in/the_ministry/dept_eco_affairs/budget/resolutionGPFJune_2016.pdf]
COMMENTS
On earlier occasion at the time of Congress Govt. the GPF Interest was 13.5 percent but when BJP Govt came to power the interest rate of GPF percentage has been reduced to a very low percentage. Why this was so ? If GPF interest percentage will more the more employees will increase their amount of subscription and there will be more amountof public account and the account will goes to the Govt. utilities and standard of living will increase more but why the Govt. has not increase the GPF interest percentage ?