GPF Interest Rate for Central Govt Employees

The GPF (General Provident Fund) interest rate was released by the Ministry of Finance, and it will remain at a nice 7.1% for the fourth quarter of 2022-23. The Department of Economic Affairs (DEA) today stated this in an official resolution that will be in effect from January 1 to March 31, 2023. 7.1% has been confirmed.

The General Provident Fund (GPF) is an Indian retirement savings plan for Central Government employees. It is a long-term investment with favorable interest rates and tax advantages. The General Provident Fund (GPF) is administered by the Ministry of Finance and is available to all Central Government employees, including those in the Indian Administrative Service, Indian Police Service, and Indian Forest Service. Employees can use the GPF to save a portion of their monthly salary and receive interest on it. The Ministry of Finance revises the interest rate on GPF deposits once a year.

The Ministry of Finance revises the interest rate on GPF deposits every year. The current annual interest rate on GPF deposits is 7.1%. This rate applies to all GPF deposits made between October 1, 2022, and December 31, 2022. The GPF deposit interest rate is calculated quarterly and credited to the account at the conclusion of each quarter. The interest rate on GPF deposits is higher than the interest rate on most other Indian savings programs.