Central Government retains 7.1% interest rate on Provident Fund for Q4

Central Government retains 7.1% interest rate on Provident Fund for Q4 The Central Government kept the interest rate unchanged at 7.1 per cent for the subscribers of the General Provident Fund and other similar funds. The GPF interest rate for the quarter that ended on December 31 was 7.1%. The rate is valid from January 1, 2023, to March 31, 2023, according to a notification from the finance ministry. It stated that the rate would go into effect on January 1, 2023. [caption id="attachment_190070" align="aligncenter" width="1200"] GPF INTEREST RATE[/caption] The full form of GPF is General Provident Fund. GPF is a provident fund scheme that refers to government employees. In this system, government officials contribute some amount of their salaries to the account. The accrued balance is paid to the employee at the time of the retirement or superannuation.

Who qualifies GPF?

Any business or project Special Purpose Vehicle (SPV) with a recognised legal structure that offers delayed ownership or rental programmes to households with monthly incomes under Rs. 15,000. (The income range is adjusted annually and linked to the CPI.)