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Govt retains general provident fund interest rate at 8%

The government has retained the interest rate for General Provident Fund (GPF), Contributory Provident Fund and other related schemes at 8 per cent for the first quarter of current financial year. The interest rate on these funds was at 8 per cent in January-March quarter of 2018-19 and government kept it unchanged for April to June for 2019-20.

The Department of Economic Affairs, in a notification, said the interest rate will be applicable on provident funds of central government employees, railways and defence forces. Last month, the government had retained interest rates on small savings, including National Savings Certificate and PPF for the first quarter of current fiscal.

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