Tuesday, 16 October 2018

Government Hikes General Provident Fund Interest Rate To 8%

Government Hikes General Provident Fund Interest Rate To 8%


The government has increased the interest rate by 0.4 percent to 8 percent. Earlier, the interest rate of GFF was 7.6 percent in the July-September, 2018-19 quarter. It is worth mentioning that this interest rate has been increased keeping in mind the public provident fund.

In this regard, the Economic Affairs Ministry has said that the interest rate of General Provident Fund and similar fund for the quarter from October 1, 2014 to December 31, 2018 will be 8 per cent.

This interest rate will be applicable to the Provident Fund of Central, Railway and Defense Force Employees.

Last month, the government had announced an additional 0.4% increase in the rates of small savings like NFC, PPF for the October-December quarter. 

The announcement was made by the government in relation to the increased deposit rates of banks.

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